Extend the $PUSH & $ETH/PUSH Liquidity Rewards Program

🗳️ Governance Proposals
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Title: Extend the $PUSH & $ETH/PUSH Liquidity Rewards Program

Link to previous proposal draft (if applicable): N/A

Background: This proposal aims to allocate a total of 2,259,100 $PUSH tokens from the community treasury for use in extending the staking rewards program by 41 weeks through December 27, 2023 (41 weeks or 287 days).

Proposal Description: The current $PUSH staking awards program is slated to end on March 15, 2023. This program was a huge success, rewarding $PUSH stakers and liquidity providers while we continue to build the notification service. Even during the current volatile environment, we have observed the unique $PUSH wallets growth. The current Liquidity Rewards Program acted as a safety heaven for dedicated $PUSH holders. This extension is designed to reward the loyal $PUSH community and further increase engagement with the crypto community.

Rewards will be distributed at the end of each 7-day epoch and will be shared on a pro-rata basis based on the each staker’s and LP provider’s contribution to the LP pool. Allocated rewards will decrease for each sequential epoch.

ETH Address: 0xeF6285273A38a42371D25a6C66fe04e279952A3F

Additional Info (Optional): N/A

10 Likes
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Very interesting proposal.
I’m also in favor of extending the program till the end of year. Some discussion needs to happen in a fast manner if the community wants the program to continue right after v1 comes to an end.

For now my main question is: how did you come up with the 2,259,100 $PUSH number?
I’d like to understand in your proposal how much goes to the UNI Pool and how much to the Push pool?

Attaching the previous Rewards Program announcement for your consideration.

In the meanwhile, I will also start discussing this internally with the team to get a feeling and more opinions around this.

Thanks for submitting it @lea

1 Like
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Just wanted to signal my support and the support of our team at 4RC (Fourth Revolution Capital) for this proposal!

First off, congrats to Harsh, Richa, Jaf and the core team on getting this far, building through a bear market that hasn’t been kind to many projects. Push, however, couldn’t be more poised for a big year ahead, being live on Ethereum, Polygon, and BSC. With Push Chat upgraded features, the upcoming PUSH node network in audit, and future products like video chat, there’s lots to be excited about.

One key to success in early stage token projects is reliable token liquidity. The program to incentivize PUSH-ETH LP has been a huge success but I too, have been concerned about losing momentum during a delicate time in the market, as crypto markets have likely bottomed and we’re beginning to see a momentum shift. Put simply, now is the time to accelerate growth and we can’t accelerate growth with a headwind risk of lessening PUSH liquidity, even while Jump is market-making.

Extending the LP program through the end of 2023 is the best way to ensure we don’t create any unexpected friction, while Push gears up for our best year yet!

5 Likes
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I totally agree with Defi Dad’s comment and I believe this will be positive for the community.

1 Like
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Wow, this is really exciting. Looking forward to more details.
Can we have a compound design? Staker will be provided options to auto-compound/harvest their reward. I think this will highly increase UX.

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Will make sure to mention this to the team, however if we want to give continuity to the rewards program it might be too time consuming to add the auto-compounding functionality and make sure is bulletproof before the current program ends.
Gotta be put into balance. Good point!

1 Like
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Another great step from the Push Community despite the testing times. :clap: :clap:

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As we are approaching the deadline for the current Rewards Program to end on March 16th, 2023, our team is moving fast towards putting up a proposal that will give continuity to the program and enhance the rewards for participants.

With V2 of Push Protocol in audit that includes sequencer / fee pool staking, the staking contract will become a Push Protocol V2 contract and will allow users to not only claim the staking rewards but any other additional fee pool rewards that have started to come in the protocol along with rewards in the future.

Find more detailed information regarding Push Tokenomics and the Push Fee Pool here

The initial proposal by @lea suggested extending the program to 41 weeks, however for this 2nd iteration of the program - since the epoch of sequence staking is 21 days - we are implementing larger epochs (21 days), and the reward mechanics will of course be equivalent as the rewards we see in the program today.

This being said, we’d like to run a poll to understand the community preferences in regards to the duration of the program.

What would be the ideal duration of the Liquidity Rewards Program?

  • 42 weeks
  • 63 weeks
  • 84 weeks

0 voters

This poll will run for 3 days ending 02/24/2023 at 5PM UTC.

1 Like
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I’d like to see if we could upgrade the rewards program to use uni v3 instead of v2. I’d suggest a wide margin to minimize IL, but even a very wide margin should still outperform a uni v2 pool.

This would benefit Push Protocol by limiting market impact due to concentrated liquidity, though it would come at the detriment to the loyal PUSH LPers. I’d argue, however, that the rewards are to compensate those providing liquidity so doing what is best for Push Protocol is the right thing to do.

2 Likes
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Excellent point @grasponcrypto
Sharing Push tokenomics here again for anyone coming to read this convo

1 Like
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our smart contracts lead is looking into this.
As you say - its all about making whats best for Push Protocol.

news coming soon.

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Apologies for the delay with response. My account was on hold as a new account and I was certain that my message/proposal will not go online because of that. Really appreciate that you allowed this discussion to proceed and did not silence me.

The number was picked as a hypothetical hypothetical amount of approximately 55,100 $PUSH per each 7-day epoch. However, it was the total for both UNI Pool and staked $PUSH pool.

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Gotcha!
In general we have received very positive feedback regarding the proposal. The team internally is working on a formal proposal that can be fast tracked aiming to give continuity to the current rewards program once it finishes.

I should be able to share details more soon.
Make sure to vote on the poll!

1 Like
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I see most users are choosing the longest time period. 84 weeks is a long time. I imagine the PUSH team will be releasing fee staking at some point this year, or at least I hope. If so, we could see that incentives discourage users from fee staking into the protocol.

I am not privy to the details of when/how or what the returns on that staking would look like, but it should be kept in mind!

The point of the incentives plan is to help kickstart the project, by encouraging the community to provide liquidity to help prop up the token and allow the team to focus on the project itself. With uni v2 this was certainly a necessary task. With uni v3, this becomes less important.

I’d personally encourage the team to truly focus on moving incentives to uni v3, because eventually incentives will cease altogether and the project will have to naturally run its course without these incentive payouts - the best way to have a successful transition there would be to encourage users to move to uni v3. It does add complications, I wont lie, but it is truly necessary in my opinion.

Further, I’d encourage users to reconsider how long 84 weeks are, especially in crypto time, which is more accelerated than doggy years! I myself voted for 42 weeks, which is slightly less than a year. This would essentially put an end to incentives around 1 year from now, a little less. If Push Protocol has not advanced to PUSH Fee staking by then, we should revisit the case, but hopefully that would be unnecessary.

Liquidity incentives are often necessary to help jumpstart a project, but they are not necessarily the best way of distributing the project’s token! Fee Staking, in my opinion, is a much better signal of users who are truly in support of the project and thus deserving of receiving token distributions!

tl;dr: i encourage those who voted for 84 week incentive program to reconsider, think about how long that is, and what the effects would be if the incentive program is continuing while Fee Staking is attempting to go live. Also with uni v3, incentive program shouldn’t be as necessary as it was with v2.

2 Likes
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Poll concluded with 73% in favor of extending the program for 84 weeks.
The Push Team will submit a formal proposal with detailed information for the extension of the Liquidity Rewards Program very soon - taking in consideration ann 84 weeks duration.

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I would be very happy if the PUSH/ETH will go on. On my 76th I start a world trip and the weekly PUSH I do need for the cost of travel. My pensionary money of 500$ a month is not enough. Since the beginning I am in. In good times and in bad times. :slight_smile: with lower then 0.30 and higher then 2.50$

1 Like
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I agree with your take about moving to UniV3 sooner and voting for just 1 year extension (42 weeks). I am hesitant to overcommit any program over 1 year. Fwiw, I’ll prob vote 1 year and see what I can do to push for a UniV3 LP for better capital efficiency of LPs. My one concern is that most LPs are worse at managing a V3 LP vs V2.

1 Like
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Thank you all for your feedback and comments regarding the extension of the Rewards Program.

A formal proposal is now up & running for 5 days in our Snapshot space. Make sure to cast your vote, and don’t forget to join Office hours on our Discord in case you have any questions. (Mon & Thu at 4.30PM UTC)

Snapshot proposal link:
https://snapshot.org/#/pushdao.eth/proposal/0x54092053eff30c3c304e45b575881945192e710bc9b3914bfe1d1eadcda3f114

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Amazing. Very excited about this proposal! Thank y’all for the comments, thoughts and consideration.

1 Like
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i am in favor, will they not put up a vote in SNAPSHOT for token holders?