Hi, for some reason the BIP13 discussion is closed and I can’t respond to it. I saw the new proposal. I agree that we need to incentivize some of the pools more, however iUSDT is an important pool as well. I think that the proposal is doing the iUSDT pool injustice. A more balanced approach would be welcome.
I rejected the proposal and I am not sure why it got such a high approval rate. Tether is the go to coin in many exchanges, and with bridge, I enjoy using the pool. 0.5% will chase ppl away. It takes time to learn how to use and utilize what ICON has to offer. I personally like to buy USDT and use it to buy other coins in exchanges. A new way to invest using ICON. And cheap compared to the Eth alternative. Give this pool more time. why don’t we incentivize all the stablecoin pools similarly? Please consider to revise the proposal and reject the current one. Don’t kill the pool.
Thank you.
Hey Shmoo - thanks for taking the time to post here and share your opinion. It’s helpful to get insight from those that voted against the propose. We discussed on Discord but will share some thoughts here as well.
The main reason is to consider the cost to the DAO. BALN is inflated on a daily basis to pay for liquidity providers, and we need to optimize income for the money spent. Since it doesn’t generate much volume, it makes more sense to have less liquidity. We need to be nimble and smart with spending, that’s why we shouldn’t incentivize all pools equally. We need to adapt to market conditions and be willing to change with them, if USDT picks up volume, we’ll allocate more rewards again.
Remember, there will always be some liquidity there. It will get the same rewards USDS currently has, so there is clearly still some incentive to supply liquidity. This won’t kill the pool, rest assured.
Hi Benny,
Thanks a lot for replying. I think that following the discussion on Discord and with your reply here, I understand the proposal better. And it does make sense to me.