Enchantment: Add GRIM and REAPER Community Farm Pools

Proposal Submitted: Snapshot

Snapshot Block: 18470000

Purpose

The purpose of this proposal is to incorporate two new pools into our farms:

  1. GRIM-FTM
  2. 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!


Warm Regards,
Buns the Enchantress


Snapshot Block: 18470000

Voting Here: Snapshot

3 Likes

From me it’s a “no.” I don’t need auto-compounding on my LPs, I do it manually because I don’t always put each LPs harvest back into that LP, I tend to sum up all my harvests and then stake them where I think they’ll make the best profit. I also don’t want to auto-compound at at terrible prices, if I can help it. What I would like is an option to auto-compound - while I’m away on holiday for example - and to be able to opt in and out, that would be useful. But not something that’s fixed and I’m bound to.

Additionally I’ve checked out Grim’s docs, I don’t claim to understand them well but my overall feeling is “why do we need them?” I know it’s 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, what’s its actual value? I made a post about this “Why do I need SOUL?” elsewhere on the Forum and I definitely feel this way about coins - what’s 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 who’s 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 it’s implemented but I don’t see that they’re needed when it could be done in-house.

4 Likes

So my opinion:

  1. Our voting initially was to add new FTM based coins/tokens as we saw strategically fit … I’m sad it will dilute our SOUL rewards, but that was the original decision by the DAO so I go with it.

  2. I don’t 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. I’m 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 …

  3. GRIM/REAPER - Specifically, what I can see if $24mil and $33mil TVL, not sure if that’s via their platform or the underlying LP’s from other platforms, but they’ve 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 it’s 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.

2 Likes

Auto-Compounding is the name of the game… we tie into other known projects it will be a huge driver of Soul consumption. I’d suggest launching any expansion after audits are completed. Buns, we trust your abilities but a second look is always important…

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 apy’s and we can add more later with higher gains.

1 Like

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 ‘exhausted’?

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?

1 Like

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 I’d be more inclined to vote if they shifted much of the liquidity over for their token?

Who approached who?

1 Like

Overall I agree with you. Is not it better to do auto-compounding manually? For me it is .

They approached us with this idea and we countered them letting them know we could only act on pools that involve SOUL – 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 “Community Pool” and, as such, we open the floor to you all and welcome your honest deliberation – positive or negative.

Thanks for your contribution and feedback! Please be sure you are ready for the snapshot in roughly 45mins from now.

If auto compounding is included how would that affect the current contracts and the 14% count down penalty?

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 don’t think we should dilute our existing farms unless it’s for a very good reason, because there’s 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 didn’t 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.

pinging @entropy157

Not sure I follow but I think you’re 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 I’d like an option to toggle auto-compounding on or off on any pool I’m in, sounds like a great idea. I just don’t like the pool emission dilution, it will cost me probably more than I will gain from being allied with Grim.

Key Takeaways from our Meeting with Grim Finance regarding auto vaults:

The operation of the auto- compounding vault is as follows:

• User inputs SoulSwap-LP into auto-compounding vault.

• Vault sells harvested SOUL for more of the underlying LP and stakes more of the LP.

• This sale (compounding) occurs hourly by the auto-compounder.

• Their autocompounder smart contract is audited.

Will the withdrawal fees apply?
Yes, they will have a message displaying this to users who stake.

Note: this has been shared in our Discord and Telegram Communities as well. Thank you!

2 Likes

I don’t understand how to withdraw without a 14% penalty …
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 …