Farm Sushi with YAM/ETH SLP in Incentivizer

Farm Sushi with YAM/ETH SLP in Incentivizer

Basic Summary
Sushiswap is currently incentivizing YAM/ETH liquidity with about 40k SUSHI/week. Assuming the existing Snapshot votes do not change in the next few hours, we will be switching our treasury purchase to Sushiswap and incentivizing with 5k BoU YAM per week. I propose we use the SLP tokens deposited in the Incentivizer contract to farm SUSHI for the treasury.

Motivation
Farming SUSHI for the treasury allows the treasury to grow, while maintaining similar levels of liquidity. Based on current price and incentive levels, we would be offering $12.6k/week in incentives and the treasury would receive $24.6k worth of incentives per week (assuming 100% of LPs choose to stake in the YAM incentivizer).

Specifications
In this system, when a user deposits, they earn YAM, and the treasury earns Sushi. Upon staking, the contract will check if the contract is parameterized to deposit into MasterChef (Sushi’s staking contract). If it is parameterized as such, the Sushi LP tokens will be deposited into MasterChef. The incentivizer will have an additional public function that allows anyone to harvest the unclaimed sushi from masterchef and deposit it into SushiBar on behalf of the treasury, earning more sushi. SushiBar is the staking contract in the Sushi ecosystem that converts the 0.05% fee generated per trade into Sushi. Governance can (via a passing proposal), unstake and sweep sushi into the treasury contract. When a user withdraws, their staked amount is withdrawn from Masterchef into the incentivizer, and then to the end user.

Poll to Measure Sentiment

  • For Treasury Farm Sushi with SLP shares
  • Against Treasury Farm Sushi

0 voters

5 Likes

Of note, this won’t slow down development at all. The code is already complete and ready to be deployed

5 Likes

When will ycp go online