[PCP-21] - Protocol Rewards Refresh #3 (Base Onchain Summer is Here!)

General
1

TL;DR Summary
Platform reward emissions are ending on June 18th (in 13 days). Proposing an extension of the platform reward budget by drawing down on the SEAM in the short governor timelock and claiming more SEAM from the master emissions vesting smart contract.

Proposal for platforms rewards are:

  • Continue rewards? YES
  • Schedule? 60 days (~2 months) - starting 6/18/24 (ASAP given the governance process timelines). Community re-examination and discussion to occur once a month or as-needed, as reward schedules can be updated/modified by Community Guardian (as of [SIP-7] execution).
  • Reward type? Utilize primarily esSEAM (with a small SEAM budget that will default to esSEAM if not utilized)
  • Amount? Current suggestion is for the 500,000 SEAM in the short governor timelock to be utilized as a two month budget across all existing/to-be-launched markets on Seamless Protocol during this time period

Context & Motivation
Since the launch of Seamless Spring (Rewards Refresh #2) and the last rewards top-up proposal, the platform’s supplied liquidity has grown from $37m in April to $76m as of this writing, a 105% increase. This growth was most likely driven by Seamless Spring’s success, community activities, and increased esSEAM/SEAM rewards schedule.

This proposal suggests another reward budget renewal and increase to 500,000 SEAM (up from ~433k SEAM). The DAO will primarily convert 480,000 SEAM to esSEAM, with the remaining 20,000 SEAM available as liquid rewards. If there is any unused SEAM from this 20k, it will also be converted to esSEAM.

The budget increase aims to support the broader Base-driven “Onchain Summer” community events. Given the protocol’s recent growth, the increased rewards are expected to further boost TVL. Rewards will be focused on Native USDC and ETH markets while supporting new markets like AERO and BRETT.

Specifications/Technicals
Under this proposal, the rewards pool for markets on Seamless Protocol will gain an additional 500,000 SEAM budget to be deployed over two months (“Onchain Summer”). This SEAM will be sourced from the short governor timelock (and in a corresponding move, the short governor timelock will claim some of the DAO vested SEAM back into the wallet). Per the previously executed SIPs, reward schedules continued to be set by the Guardian Multisig.

Technical specifications/payload will be presented as soon as possible if the discussion period ends with a positive support.

3 Likes
2

Given the time sensitivity of the issue I suggest the typical 5 day discussion period

3

Absolutely in favor of this proposal!

Better to top-up the reward gauge now than later. The proposed budget should sustain rewards well throughout the next couple of months.

4

Strongly in favor of this proposal as well! Onchain Summer is set to cause a stir, and Seamless should be in the center of it. Great to see the impact of Seamless Spring and excited to see what Onchain Summer brings!

5

@richyRNG I fully support this proposal. I believe this initiative will drive people during Onchain Summer to use Seamless Protocol with nice rewardsssss <3

6

Rewards are essential in DeFi and help bring exposure to the protocol. All in favor!

7

All in favour!

8

I fully support this proposal. Refreshing the rewards structure is crucial for a vibrant onchain summer. Let’s finalize it ASAP, ideally before the 18th.

9

Sounds like a good idea to get going as soon as possible

10

Hi everyone - given the positive feedback and generally no additional comments or edits, I believe we can consider this in the 2 day cooldown window as of yesterday (t+5 days from discussion start).

I have reposted the original proposal before, there are no additional edits given the comments so far:

[PCP-21]

TL;DR Summary
Platform reward emissions are ending on June 18th (in 13 days). Proposing an extension of the platform reward budget by drawing down on the SEAM in the short governor timelock and claiming more SEAM from the master emissions vesting smart contract.

Proposal for platforms rewards are:

  • Continue rewards? YES
  • Schedule? 60 days (~2 months) - starting 6/18/24 (ASAP given the governance process timelines). Community re-examination and discussion to occur once a month or as-needed, as reward schedules can be updated/modified by Community Guardian (as of [SIP-7] execution).
  • Reward type? Utilize primarily esSEAM (with a small SEAM budget that will default to esSEAM if not utilized)
  • Amount? Current suggestion is for the 500,000 SEAM in the short governor timelock to be utilized as a two month budget across all existing/to-be-launched markets on Seamless Protocol during this time period

Context & Motivation
Since the launch of Seamless Spring (Rewards Refresh #2) and the last rewards top-up proposal, the platform’s supplied liquidity has grown from $37m in April to $76m as of this writing, a 105% increase. This growth was most likely driven by Seamless Spring’s success, community activities, and increased esSEAM/SEAM rewards schedule.

This proposal suggests another reward budget renewal and increase to 500,000 SEAM (up from ~433k SEAM). The DAO will primarily convert 480,000 SEAM to esSEAM, with the remaining 20,000 SEAM available as liquid rewards. If there is any unused SEAM from this 20k, it will also be converted to esSEAM.

The budget increase aims to support the broader Base-driven “Onchain Summer” community events. Given the protocol’s recent growth, the increased rewards are expected to further boost TVL. Rewards will be focused on Native USDC and ETH markets while supporting new markets like AERO and BRETT.

Specifications/Technicals
Under this proposal, the rewards pool for markets on Seamless Protocol will gain an additional 500,000 SEAM budget to be deployed over two months (“Onchain Summer”). This SEAM will be sourced from the short governor timelock (and in a corresponding move, the short governor timelock will claim some of the DAO vested SEAM back into the wallet). Per the previously executed SIPs, reward schedules continued to be set by the Guardian Multisig.

Technical specifications/payload will be presented as soon as possible if the discussion period ends with a positive support.

11

This has moved to an onchain vote here: Tally | Seamless Protocol | [SIP-22] Protocol Rewards Refresh #3 (Base Onchain Summer is Here!)

Please prepare to vote tomorrow and have your voice be heard!