Agora Swap Progress & Timeline
Agora Swap contracts and UI work is complete. We are currently integrating Graph DB with it, which is needed to be able to show the stats such as transaction volume, liquidity etc in an info page.
Agora Swap was necessitated due to the need to have additional rewards harvesting functionality on top of the trusted Uni v2 architecture, as well as to ensure more fees could be generated for AGORA token holders. Read our previous announcement on this here.
We will be rolling out some of the major LPs on Metis on Agora Swap in the coming days (tentatively first week of March). In parallel to that we will be rolling out a new Agora instance which we are calling Agora++ where these LPs can be used as collateral and you can borrow other assets against them. Agora++ lenders and borrowers will earn Agora rewards.
At this time Agora+ rewards will be stopped. Any rewards that are accrued on them will remain and will be claimable at the unlock of Agora.
The objective here is to use Agora incentives for the homegrown Agora Swap LPs.
We will encourage lenders of stable coins and Metis/ETH on Agora+ to transition to Agora++ as well as those who are currently in various LPs to switch to Agora Swap. We will announce when this is ready.
This phase is expected to run for a couple of weeks.
After this we will be unlocking AGORA and allow those who have been liquidity mining to claim their accrued rewards. The claim airdrop will follow shortly thereafter.
We will also be setting up a lending market instance where Agora LPs such as Agora — Metis, Agora- USDC/T etc can be used as collateral and borrow other assets such as Metis, USDC, USDT and Agora itself. This instance will have generous Agora rewards.
Note that we are not having any farms for Agora LPs, we believe rented liquidity is neither sustainable nor is it in the projects best interest.
Instead LPs will be able to borrow other assets and earn Agora rewards while doing so. This ensures that LPs are likely to be stickier while also providing them incentives to do so.
On such an instance users can stake single asset Agora, earn a native APY (from the LPs borrowing it) and also earn Agora rewards. This pool is expected to be a great place for Agora stakers with very high overall returns.
Only the Agora LPs will be used as collateral on this instance. Given that these are Agora LPs they are unlikely to borrow Agora and short it. More likely they will add to the LP and leverage their position.
Separate to that Agora will also be supported as an asset to borrow against on the main instance which has deep liquidity.
Tentatively we expect all of the above to be completed in the month of March. We will keep you posted on our progress.