PSP-IPΔ17 - Launching PSP on Avalanche

Gm all

It’s been almost 5 months since our very first vote when we decided to launch $PSP on new chains.

Although Avalanche came second, we decided to pause it until we’re ready to use the native Bridge. The reason why it’s taking time is that the bridge requires PSP to be listed on Chainlink, which requires at least $3M / day in volumes across various exchanges, while our current volume is quite volatile ($500k-$2.5M).

1. Proposal Number and Name
Launch $PSP on Avalanche

2. Keywords
Chain expansion, PSP, community

3. Simple Summary
Launching $PSP on Avalanche using the multi-bridge model.

4. Context
I propose that we launch PSP on Avalanche using Celer Network as we did on BNB chain, where we built a multi bridge model that makes sure we’re not vendor locked and we’re limiting the downside of a major hack. This will allow us to expand into other Bridges including the native one.

I think it’s great timing to launch on Avalanche, given how mature and vibrant the ecosystem is. It’s also the fastest growing chain on ParaSwap.

5. Goals
Increase exposure to the Avalanche community, boosting volumes, accessing the Avalanche Rush program and potentially other incentive programs through partnerships with native Avalanche projects.

6. Means
No capital commitment. We just need to limit the mintable amount as we did in BNB chain. I think we can limit it to 40-50M PSP, then increase it as we need to.

7. Metrics
The main metrics to track will be volume and liquidity increase. Other metrics will be the increase of the overall volume on the ParaSwap Protocol as we get more exposed to the Avalanche community.

8. Forward-thinking considerations
Once the implementation is done, the main parameter to adjust is the mintable amount, a higher number means a higher demand on Avalanche. We also need to make sure we have decent liquidity through partnerships and POL.

9. Implementation Overview
There are 2 steps:

  • Deploy the PSP token using the multi bridge model psp-token/PSP_ERC20.sol at master · paraswap/psp-token · GitHub
  • The Celer Network does the mapping
  • We can create a security committee with a new Multi-sig or reuse and reinforce the existing Multi-Sig. We can also introduce a governor module but it requires some tooling.

10. Voting Options

  • For
  • Against
  • Abstain

WAGMI :v:

20 Likes

100% For, thanks Mounir !

2 Likes

100% agree and more chains

1 Like

Having waited a long time to launch $PSP on Avalanche, this is a great step to increase $PSP’s exposure to the Avalanche community, increase transaction volume, and increase liquidity by collaborating with local Avalanche projects.
On the other hand, how much liquidity does the treasury plan provide?

1 Like

That can be discussed and proposed on a different proposal. We can start with POL to make it efficient

2 Likes

it will be a good action but we need to make sure that we are not giving whales chance again for farming with huge apy.

1 Like

Hi. With all due respect, Surely “For”.
Avalanche Foundation Launches “Multiverse”, an up to $290M Incentive Program to Accelerate Growth of New Internet of Subnets; bringing more applications and assets to the DeFi ecosystem of smart contracts platform Avalanche. As the same as the “Avalanche Rush” did.

1 Like

@Mouph, it looks good to start the vote tomorrow ! Could you push the proposal on Snapshot tomorrow morning ? (I can do it if needed)

2 Likes

This is a great idea and in my opinion it needs to be done ASAP.

1 Like

Moving this to Governance Proposals as the vibes are very positive. After a few discussions, we can have an efficient POL program but we’ll need to bootstrap the liquidity on a DEX. We can go with a 2M PSP for 2 months, it’s less than Sushi LM but still attractive.

3 Likes

It looks inevitable to bootstrap a DEX liquidity first, so I totally agree with your comment.
To be clear for everyone, could you copy/past your initial proposal on snapshot and include this comment directly into it ? (sometimes it’s difficult to vote when the snapshot proposal is just a link to this forum and we have to read every comments).
And maybe precise on which DEX do you want to launch LM : Pangolin, Trader Joe ?
Thanks Mounir !

2 Likes

I agree! Long live PSP

Was my first choice, Glad to see it happen.

I think and OHM Pro Campaign in combination with LM with TraderJoe would be the best route imo. We should reach out to traderjoe.

2 Likes

As for the initial vote, totally in favor of $PSP on Avalanche.

I reached out Trader Joe a few monthes ago to ask details on LM possibility with them to prepare a proposal anticipating this one.
They have two “offers” (one with only PSP rewards and an other completed with Joe rewards), least to say is that is way above our current budget for LM.

But maybe other with more experience will be able to negociate it.

1 Like

I guess I’ll preach to the choir and say that it’s probably the next logical place for $PSP to port to, considering how well Paraswap performs in Avax.

As others have mentioned though, I feel that there need to be two phases to this proposal, a liquidity bootrstrapping phase and the token launch phase.

I believe that AVAX is available on Polygon as a token (can someone verify this AVAX is bridge-able? it should be), so we could try to raise either wETH or AVAX through bonding in preparation for the launch. Once we acquire enough of the target asset to have a healthy liquidity pool, we can then release the token on the chain.

Along with the launch, we could do a dual LM/OHM Pro launch, but I feel it’s important we try to make the launch as POL-oriented as possible. That way , we can see how this strategy performs, and decide whether this is a good way to port the token in case we want to include it in other chains/L2s in the future.

1 Like

the bridge exists from polygon to avalanche : Relay App with 59k Avax max available…

100% For
In my opinion, after this, think about layer 2, such as arbitrum and optimism

It is an excellent proposal. Launching in more chains will increase the users and transactions.