The concept of tBao staking on Panda has been accepting comments and possible improvements for more than a week and the community galaxy is really confident to move forward this proposals to a governance vote. The text of this concept remain unchanged and will still be available to comment before going to a vote, per our governance process.
After seeing farming on xDai end prematurely, the community voted to not restart the farms and to continue to our next franchise and focus on soft synthetics.
The vote also gave the opportunity for Bao coupon holders to stake their Bao coupons in the tea house for tBao. tBao captures and accrues a portion of the fees from Baoswap trades and distributes it to its holders.
We considered how we could still provide incentives to community members who staked their liquidity on xDai. We discovered it is possible to bridge native xDai ERC20 tokens to BSC. Currently it isn’t possible to transfer these tokens to the Ethereum main net via omnibridge, and other bridges like xPollinate only offer the ability to bridge stable coins.
We also accounted for that there are currently around 1.5B Bao coupons staked in the tea house for a total value locked of around 670k.
So in order to continue rewards for bao coupon holders, this proposal aims to:
- Create a new single asset pool on the Pandaswap farms for “tBao from xDai”, which is the Omnibridged version of tBao from xDai to BSC.
- This new pool would have a weight of 15000, which is the weight of the single asset CAKE and BNB pools combined. That weight, combined with the current potential tBao amount bridged would provide a good APR% on Pandaswap farms
- Because deposit and withdrawal fees are contract wide on Panda Farms, the new pool will have the same fees for depositing tBao, penalties, and withdrawal fees
With this proposal, tBao holders would earn rewards from fees accrued on BaoSwap while simultaneously farming with it on PandaSwap farms.
The vote would be a simple Approve/Deny vote for opening such pool on Pandaswap farms.