|Description||Leading multichain DEX on BNB Chain, Ethereum, Polygon zkEVM, zkSync, Arbitrum, and Aptos|
|Contact Name||Chef Maroon|
We are requesting USD $40,000 worth of AXL tokens over 60-90 days, to incentivize liquidity for the axlUSDC-USDT v3 pair on BNB Chain PancakeSwap.
In our previous round of incentivization with axlUSDC and AXL on BNB Chain, we increased the number of AXL token holders from 1,833 to 3,388, while total transfers of axlUSDC doubled from 127,845 to 256,090. The previous axlUSDC-USDT Stableswap pair (0.04% fee tier) averaged daily volumes of ~$440k while the axlUSDC-USDT v3 pair (0.01% fee tier) is now averaging ~$880k daily volumes. Further incentivization of axlUSDC on PancakeSwap will continue to increase its utilization and market metrics on BNB Chain.
This grant proposal aims to grow the Axelar ecosystem by:
a) Increasing liquidity: By incentivizing liquidity provision in the axlUSDC-USDT v3 pair, it will reduce slippage and enhance trading volume, making (cross-chain) swaps involving axlUSDC more attractive on BNB Chain.
b) Fostering community engagement: This grant will encourage the PancakeSwap community to explore and partake in the Axelar ecosystem.
c) Amplifying token adoption: By disbursing AXL tokens to CAKE stakers on PancakeSwap, it will drive awareness and adoption of the AXL token on BSC, ultimately contributing to its utility and value.
a) Grant amount: We are requesting USD $40,000 worth of AXL tokens to be distributed over 60-90 days.
b) Distribution mechanism: The grant will be distributed to our community via a Stake CAKE, Earn AXL Syrup Pool (exact duration will depend on when this proposal is approved).
c) Incentivization mechanism: PancakeSwap will direct at least USD $33,000 of CAKE to the axlUSDC-USDT v3 pair over 90 days by providing a suitable Farm Multiplier.
Primary: Trading volume and TVL of the axlUSDC-USDT v3 pair on BNB Chain PancakeSwap should at least maintain or improve from the current levels.
Secondary: AXL token holder count and axlUSDC transfer count should increase meaningfully from current levels.
Day 0 (today): Post governance proposal on Axelar + Start discussions
Day 7: Submit on-chain proposal
Day 8: On-chain proposal ends
Day 9: (If proposal is successful) Axelar team to send the AXL tokens
Day 9: Submit on-chain proposal on PancakeSwap
Day 10: Launch Farm + Syrup Pool on BNB Chain PancakeSwap
Day 86 (10 Nov 2023): Farm + Syrup Pool ends (90 days from end of previous Farm + Syrup Pool)
PancakeSwap’s Farms and Syrup Pools are smart contracts, which inherently carry smart contract risks. However, this is heavily mitigated by our numerous audits here.
As an essential component of the DeFi landscape, PancakeSwap aims to support emerging and established projects by hosting their liquidity and fostering their adoption within the BNB Chain ecosystem. Establishing this Farm + Syrup Pool arrangement also benefits CAKE holders and the broader PancakeSwap community.