A New Dawn for PandaSwap: new pool distributions, emission schedule, a clarification on sBAMBOO-V2 and a roadmap for the next week
Hey Pandas! 👨🌾🐼
We’ve taken some sentiment from the community, and have decided to make a major upgrade to our protocol. This post will address the following:
- Complete revamp of our reward farms.
- A new emissions schedule that addresses the current inflation rate.
- Clarification on sBAMBOO-V2 and how it works.
- Roadmap for the short term.
New Pool Allocation Distribution
After receiving input from the community, we’ve given our pools a drastic makeover. This change in pools will occur at 4pm EST.
What does this mean for you?
- If the pool you were farming in is included in the new allocation, then you don’t need to do anything.
- If the pool you were farming in is not getting an allocation on the next update, then you should unstake your LPs. We’ll leave the farm up on the UI so you can unstake them.
New Emission Schedule
Our initial plan was to stop the bonus program of 1000 BAMBOO per block for 105,000 blocks until we hit 105M supply. It was clear the emissions were causing crazy inflation so we stopped it early at around ~55M supply. To address the inflation, we’ve come out with a new emission schedule that’s detailed below. At the time of writing, we’re at ~66M supply. The next block reward reduction will occur at 70M supply, which is roughly 2 days from now.
How sBAMBOO-V2 Works
There’s been much confusion about how sBAMBOO-V2 works so we’re going to clarify this as succinctly as possible:
- Every time a swap is made on PandaSwap, a 0.30% fee is charged. 0.25% goes to liquidity providers and 0.05% goes to sBAMBOO-V2 holders.
- You get sBAMBOO-V2 by converting it from BAMBOO-V2.
- sBAMBOO-V2 does not need to be staked anywhere to receive the 0.05% fee. The fee is transferred to your wallet once the convertMultiple() function on the BambooMaker contract is called.
- This function is called manually. Since the migration to V2, we have not called the convertMultiple() function yet. But we will be calling it multiple times a day from today and will be automating this process going forward.
- The fee is paid out in BAMBOO-V2. Where does this BAMBOO-V2 come from? It comes from the sBAMBOO-V2 you stake.
- At the moment, the ratio of BAMBOO-V2 to sBAMBOO-V2 is 1:1. As trade volume of the exchange increases, this ratio will shift and sBAMBOO-V2 will become more valuable than BAMBOO-V2.
This is the main selling point that differentiates us from the other DEXes in the Avalanche ecosystem like Pangolin: token hodlers are rewarded with swap fees!
Roadmap for the next week
- Getting analytics set up.
- Automating fee payouts to sBAMBOO-V2 holders.
- Completing Gitbook documentation.
- Markr.io integration.
We’re a team that wants to be as transparent to the community as possible. We know that the launch has been shaky, from harvest bugs to having to deploy to a new MasterChef contract within days to addressing crazy inflation. But we’re a resilient team and we want to first of all, thank our community for supporting us through thick and thin, and secondly, assure them that we’re in it for the long haul. The pandas are soldiers at heart and WGMI. 💖
🔗 Official Links
💻 Smart Contracts
The updated contracts are available at github.com/Pandaswapdex/pandaswap-contracts