In regard to liquidity, I’d like to discuss a possible proposal meaning to use (Sumamu?) wZNN on ETH in order to incentive a liquidity pool on Solidly ETH.
“What this is all about Chadass ??” you’re about to yell. And you’ll be damn right.
First, wZNN ZNN liquidity isn’t here. It’s near impossible to swap a decent amount in or out. And I’m not even talking about the bridge being turned off more often than SOL here.
So why Solidly ? Solidly was an AMM built by Andre Cronje back then on FTM but due to smart contracts issues it crashed and got abused. The idea remains brillant though, and I’m not the only one to think it is as the protocol is about to relaunch on ETH soon. You can read it all here ;
Original medium article from AC : Solidly: feature updates, and launch date - Andre Cronje - Medium
About the fixes and the relaunch by a different team : Solidly Upgrade. The long-awaited evolution of Solidly… | by Seraph | Medium
Eli5 us Chadass
- Solidly is an AMM with very low slippage offering stables and volatiles permissionless pools.
- Anyone can create a pool and bribe vote with any tokens.
- VeNFT holders can lock SOLID for up to 4 years to gain voting power.
- VeNFT holders then can vote for any pool and collect their share of the bribes.
- Liquidity providers receive SOLID emissions representing their vote capture in addition to potential gauge bribes.
How Zenon Network could benefits from that ?
- A new way to incentive and get liquidity
- Visibility, visibility, visibility.
- If the bribes are here, we could see traction and engage discussion with new people from the traditional DeFi scene.
What are the cons ?
- It might just not work if done badly.
The main selling point to me is visibility. We tend to build in bubbles, we all do that. Opening Zenon Network to new ecosystem can only benefit us. Especially a DEX given the recent CEX narratives. I reckon Sumamu was talking about issuing a contract for wZNN on ETH for their bridge so this would depend on their work but I’m sharing still, opening the idea for discussion and see if / how it could be done.
What would be needed from AZ ?
- A lot of ZNN to seed liquidity. We can think about multisig on the ETH side.
Full disclosure, I own a 30k and a 60k SOLID veNFT but I wouldn’t directly benefit from that. I could vote for Zenon pools though, and then maybe get some share of the bribes if any.
What do you think ?