57: Funding Proposal - Elk-Symmetric comarketing 2
Background:
Elk finance was just rewarded $125,000 in $STAKE rewards to incentives liquidity providers and thus liquidity flow to xdai. Elk is a burn and mint bridge migrating to decentralized node operators which allows liquidity flow from any of the networks they are currently operating on over a dozen supported networks including; ftm, matic, avax, bsc, moonriver, xdai and many others. Elk is using the $STAKE rewards as an opportunity to ignite some cross marketing exposure by asking protocols if they are interested in partnering in this program. This proposal is to authorize $5000 in community funds to be spent on Symmetric’s involvement with this program.
Purpose:
The elk-symm pair has the potential to bring volume to the symm token with very little incentives due to the piggy backing off the $125k stake rewards. symm would provide $5k in rewards, elk matches, symmetric would get exposure from 12-15 networks, co-marketing alongside other xdai projects, and an AMA. This would also give us an opportunity to build a relationship with ELK that could go cross chain. Since ELK is on more than a dozen evm chains any chains Symmetric is on or goes to we could leverage ELK to create a mutually beneficial relationship we could also work to have them add CELO.
Additional background:
Timeline:
Sharing of comarketing will occur in advance share all potential partners involved.
1.) On Wednesday Nov 17 farms will go live, including Symm-Elk
2.) The Symm-Elk pair will be rewarded with the additional Symm rewards described below approximately November 30th
3.) An AMA with ELK community will take place after Farms launch to educate the ELK and Symmetric community on the farms and the protocol.
4.) dual rewards will extend for months for duration of funds and may receive additional boost from ELK depending on trading volume from partnered pairs
Funding Information:
Amount of Symm tokens requested: ~ $5000 in Symm fund the ELK-Symm pair at a rate of 200% APR (approximately 2 months)
More detailed description of how funds will be handled and used:
Team will distribute tokens to the contracts as/when needed
Relevent Link:
Applicant: 0x169833ebb85fbd3cb67eec73ed02f738c0017951
Shares: 0
Loot: 0
Tribute Offered: 0
Payment Requested: 0