Proposal 005 - Add WMT liquidity incentives to the WMT/ADA pool

Abstract

World Mobile Token is the utility token of World Mobile, World Mobile is partnered with and directly works with IOG, and the latter owns 10% of the company. World Mobile token is one of the flagship projects built on Cardano, and among the earliest protocols to partner with SundaeSwap, the largest DEX on Cardano. Together, both projects are considered some of the most popular on Cardano and are integral to the popularity of the blockchain. Creating WMT/ADA liquidity mining rewards in the form of both SUNDAE and WMT tokens will benefit both projects immensely.

Introduction

SundaeSwap is currently the largest DEX on Cardano and has the most WMT/ADA liquidity available on all decentralised exchanges. This means that it is an excellent choice to provide WMT/ADA liquidity to, and for liquidity providers to receive rewards of SUNDAE and WMT in. Creating LP Staking Rewards will benefit both SundaeSwap, World Mobile Token and holders of both tokens as there is additional utility and reward potential for users participating in providing liquidity in WMT/ADA to SundaeSwap. World Mobile Token will provide three million WMT as rewards over a six-month schedule, with rewards claimable every month.

Overview of World Mobile Token

World Mobile Token is the token that powers the World Mobile network, the first mobile network built on the blockchain. World Mobile Token is a native asset on the Cardano blockchain and is used as the utility token in the World Mobile Chain token economy. World Mobile Chain is a decentralised telecommunications network that provides a sharing economy that aims to enable the delivery of internet access to half of the world that is not connected. The primary role of World Mobile Token is to power the sharing economy that is at the heart of the network. All transactions generated on the network will be rewarded in WMT to node operators and stakers. Transactions on the network are generated via calls, text messages, streaming, internet browsing or by using any other value-added services such as healthcare, insurance, micro-loans and more offered through the World Mobile service.

Motivation

The motivation behind this rewards programme proposal is to further increase liquidity on SundaeSwap and reward individuals who provide liquidity into the WMT/ADA pool. By initiating this rewards programme, we allow more individuals to obtain WMT and increase the number of token holders.

Increased TVL for SundaeSwap and World Mobile Token

SundaeSwap users will benefit immensely from the WMT/ADA LP Staking rewards as it will incentivize more users to provide liquidity in WMT/ADA to SundaeSwap. This will ensure that SundaeSwap maintains a high TVL in the WMT/ADA pool, as well as lock up more World Mobile Token supply in the protocol. The increased WMT locked on SundaeSwap’s protocol will continue to support SundaeSwap’s current position as the number one DEX to go to trade WMT.

3 million World Mobile Tokens (WMT) will be allocated to this programme. 16438.356164 WMT will be emitted daily for 6 months and will be harvested monthly

Community Involvement and Growth

The communities of SundaeSwap and World Mobile Token are both very strong and active on social media. Our communities have interacted with each other on a regular basis ever since both projects partnered and the LP Staking Programme will boost our projects’ involvement with each other to a large extent. This will create mutual trust and support and will encourage both communities to get involved with each other’s projects and grow both our communities as the number of community members that overlap will grow.

This is a natural outcome from the initial partnership between our projects and it will continue to strengthen and grow our community’s and ensuring we remain stand-out flagship projects on Cardano.

Conclusion

The commencement of the WMT/ADA LP Staking Programme for users to receive SUNDAE and WMT will benefit both projects. Our existing partnership has led to a large amount of liquidity provided in WMT/ADA to SundaeSwap which has benefited both projects and token holders who have a place to go to trade WMT on a native Cardano DEX. This rewards programme will result in more individuals being incentivized to provide liquidity in WMT/ADA to SundaeSwap, therefore, increasing the number of token holders as a result and also increasing SundaeSwap’s TVL

  • For
  • Against

0 voters

I love that WMT is looking to incentivize its holders when they’re already blowing up.

Question: Perhaps I missed it, but will there be any retroactive rewards for people who have been providing liquidity since launch?

Cheers, WMT Team and SundeaSwap :earth_africa: :ice_cream:

19 Likes

Hi @SJLagasse ! I haven’t heard of such rewards to be provided, and I personally believe they won’t be given.

2 Likes

Are you familiar with their Vault? They have early staking rewards right now.

6 Likes

I would say that if you have made your WMT available as liquidity in the “normal” 0.3% LP fee pool and have locked your LP tokens for at least 30 days (farming), you have been generously given by SUNDAE tokens.
Or do i understand your question wrong?

1 Like

Very positively, it is necessary that both projects support each other :ok_hand:t2:

5 Likes

i have been a liquidity provider for the WMT/ADA pair since the beginning, really happy if this goes through

7 Likes

Unfortunately, a very intrusive KYC is required for their vault.

2 Likes

The KYC for the vault was only for the TGE. There is no longer any KYC required to set up a vault :slightly_smiling_face:

6 Likes

The KYC for the vault was only required during the TGE. There is no longer any KYC required to set up a vault :slightly_smiling_face:

5 Likes

Good to know! Will definitely look into this. I am currently providing Liquidity on SundaeSwap for the WMT/ADA pool, and love the whole project World Mobile is working on.

3 Likes

Please promote this proposal on your socials. We only have 215 votes yet and 300 are required atleast i heard. Thank you all.

2 Likes

Help push this proposal :slight_smile:

2 Likes

I already have 2k WMT in liquidity, will it be in the same pool we are farming in now? I’m all for it either way. I was just curious because if it would be a 1% pool it would be better for liquidity providers and wouldn’t cost WMT anything to give that perk to liquidity providers.

3 Likes

love both projects :heart_eyes: :heart_eyes: :heart_eyes:

1 Like

Love the idea and have voted in favour for, but feel forced to buy more to participate as all my WMT is currently staked in the vault. Double yield would be amazing? :eyes:

2 Likes

Great proposal WMT. A question in regards to WMT/ADA pairs will the proposal 3million rewards go to the all 3 (0.05, 0.3, 1.0 fee) Liquidity pools or just the 0.3 pool currently earning sundae rewards ?

2 Likes

Will there be adjustments to vault parameters for those who move their WMT into providing liquity then? WMT LP token equivalent

2 Likes

Hey SundaeSwap DAO folks… any news on progress for this? Seems like the proposal has enough votes now. With new DEX appearing on the scene like MinSwap this could be a good incentive for users to stay with SundeSwap instead of chasing the new thing each time.

3 Likes

So did this pass? Do we know when it will be implemented?

At least 300 votes must be made for the proposal to be executed or defeated, 75% of the votes must be “For” for execution.

4 Likes