Herein we propose to migrate the VRN liquidity owned by the protocol from Varen DEX to Sushiswap, and begin a transition to retire the Varen DEX previously known as Linkswap
During development of the new product leveraging RenVM technology to achieve cross-chain swaps the core team has noted that building this product on top of Varen DEX leads to multiple issues:
- Requiring large amounts of capital to catch up on network effects and liquidity from leading DEXes
- Low liquidity leads to poor user experience, in other words, expensive swap rates for users of our product
- Lack of stable price oracle if certain pools have low liquidity
This has led the team to propose the following approach. First, we are proposing to migrate the VRN liquidity owned by the protocol to Sushiswap. Second, we are proposing to begin the process of retiring Varen DEX, a relic from a long departed founding team. The products of Varen Suite will be built on established market leaders to capitalise on their network effects.
Using the AutoPools feature we can add staking of Sushiswap LP tokens on Varen. An incentivized VRN/ETH pool will be added to Varen where you can stake your Sushiswap LP tokens for VRN rewards. Additionally, we will work to implement a VRN distribution in every future product of the Varen suite, to incentivise staking in the governance vault.
Finally, the core team is requesting $10,000 to repay Linkie for testing costs he incurred in January while testing an LP pool, where a bot sniped his funds. See Discord for link to txn.
Core team will migrate the full amount of VRN liquidity owned by the protocol currently on Varen DEX to Sushiswap.
Previous UI for the DEX will be available at linkswap.app.
$10,000 will be transferred to Linkie Link’s address
Execute proposal. Move VRN liquidity to Sushiswap and start retirement of Varen DEX. Transfer 10,000 to Linkie Link
Do not execute proposal. Nothing happens