MP-4 – Poll on the choice of LP pairing asset(s) in the Staking v2 module

Proposals Proposal repository
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Official Merit Polls (MPs) are a way to get direction on new MIPs. Some MIPs have a high degree of complexity and/or importance, these will be guided by official polls. By running these polls, we can get better input for the various variables that need to go into the official MIPs. The outcome of polls will not have any direct or permanent implications; they will only form input to the MIP drafts. Only a Merit Improvement Proposal (MIP) that is voted in will have direct implications for the DAO. The voting weight is the same as with MIPs; MC, MC/ETH, sMC and sMC/ETH are eligible to vote with the largest weight to sMC/ETH and the lowest weight to unstaked MC.

Authors

  • Merit Circle Core Contributors

Relevant information

This is the fourth official poll for the staking v2 discussion. See more info on the staking v2 discussions and the first three poll results here:

Staking v2 discussions: Discussion: Staking v2 - Discussion - Merit Circle

MP-1: Merit Circle proposal: MP-1 - LP pairing asset in the Staking v3 module

MP-2: Merit Circle proposal: [MP-2] LP staking length in the new staking v2 module

MP-3: Merit Circle proposal: [MP-3] Choice of platform

In MP-1 the poll concerned the same question as in this MP-4, i.e. which LP asset(s) should $MC be paired to for the main LP staking pool under staking v2. At the time of voting on MP-1, the majority voted in favor of a MC/USDC pairing. Since that vote took place, a lot has occurred in the crypto space and the various DAO members have been discussing whether the DAO should conduct a new poll on the same matter. As a result, the MC DAO is now holding a new poll on the LP pairing through this MP-4. The result under MP-4 will replace the result in MP-1 and form input to the MIP draft that will follow.

Currently, the DAO’s staking scheme has a MC/ETH 50/50 Uniswap v2 pool, alongside single sided $MC staking. The old pool will be phased out as previously described in the staking v2 discussions - more elaborative information on the details regarding this will be provided in the MIP concerning adoption of a staking v2 model.

Subject to the final MIP vote, the new LP pool should accrue the majority of the rewards the protocol will attribute to stakers (currently 80% v. 20% on the single sided staking under staking v1).

We would also like to remind everyone that the majority under MP-2 voted in favor of stakers being able to lock their assets for up to 48 months. Under MP-3 the majority voted in favor of having LP staking in the Uniswap v2 platform. We encourage everyone to review the discussions on staking v2 and the outcome of the previous polls.

Note that the outcome of a MP vote will not have direct or permanent implications; they will only form input to the MIP drafts (see the more detailed explanation on the difference between MIPs and MPs above).

Poll

Which LP asset(s) should $MC be paired to for the main LP staking pool that receives part of the DAOs staking rewards?

  1. MC/USDC
  2. MC/ETH
  3. Both MC/USDC and MC/ETH (50/50 rewards split)

You can vote here: Snapshot

Copyright and related rights waived via Creative Commons CCO

2 Likes
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Question: is it possible to have flexible solution - both MC/USDC and MC/ETH in one rewards pool (rewards are split not 50/50 but proportionally to staked amounts). It will allow everybody to choose pool according to their preference (not taking into account that one gives better profit because most of stakers preferred another one).

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