We propose to have the following tokens added to GLP to provide more options for traders and to increase the swap volume that can be routed through GLP.
New tokens should be given a small weightage of 2% to start with and adjusted with utilization. For stablecoin tokens in Avalanche they can be given a 5% weightage.
I think it’s a timely move now that Swap volumes are going up due to integrations. The selection makes sense too.
(Possible other contenders in terms of popularity and volume, which I’m sure have been mentioned and/or considered before; SOL, BNB, DOT, ADA, MATIC…)
We must include option to vote for MIM. If vote will be “No”, we can remove MIM from pool, but if vote will pass, we should give it small weight and enable swaps/leverage trades (on avalanche too).
You have to keep in mind that there has to be liquidity for these tokens you mentioned on the repsective chain, and there isn’t.
Look good X. I thought MAGIC & COMP (similar too AAVE and has decent volume) would be good as well in the Arbitrum basket. The whole TreasuryDAO ecosystem runs on MAGIC, together with also being a big figure in the Arbitrum space it would be a good combo.
Avalanche seems fine for me.
I like YFI - but If YFI …hopefully it does not bleed out
The more, the merrier in the sense of integrating tokens for the ecosystem
Yeah I’m aware. Decent liquidity’s indeed a key requirement alongside a chainlink price feed. just wanted to add it for context, as the question of what bluechips to potentially add to GLP has come up a lot.
Aave is a huge defi protocol. Been hearing about it for years but never explored it.
Aave has volume and respect of defi space.
Without knowing the volume of all the other coins for each chain, I think LINK should also be apart of avax GLP given its utility and strength.
If all these have volume within the chains we do business on. At 2% and up is great. If they fail to provide volume we can remove.
No issues with AAVE CRV LINK and stables - I’m curious why YFI - I am not a particularly big fan and it seems to carry a bit more risk IMO - just curious whether the anticipated swap volume truly justifies inclusion, when it does not have the same level of trust the other proposed blue-chips have. So, if I had to single one out for exclusion - YFI would be the one. I grant you that the proposed low percentage probably mitigates most of that risk. Agree it’s great timing. Thanks X & team.
Maybe it should be considered inclusion of VST (Vesta Stable) to GLP on arbi? We had introduction and discussion about it already: Listing Proposal - Adding VST to GLP
I am using Vesta Finance myself and VST behaved very solid in light of recent stablecoins drama.
Rocketpool …or Energy Web Token (EWT)
We can start with 1% weight and then estimate the utilization.
Probs create two options to vote: 1% weight and 2% weight
possible, we can include it in the vote
ah Chainlink on Arbitrum doesn’t have those feeds yet, but will keep an eye on it, we can request Chainlink to add the feeds if we really want them
yup will keep an eye on those you mentioned, thank you for the suggestions! some like SOL, BNB, DOT, ADA are difficult cos I don’t think they have an ERC20 version even if we can get the Chainlink feeds, so maybe something for when we support synthetics
for YFI, i believe they are continuing to work on the protocol and tokenomics, so i think it is okay to have a vote on it
i think we could decrease the weights if there is not much utilization, moving from 2% to 1% should be okay for the pool
Very good selection. I don’t have a particular opinion on YFI but am positive about the major stables for AVAX as well as CRV and AAVE for arb. Both ecosystems (CRV and AAVE) are supposed to remain major players in the defi sector despite a possible market cool-off. This would be important for volume (swap and trading) and give us potentially good visibility in these communities.
what X proposed sounds good to me. adding more tokens is definitely necessary, though we have to take care to maintain a good balance for each in the basket. we want minimum exposure to the riskiest & most volatile assets.