NEW YEAR NEW INCENTIVES IN BITSONG
It’s been a challenging year for the crypto and blockchain industry, but despite the market sentiment, the BitSong team has been working hard in 2022 to deliver the products we started to work on in late 2021. We are proud to say that we have made significant progress on many fronts and have been able to complete a lot of the work we started, manage unforeseen events quite well, and end the year with a clear vision of what we will do in 2023.
One of our main goals for 2023 is to continue the incentive programs toward those who consistently contribute to the growth of our ecosystem. In December 2022, the incentive gauges for LPs in the BTSG/OSMO and BTSG/ATOM pools expired, just as we announced in this late 2021 article, in which we promised a fully incentivized 2022 to our Liquidity Providers.
Without a second thought, we decided to extend the incentives for an additional 180 epochs, allocating an additional 1.5 Million BTSG for this program. However, there will be some differences from the previous program. There will no longer be two incentivized pools, but only one, namely BTSG/OSMO, and it will only be available for gauges with Unbonding Period of 14 days.
Given the current market conditions, we have made the decision to focus our incentives on strong holders. We believe that this approach will be the most effective way to support the long-term growth and stability of our ecosystem. By targeting strong holders, we aim to attract and retain investors who have a vested interest in the success of our network and are committed to holding their assets for the long term. This will help to ensure that liquidity remains high, and the market remains stable, even in times of volatility. We believe that by focusing on strong holders, we will be able to build a more resilient and sustainable ecosystem for the benefit of all of our users.
By doing this, we intend to concentrate the incentive on a single pool and bring more value to both BitSong and the currency of the network that hosts the protocol of which we are all users and contributors, namely OSMO. We also expect to considerably increase the APRs for liquidity contributors to the Pool. The BTSG/ATOM pool will remain active but will not enjoy incentives, at least for the time being.
Additionally, we have been working on the official adoption of Wasm on BitSong, following the successful testnet we launched in late 2022 which is still running.
This will provide a more efficient and scalable solution for our platform (Sinfonia) and we can’t wait to share it with you, sooner than you imagine.
These are just a few examples of the many things we have planned for 2023. We will keep you informed of our progress and updates as we move forward, so stay tuned for more exciting developments from the BitSong team.