[PANA DAO] - Provisioning of Staking Pools for SUSHI and xSUSHI Tokens

Summary

Provisioning of staking pools for SUSHI and xSUSHI tokens to get free PANA tokens

Abstract

As part of our token launch we want to provide the SUSHI community with an opportunity to get hold of the PANA token for free by just staking their SUSHI or xSUSHI tokens into our Staking Pools. The SUSHI and xSUSHI tokens ownership will remain with the stakers and the DAO will just be holding them on their behalf till the time the staker wants to keep earning free PANA tokens. The staker is free to withdraw their staked tokens at any time.

Motivation

We have observed that a majority of SUSHI or xSUSHI token holders do not lock their tokens for reward incentives given by protocols such as SUSHI, COMPOUND or AAVE, etc. As a result most SUSHI tokens are circulating in the open market creating an excess that is not in the interest of SUSHI holders or the protocol. This is also underlined by the fact that SUSHI token price is very close to all time lows at the moment. We aim to provide an avenue for SUSHI holders to park their tokens with us while the ownership still stays with them and in return they also get streamed free PANA tokens.

Specification

We have our protocols launch coming up on 2022-08-14T18:30:00Z.
More about our protocol can be understood from our website https://panadao.finance/ and our git book https://docs.panadao.finance/ or by joining our discord Pana DAO

As part of the launch, we will be launching 16+ staking pools for various tokens where people can stake their assets to be eligible to receive PANA tokens for free at a specified streaming rate.

Owing to the massive adoption of Sushiswap and limited avenues for SUSHI holders to earn yield on their tokens, we are provisioning two separate staking pools for SUSHI and xSUSHI token holders to stake their respective tokens to earn free PANA rewards in return.

We will also be bootstrapping a PANA-USDC liquidity pool on Sushiswap where users can use the PANA earned to provide more liquidity to earn more and more rewards.

The Staking Pools contract is a fork of Sushiswap’s own MasterChef contract.
We need the Sushiswap core team and also the entire community to approve the use of SUSHI and xSUSHI tokens in our staking pool and also provide us with genuine feedback.

We also look forward to form partnerships and more involvement with Sushiswap core team to widen our reach to the broader DeFi community.

  • Support PANA-DAO SUSHI and xSUSHI staking
  • Do not Support PANA-DAO SUSHI and xSUSHI staking

0 voters

Hey Pana DAO,

I think its up to you on which tokens you will allow people to come into your protocol and stake, so I am not sure exactly what the ask is here from Sushi side. Could you elaborate?

1 Like

@Tangle
That is correct, but our final goal is to make PANA a candidate for earning SUSHI rewards in Onsen post launch. The purpose of this proposal is to make sure the SUSHI team and SUSHI community know that there is support for their protocol from PANA and this is the first step in soliciting Onsen support. We will file a formal Onsen proposal after we launch the token and create the Sushi LP.

Meanwhile we need SUSHI team and community to validate our protocol and understand the benefits they can derive from it.