Dim Sum Partner Program

Concepts
1

Summary:

We propose the Dim Sum Partner Program to amplify our synths’ reach and reinforce Bao’s status as a bastion of decentralized liquidity.

Partners are incentivised to apply for gauges using the baoUSD or baoETH base pools by a new gauge type that directs an initial 33% of all Bao emissions to partners.

To further incentivize partnerships, we will double each partner’s locked BAO up to 5M BAO per partner up to a total of 50m BAO. For each 1 veBAO, 1 further BAO token will be sent from the treasury to be added to their locks. This enhances their governing influence in our ecosystem and directly incentivises projects to buy BAO from the open market to lock and remove from circulation.

In addition, the treasury will purchase up to 15m BAO at random and at the discretion of the council of guardians to replace a portion of the BAO allocated for this partner program.

Goals:

  1. Increase liquidity and TVL of baoUSD/baoETH to cement them as preferred decentralized assets.
  2. Make our pools accessible to more users through integrations with other protocols.
  3. Expand Bao’s ecosystem while reinforcing our status as a bastion of true decentralization.

Proposed Solution:

  • Allocate 33% of Bao emissions to a new gauge type for partners, with 67% remaining for core Bao gauges.
  • Purchase up to an additional 15m BAO at the discretion of the council of guardians and at random to replace BAO allocated, ensuring no more than 50% of the treasuries BAO are used for the partner program.
  • Double each partner’s locked BAO for voting up to 5M BAO per partner by sending them treasury BAO at a 1:1 ratio for each veBAO.
  • Develop integration guides and documentation to streamline onboarding partners.
  • Leverage BIP process including Snapshot votes to govern partnerships transparently.
  • Use joint marketing with participating protocols to increase awareness of our base pools
  • Activate the partner gauge type once the first partner has successfully applied.
  • Allow unsuccessful applications to re-apply only when sufficient changes have been made to their proposal

Risks

  • The partner gauges may not perform as expected, resulting in decreased liquidity and TVL
  • Possible negative reactions from existing Bao Finance community members who may feel that partner gauges take away from the value of the Bao token

We welcome feedback and discussion around this proposal to incentivize partnerships that align with and strengthen the Bao community.

1 Like
2

33% is a bit too much imo, partners will be selected via governance?

1 Like
3

Yes, each partner would need to be voted on via governance.

The amount given to partners could easily be lowered.

The intention is to create a large incentive for the first partner to participate, thats why a large portion of emissions was chosen to start with. Following partners would also have a good incentive to join and then they would need to fight for veBAO to maintain the level of rewards that they get & new partners will need veBAO to compete with them.

By creating a demand for veBAO we will be increasing the efficiency of all rewards and without projects competing with each other it will be difficult to create that demand.

1 Like