Proposition to allow the retirement of selected pools by stopping the renewal.
Context:
APWine protocol V1 is currently deployed with a set number of pools and incentivisation over its liquidity (directed through the gauges). While the V1 was a success, bringing the primitives designed from 0 to 1, bringing up to 25m$ TVL at some point, it is no longer in users acquisition phase, as we are getting closer to V2 2 (in the pipeline for almost a year now). The V1 represents a non-negligible maintenance cost for its app (mostly), and unnecessary complexity in terms of integrations (all contracts’ interfaces will be obsolete).
Rationale:
We are proposing a plan to allow disabling the renewal of the future periods at their expiration. 7 Days before a period switch, we would do a 5D vote, to decide which pools need to be terminated (multiple choice vote with “renew X, don’t renew X”, the choice with most votes for each pool wins). The overall proposal for all pools must reach the same quorum than an APIP (10%).
Means:
Pausing deposits at the end of the current pools period that are voted as not to be renewed
EDIT: Proposal was edited on the 22th of November, splitting up with APIP 7 and adapting the pool discontinuation mecanism
This makes sense and I understand the purpose in needing to retire the pools along with their incentives. V1 had a great run and I am super excited to see what V2 brings us along with a future of permissionless listing which will eventually put us on par with defi primitives like curve.
What happens if v2 is live in 6 months, in 9 months ?
The renewal of the pools should have been decided by vote of the DAO from the beginning, in order to keep a limited number of pools, to remove the “ghost” pools, to lighten the app and the maintenance.
And the pools of the last winelisting, including arbitrum, should be live until v2 is live (25 days ago you said it was your first priority!)
We should separate the 2 topics into different proposals :
Terminate sPSP4 futures since Paraswap will stop deposits due to Wintermute suspended market making activities after the hack.
Stopping the renewal of expired V1 Pools.
These 2 topics have nothing in common. In case the DAO votes against stopping renewal of V1 pools, it would make no sense not to terminate the sPSP4 pool even if Paraswap stopped it on their side.
Not that this is planned in any way, we would be able to do another proposal then if it was the case! On the other hand, the goal here is to do progressively a clean slate/ smooth transition to the V2.
The protocol is designed with the renew per default, they were renewed as such. As we are planning on retiring the app, the goal of this proposal is also to be aligned with that.
And they will! Just to be clear, this is not affecting their deployment.
The proposal is about terminating all pools, and how/when. That’s why I’m opening the discussion here combining everything, but let’s discuss it if we want to do it in a different way. I’d be glad to also organize a call for the same!
When : when V2 app & pools are out.
How : by terminating V1 pools at expiration when V2 pools are up and running.
Stopping V1 app & pools before V2 would put the APW holders in a position where they have invested in nothing, and will have to vote YES for whatever proposal you make in hope to get the project back online, even if they are bad.
Even if it’s not your plan, that’s what’s going to happen, veAPW tokens holders locked for 2 years with no protocol to use, no gauge to vote for. V1 should not be halted until V2 is up and running!
On the other hand, the goal here is to do progressively a clean slate/ smooth transition to the V2.