The purpose of this proposal is to incorporate two new pools into our farms:
GRIM-FTM
REAPER-FTM
Design
Incentives
The Grim Finance team has provided us with the following guarantee upon a successful proposal:
We would include auto-compounding vaults for all your farms that you have now and all your future farms and we would do em like that forever no time limit on anything. In return we would like GRIM-FTM and REAPER-FTM on your farm.
Implementation
Upon successfully passing this proposal, we will launch **two new pools** set to the Community Pools class allocation, which was voting on in the prior proposal.
Please use this topic to discuss your thoughts and opinions, thanks!
From me itâs a âno.â I donât need auto-compounding on my LPs, I do it manually because I donât always put each LPs harvest back into that LP, I tend to sum up all my harvests and then stake them where I think theyâll make the best profit. I also donât want to auto-compound at at terrible prices, if I can help it. What I would like is an option to auto-compound - while Iâm away on holiday for example - and to be able to opt in and out, that would be useful. But not something thatâs fixed and Iâm bound to.
Additionally Iâve checked out Grimâs docs, I donât claim to understand them well but my overall feeling is âwhy do we need them?â I know itâs work for the devs but they can just write our own auto-compounding contracts. And there are just millions of coins out there, why do we need Grim, whatâs its actual value? I made a post about this âWhy do I need SOUL?â elsewhere on the Forum and I definitely feel this way about coins - whatâs their use or value beyond selling them for something you do want - i.e. FTM or ETH or BTC or USD. Why have millions of coins whoâs only value is to be produced to sell, it just floods the market and devalues all of it. So as for Grim, I suppose auto-compounding could be useful, depending on how itâs implemented but I donât see that theyâre needed when it could be done in-house.
Our voting initially was to add new FTM based coins/tokens as we saw strategically fit ⌠Iâm sad it will dilute our SOUL rewards, but that was the original decision by the DAO so I go with it.
I donât think it should be a public vote on strategic partnerships - we do not have the information, communications or relationship with GRIM/REAPER to understand if it would be in our best interests as a community. Iâm not saying only Buns/DeGathci should have this responsibility, but we could elect 3-5 people who will be involved in these decisions and take the time to really understand the implications for the community âŚ
GRIM/REAPER - Specifically, what I can see if $24mil and $33mil TVL, not sure if thatâs via their platform or the underlying LPâs from other platforms, but theyâve had rapid growth from $10mil, so people are definitely paying attention. They have 10x the TVL we have, so even if we get 10% of their liquidity we do a 2x on our TVL ⌠if we give away 10-20% of our daily SOUL for that, I think itâs a good move - we need to stay above $5mil TVL, and the more we grow the more self-fulfilling it becomes ⌠(I compare again SpookySwap with $387mil TVL).
So, with no strategic info, I see this as a stepping stone and support it - would prefer Spirit Swap or SpookySwap, just because they are much bigger, but already here we seem to be punching above our weight category at this stage of the project lifecycle.
Auto-Compounding is the name of the game⌠we tie into other known projects it will be a huge driver of Soul consumption. Iâd suggest launching any expansion after audits are completed. Buns, we trust your abilities but a second look is always importantâŚ
Nope! Adding Grim/Reaper just for auto harvest benefits is too soon. It would be prudent to shelf this idea for now and revisit later. Generally farms soon drop apyâs and we can add more later with higher gains.
I agree with this proposal. Partnering up with grim and utilizing some of their features will benefit the Soul Community as a whole for overall growth. Limiting features is not progress nor good exposure. Grim is a good project and I hope that this proposal passes.
Are you saying that since the APRs are high, we use the addition of more products to keep interest once the APRs are âexhaustedâ?
That actually makes sense to me to if thats what your are saying⌠update UI experience, market what is already available and once that interested is saturated⌠expand. to Auto comps?
Why Grim? Is the agreement that Grim pulls all their Spirit liquidity for their tokens and moves it? Otherwise, these are things both parties could have just done on their own yeah? What additional benefit does Soul gain? Grim adds literally everything. Maybe Iâd be more inclined to vote if they shifted much of the liquidity over for their token?
They approached us with this idea and we countered them letting them know we could only act on pools that involve SOUL â otherwise, pools such as REAPER-FTM and GRIM-FTM require community support via a Proposal.
Though I drafted the proposal, the intention is to gauge the support (or lack thereof) of the Community. It would be dishonest for us to unilaterally add what qualifies as a âCommunity Poolâ and, as such, we open the floor to you all and welcome your honest deliberation â positive or negative.
Yeah this is bothering me too, how would it be implemented regarding the 14% lock up? I would wait a bit and approach this with all questions answered.
I think I would have voted no, if I had some SOUL balance available when the snapshot was taken. I donât think we should dilute our existing farms unless itâs for a very good reason, because thereâs plenty of established coin pairs we could add in time, so every partnership added on top of that should be very carefully selected, and ideally only if the other side brings crucial functionality or a big marketing boost to SoulSwap.
That said, I didnât have the time to intimately familiarize myself with Grim Finance and what they could offer us, so I trust that our dev team saw some potential there before putting forward this proposal.
I will however agree with the others who said that auto-compounding should be an optional toggle, if possible.
We just got off a call with Grim and asked for further clarification due to the feedback in the Forum and have taken note of a few key takeaways, one of which includes:
The lockup fee would still apply in the case of the auto-compounding vaults when a user withdraws prior to the 14 day period. This fee would be transferred directly to our DAO Treasury, as it does traditionally.
Not sure I follow but I think youâre saying the 14% fee only applies when you withdraw Liquidity Tokens from an auto-compounding pool, basically the same as the current pools, and that the compounding function of the pool does not affect or initiate or reset the fee payment.
Speaking of these compounding pools, could you give clarification of what key takeaways you took note of somewhere on the forum or Discord, somewhere really obvious and visible to everyone. Cheers.
Basically Iâd like an option to toggle auto-compounding on or off on any pool Iâm in, sounds like a great idea. I just donât like the pool emission dilution, it will cost me probably more than I will gain from being allied with Grim.
I donât understand how to withdraw without a 14% penalty âŚ
Is there any option to switch off auto-compounding without unstaking, and then wait the 14 days?
Can I just harvest without compounding?
I think a lot of new people will get burnt on the 14%, or just ignore it (normal is like 3% fee), unless there is a way to reduce the exit cost to 0 âŚ