An Adjustment to SOON Liquidity Mining
The full article was originally published by Soonlabs on Medium. Read the full article here.
One of the greatest strengths of the SoonLabs team has been our ability to pivot when needed to meet the changing needs of our community. To address a growing number of requests for a greater level of liquidity for the SOON token and to take advantage of the upcoming EVM bridge we have made a change to our current liquidity mining program.
The ultimate goal of the SOON liquidity mining program is to promote the SOON token and activate a level of liquidity that makes it easier for users to get in and out of positions. So far we’ve only launched with two pairs (BTC and ETH) and we’ve seen great results. The TVL has sustained over $600k and will grow even more after the IOTA pair is launched this week.
To read about the full strategy, you can reference this article: https://soonlabs.medium.com/soon-token-rewards-on-the-shimmerevm-9c0277657b39
As of today, the SOON Committee has voted to adjust the rewards schedule for the IOTA pair to increase bridge diversification and add an additional pair as well. The IOTA pair will reduce the amount of SOON tokens distributed to liquidity providers over 3 years from 8 million SOON tokens to 4 million SOON tokens.
The remaining 4 million SOON tokens will be used to incentivize a new SOON/stablecoin pair over a 3 years period. The stablecoin and chain it originates from is still yet to be decided, but we will announce as more information becomes available. We’re looking to watch the market and ecosystem over the coming weeks. The stablecoin that will be chosen will be the clear frontrunner in terms of adoption on the ShimmerEVM.
We believe this strategy is a net positive all around and we look forward to launching the IOTA and stablecoin pairs!