Puzzle Usage Proposal
Hey guys!
It’s been two weeks since Power DAO received 16K PUZZLE tokens from the Puzzle team in exchange for XTN which are used to repay bad debt after the Puzzle Lend hack.
As for now, these PUZZLEs are kept in the DAO wallet instead of farming APY, which is pretty silly taking into account that there are a lot of options to use PUZZLE. With this Puzzle Usage Proposal (PUP) I propose to use these tokens in three different directions.
PUP-1. Stake 5,000 PUZZLE
That’s the simplest strategy to get some APY: PUZZLE staking doesn’t have any lockup and yields a native APY generated from swap fees. The rewards are paid in PUZZLE tokens and currently fluctuate in a range of 3-7% APY. Btw, the historical ATH of PUZZLE staking APY was more than 100% on the days of TSN launch.
You can read more about PUZZLE staking in Puzzle white paper.
PUP-2. Put liquidity in PUZZLE/XTN pool
Puzzle Swap is known for its megapools which generate native APY from fees to liquidity providers. I propose to use 5,000 PUZZLE and 450,000 XTN from the treasury to provide liquidity to one of these pools.
Right now, the major liquidity of Puzzle tokens is concentrated in PUZZLE/WAVES pairs on Waves.Exchange and Puzzle Swap. Creating the new big liquidity pool will be interesting for Power DAO to benefit from a big share of total PUZZLE trading volume, which is stimulated by regular token buybacks.
Usual APY in Puzzle Swap megapools is 10-20%. You can check more stats on the pools page.
PUP-3. Launch “early pools” with new tokens: WAKE, AXLY, etc
There are multiple projects funded by Power DAO which are going to launch their tokens in the near future. I propose to keep some PUZZLE tokens in the wallet and use them to launch megapools with the new assets. It’s well known that new tokens are actively traded, so it might be a good opportunity to launch liquidity pools as soon as those tokens go live to catch good rewards for LP.
Read more about megapool creation on Puzzle in the article.
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Transactions
PUP-1. Stake Puzzle
{
“payment”: [
{
“amount”: 5000000000000,
“assetId”: “HEB8Qaw9xrWpWs8tHsiATYGBWDBtP2S7kcPALrMu43AS”
}
],
“call”: {
“function”: “stake”,
“args”:
},
“fee”: 500000,
“chainId”: 87,
“dApp”: “3PFTbywqxtFfukX3HyT881g4iW5K4QL3FAS”,
“feeAssetId”: null,
“initialFeeAssetId”: null,
“proofs”: ,
“senderPublicKey”: “GDPfYHA6NUZCmin3J7LWZhCvSjBcna8HebyvQyrw17v”,
“timestamp”: 1687112458,
“type”: 16,
“version”: 2
}
PUP-2. Put liquidity
{
“payment”: [
{
“amount”: 500000000000,
“assetId”: “HEB8Qaw9xrWpWs8tHsiATYGBWDBtP2S7kcPALrMu43AS”
},
{
“amount”: 450000000000,
“assetId”: “DG2xFkPdDwKUoBkzGAhQtLpSGzfXLiCYPEzeKH2Ad24p”
}
],
“call”: {
“function”: “generateIndexAndStake”,
“args”: [
{
“type”: “string”,
“value”: “3PQAhPM5iHQyYrAqTVts53UgiLGtVuSZ8xD”
}
]
},
“fee”: 500000,
“chainId”: 87,
“dApp”: “3PR1Qvi9mHT35SwWEkLSqqE2L8thiPLdVWU”,
“feeAssetId”: null,
“initialFeeAssetId”: null,
“proofs”: ,
“senderPublicKey”: “GDPfYHA6NUZCmin3J7LWZhCvSjBcna8HebyvQyrw17v”,
“timestamp”: 1687112458,
“type”: 16,
“version”: 2
}
PUP-3. TBD