Proposal to extend liquidity mining rewards on the Gelato Uniswap V3 INST/ETH LP 1 pool alongside the new Uniswap v3 Staker Pool proposed by the team here.
Proposal
This proposal will allocate an additional 250k INST for liquidity mining for the Gelato Uniswap V3 INST/ETH LP 1 pool, which is the current pool within range and earning trading fees (or the pool on the right within the Dapp or the one with bottom range of 0.00199 – many ways to identify this pool). Here is a link to the pool Uniswap Info. This proposal will not include any additional liquidity mining rewards for the other pool that is out of range, however, this pool will still exist within the Dapp and earn trading fees if it comes into range.
Additionally, as proposed by @Seb_EthMonk in the Update Staking Pool Contract and Rewards proposal, this would allocate 250k INST to the new Uniswap v3 Staker Pool (not in addition to that proposal, this is in place of it).
Reason
The current G-UNI pools have done a great job providing liquidity to the markets and aided in the first leg of price discovery for INST. We are all excited to introduce new staking contracts and LM scenarios that weren’t available back in June 2021, but we also want to maintain some continuity between the existing users of the INST pools. Therefore, I’m proposing that there be a mild form of LM rewards extended for the LP 1 pool while we transition and introduce new forms of liquidity mining. The rewards will be reduced from the initial 750k, but as liquidity leaves the initial pools and flows into the new contracts, there should be enough LM for all users based on their choosing.
Result
Allocate 250k INST to Gelato Uniswap V3 INST/ETH LP 1 pool for liquidity mining rewards through January 15, 2022.
Allocate 250k INST to Uniswap v3 Staker contract for liquidity mining rewards through January 15, 2022.
Liquidity mining rewards will end for INST Pool LP 2 Uniswap Info on Sept 15, 2021
Hello! Do I understand correctly that for the pool indicated by the green arrow, it is not necessary to exit the smart contract on September 15 and it is automatically extended until January 15, 2022?
It’s pretty ludicrous, to be frank. I’ve been checking at moments of low-gas and it’s invariably above U$100. For a relative small position (~U$1000), the rewards in INST from staking have been ~32 so far, which means claiming is out of the question for prohibitive gas prices, and now I’ve lost the possibility of furthering gains, leaving me with no option but to bite the bullet or wait for gas prices to go down, if this ever happens.
Yes it is the same for me. I will let my 2 positions sleeping so far… otherwise I will loose all the benefits of my rewards.
Damn these NFT on ethereum
Yep, same story here, I had nearly 200 INST staked and I was asked to re-staked… that’s just absolutely ridiculous. I just withdraw everything from INST including the rest of LP. Most of the gains were wiped out due to ETH, Gas. Ether is now a Whale token only :(. While this is not the fault of INSTADAPP team, they should’ve considered the issues this would have caused smaller investors staking INST. Disappointing to say the least. If the Token was on standard exchanges we could see the value of holding long-term but I don’t see a road map from the team when this could happen.
I still do have high hope for this project as it’s truly a middleware layer missing, but without wider awareness in the community not sure how this could accrue value for people such as myself. And there’s a lot of us.
Smaller retail investors like myself will move on to other chains like Solana and provide LP on Saber, Serum, Raydium…etc. where it’s far more affordable and profitable.
Hey @roigiano - thanks for providing your thoughts. It is frustrating to transact on Ethereum when gas prices are high, I agree. The LM rewards were set to end on Sept 15, so any continuation was a bonus IMO. The only way to extend them for the Pool was to have everyone restake if they wanted to participate. If the LM rewards were not extended, all users would still have to withdraw their funds (if they wanted to get their liquidity back), which would have cost more gas. My point is, either way users would have had to spend gas regardless if LM was extended on the pool or not. Fortunately users have the choice between withdrawing or restaking to continue LM rewards.
Hopefully solutions will be brought to the table that will not be so gas intensive, but for now we have Ethereum mainnet and Polygon.
