[Proposal] Pancakeswap Liquidity Pool

1

Hi TrueFi,

I propose applying for a liquidity farm and Syrup Pool to PancakeSwap for BNB<->TRU.

The main benefit of this proposal is that users would be able to trade TRU on Binance Smart Chain (with much lower gas fees compared to Ethereum). This benefits TRU holders with increased liquidity, lower trading fees, and fast trade confirmations. This also benefits the TrueFi ecosystem as it increases Binance user awareness of TrueFi.

At present time there is $7.5B locked on PancakeSwap compared to $5.8B on Uniswap and $4.1B on Sushiswap. If more TRU is locked into liquidity farms in PancakeSwap, it may also have a positive impact on TRU price.

Some risks with this proposal -
(1) more complexity, users need to understand the difference between Ethereum chain and Binance Smart Chain and how to Binance Bridge assets across. In particular, all of TrueFi only supports Ethereum chain so if users want to interact with TrueFi they have to bridge their BEP-20 back to ERC-20.
(2) Binance Smart Chain is relatively centralized and users must rely on Binance Bridge or the Binance exchange in order to convert to other crypto or fiat.

Given the marketing collaboration between Binance and TrueFi and what appears to be a low difficulty of execution, it seems this is worth an experiment with a medium sized incentive offered to liquidity providers. Thoughts from the team / community?

3 Likes
2

There is a bit of complexity there, but I’d experiment more if there were incentives.

I created a wallet for Binance in Metamask and connected to the Binance Smart Chain network so far using the instructions here:
https://docs.binance.org/smart-chain/wallet/metamask.html

3

Seems low priority given the expenses and complexity that would be involved in transfering over to stake TRU.

If anything, TFI liquidity would be more useful as a way to grow the loan pool with small investors.

1 Like
4

I don’t know much about this…and am unqualified to comment. But what I don’t get is how with the thousands of TruFi token holders, how come we only get 2 replies and 41 views?

1 Like
5

Here’s the basic proposal from Pancake swap team.

The question is, would we like to allocate 500k USD worth of TRU towards a 3-month farm on Pancakeswap? I’m inclined to say YES. We have a ton of excess liquidity rewards since we decreased the Uniswap pools.

image

4 Likes
6

If this doesn’t take dev work on our side then I think it’s an easy YES - the amount seems reasonable and the liquidity rewards exist for exactly this kind of thing.

2 Likes
7

It’s a yes from me. Shall we take it to a poll?

8

Yes, from me too.

I think it’s a good case for TRU incentives and might help us reach some new audiences.

9

Looks like this won’t take dev work and will be an easy way to increase TRU usage in the Binance community. I’m for it.

10

We have gotten some great feedback, shall we move to a community vote?

Perhaps 2 options - YES [$500k incentive] or NO.

1 Like
11

Yep, let’s do a community vote here :point_down: and then get this into Snapshot.

Should we allocate 500k USD worth of TRU towards a 3-month farm on Pancakeswap?
  • Yes
  • No

0 voters

12

Snapshot vote is active for this proposal:
https://snapshot.org/#/truefigov.eth/proposal/QmZfx1LZJEGoYXDZFhxXDVf8Qg4UeYYagNijR7eCC91Kii

1 Like
13

Is this proposal passed? Is the process in progress? I’d like to know as a snapshot participant.

14

The Snapshot proposal passed, giving us the green light to move forward with this.

@ryan.rodenbaugh is working with the PancakeSwap team to get the farm running. Any love we can get in their community would be helpful for us: Social Accounts & Communities - PancakeSwap