Feedback on Enchantment

After about 2 months of ENCHANT, I’d like to had a check on how everyone feels about the token and regarding its utility and overall role in the ecosystem. I have a number of questions I invite anyone to address. Feel free to answer some, all, or pose one’s of you very own.

• Do you believe ENCHANT adds value to the ecosystem? If so, how?

• Would you stay if ENCHANT went away?
A: What if it was replaced by something better?
B: What is “something better”?

• Are you satisfied by the market performance of ENCHANT? What can we do better?

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I am not very smart. You guys are a lot better at everything than me, though I do feel Enchant has been underwhelming considering the most dedicated of SoulSwap users go through a lot to get it. ( I know it might not sound like a lot as you can just purchase it from the exchange, but the die-hards farm soul, swap to sea, swap to enchant, then back in a farm.

I think the analytics on it could be better. If we knew exactly what was being captured, then burnt - it would be great.

I’d love it to be integrated with Lux bondings in order to rock the boat.

If you’re going to the effort to “enchant” I think the farming rewards should be higher/boosted, OR, remove enchant completely from the liquidity pools, add the analytics for people to track the buybacks, then use it as a single stake bonder on LUX once a month at a random time/timezone.

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I think enchant right now only makes sense for long term holders and it’s not that great either. It should become meaningful when the DEX volume gets closer to a major one, but in the meantime we could restore circles and other seance offers to avoid everyone enchanting their seance, which should make the buybacks a bit more meaningful.

On the other hand removing Enchant altogether may provide more incentives for the core pools and it will reduce the fragmentation of the ecosystem.

Overall I wouldn’t remove the idea of having shares that get some of the fees but maybe we could reduce the incentive for trading it so we don’t need to have a lot of liquidity just for a token that is not providing much value right now. When we have 10x the volume we may restore those pools.

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I would definitely stay if Enchant went away, it’s not essential to me as a coin. I loved it and thought it was great when I was staking my Seance in Circles, earning loads of FTM (fyi, the 22 -44% ish APR noted on that was WAYYY off, it was about 140% so I was quietly raking it in, lol.) and then combining FTM with ENCH in their Farm and essentially tripple dipping in this beautiful circular, efficient loop. Now that game is over I don’t know what to do with my ENCH.

I like that it earns me Seance constantly but my ENCH just sits there now not really being utilized. I feel it would be nice if it were to be used in some way, to loop back into the protocol somehow. E.g. Previously with what I was doing everything was being utilized, no waste and basically my FTM and ENCH were free and making me money. I thought it was brilliantly conceived (but little known about :grinning_face_with_smiling_eyes: :wink: ) but I didn’t know the Circles farm was going to end. Now I feel it’s sort of a dead end. Not sure where to put it. I could put it in a Farm but the other part of that farm has to be bought with SOUL or SEANCE so it’s not efficient or you could say Farming with it causes an opportunity cost.

Perhaps it could integrate with LUX - or preferably LUM. An ENCH/LUM farm would be excellent. Then I’m back to no opportunity cost, maximized usage production. Yes, that’s another way of putting it - I like the principle of everything - all my money/coins - being constantly productive and currently ENCH isn’t exactly. SEANCE is by staking it as ENCH but the ENCH part of it then has nowhere to go that doesn’t cause me to pull resources from elsewhere (hence the opportunity cost of just leaving them elsewhere to produce better yields)

I don’t know what something better would be but as I’ve written about elsewhere, (see my Why Do I Need SOUL article on this forum) I see the need and use of a coin as paramount and if a need or use case could be made for it - e.g. it was the ONLY coin you could use to Farm LUM with (too extreme but I’m making a point) then if LUX was demanded and people wanted to profit from it further they’d have to get ENCH which means they have to get SOUL. It would cause demand. Currently there’s no need-case for these coins, like there’s a need-case for a layer 1 coin like FTM - you need it for fees, so as long as there’s an economy on FTM it will be needed and bought. Yes a use-case/economy could simply be that any coin is one more wave that adds to a sea of waves that people are trying to jump from the peak of one to the trough of another, trying to make money, and causing money to flow around and maybe that’s enough. But how to be the obviously upcoming wave, or better yet the whole sea (LUX world reserve currency :grinning_face_with_smiling_eyes:)

This is all a bit “off the top of my head” so I haven’t really got any solutions atm, I’m sorry to say, just thinking out loud but it’s a lot of words for not much content. If I come up with anything useful I’ll write it.

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I wouldn’t like to see it go entirely though. I’d like it kept and utilized.

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Would be nice to somehow incorporate enchant with lux or with a stake to earn new partner projects