Incentive for listing PHA/kUSD pair on Karura Swap - treasury proposal #7
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The treasury proposal is applied to support List PHA/kUSD pair on Karura Incentive program.

Background

We are opening the HRMP channel for Khala Network and Karura Network, so that $PHA token can now transfer between Karura Defi hub and other parachains. Traders can swap $PHA into $kUSD or other assets like $KSM / $RMRK, $PHA token holders can also provide liquidity to Karura $PHA pools.

About Karura & Acala

Karura / Acala is an Ethereum-compatible smart contract platform optimized for DeFi and scaling DApps to Polkadot. The blockchain has built-in DeFi protocols for application developers to leverage, including a decentralized stablecoin (Acala Dollar — aUSD), a trustless staking derivative (liquid DOT — LDOT), and a decentralized exchange.

Karura Swap is an automated market maker (AMM)-styled decentralized exchange protocol implemented and deployed as upgradable runtime modules on Karura. With support for both native Substrate tokens and ERC-20 tokens, Karura Swap is positioned as the gateway and liquidity hub of Kusama, and has already accumulated nearly $86 million in total value locked.

List Proposal Summary

This proposal will start the bootstrapping period for trading pair PHA/kUSD on Karura Swap: https://acala.discourse.group/t/list-pha-kusd-pair-on-karura-swap-with-incentive/839

Incentive Program

  • Phala Network has allocated a total 100k PHA + 10k kUSD for the incentive program. 10% of the total incentive reward will be distributed to the liquidity providers in Bootstrap period(12 hours), and 90% will be a 14 days period campaign.
  • Total Incentives
    • 100k PHA
    • 10k kUSD
  • Duration: from block #1700339 to #1801141
  • Loyalty Bonus Percentage: 50%
    • Claim rewards before the loyalty program ends will void loyalty bonus, which is 50% of the rewards. Read more on the AcalaSwap wiki under “Incentive Program”
    • Claim rewards after loyalty program ends (#2139539) will be eligible for the loyalty bonus.

Treasury Proposal to Khala Community

We are applying to Khala treasury for 100k $PHA to this listing incentive program. The funds will be sent to Karura Bootstrap address for reward distribution.

About future

kUSD stablecoin is a decentralized, trustless, collateral-backed cryptocurrency whose value is strong-pegged to the US Dollar. By maintaining a strong-peg to the US Dollar, users are shielded from the price volatility that is common with many cryptocurrencies.

Beyond this, we think kUSD have a big chance to merge with aUSD in the near future. Acala team already proposed an enhancement of Acala and Karura’s on-chain economic and governance integrations by unifying the two stable currencies into one (aUSD), adding the Karura parachain as a member of the Acala Financial Council, and allocating a portion of Acala DOT Treasury to Karura in the form of KSM.

If the liquidity and trading volumn is good enough, we are expecting $PHA token can be one of the collateral assets for minting $kUSD, which will bring great use cases for Phala tokenomic. It will also help Phala Secure Mining Workers using multi Defi tools to earn higher capital efficiency.

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Metadata
TimelineLatest activity undefined
2022-03-23 16:08:12
Proposed
Index
#7
2022-03-23 16:08:24
approveProposal
3/3
Aye(3)
Nay(0)
2022-03-24 06:47:30
Vote
2022-03-24 08:15:19
Vote
2022-03-24 11:42:54
Vote
2022-03-25 08:21:00
Closed
2022-03-25 08:21:00
Approved
2022-03-25 08:21:00
Executed
Result
Succeed
2022-03-26 03:35:54
Awarded
Beneficiary
Award
100000 PHA
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