After many discussions, we’re finally ready to reveal our game-plan for Solidly and the veNFT!
Morpheus Swap will share voting power of the veNFT with Abracadabra (https://abracadabra.money/), held within a 3/4 multi-sig between both protocols. The veNFT will be used to incentivize MIM-USDC directly on Solidly. Revenue will be split evenly between the protocols, with compounding of the locker to increase percentage of fee revenue earned.
For Morpheus Swap’s portion of fee revenue, allocations are planned as follows:
- 1st Month: 70% Treasury — 30% Neo Pools
- 2nd Month: 50% Treasury — 50% Neo Pools
- 3rd Month: 30% Treasury — 70% Neo Pools
3rd month allocation percentages will freeze, in line with our protocol swap revenue allocation percentages.
A note about incentives:
Neo Pools: Treasury often boosted Neo Pools, which is detailed in the January revenue summary report within Discord. With the new February allocation percentages in place, this support is formally transferred. $PILLS Neo Pools have always been a luxury, and were never intended to be a long term feature, as the $PILLS provided are directly from Treasury’s allocation.
Treasury will end support for a $PILLS Neo Pool after tapering support across the next 4-weeks, given Neo Pools now receives 70% swap revenue in addition to the fee revenue outlined for the Solidly veNFT as detailed above.
$PILLS-$FTM LP: $PILLS provided to incentivize $PILLS-$FTM on Liquid Driver (https://www.liquiddriver.finance/farms) are from Treasury’s allocation. This past week, $PILLS incentives for LPing on LQDR increased 2x. Treasury will continue to support incentives for LP.
We are excited for what the future holds, not only with Solidly, but as our community grows and ongoing/upcoming developments are released!
