In the two years since we all started working on Siren, the landscape of technology available to decentralized projects has changed substantially. When Siren launched in March of 2021, Polygon was the only live layer 2, Balancer was only available on Ethereum Mainnet, and Uniswap v3 didn’t exist. Now, there are far more choices available when it comes to live technology and venues to efficiently trade a token.
In light of the developments in the space, we’d like to have a more efficient way for people to trade SI, the Siren governance token. The following proposal is for the Siren foundation to sponsor a pool from the treasury of $200K USD worth of liquidity on a DEX on a platform that allows for trading with lower gas fees and faster execution.
The breakdown of recent 24 hour trading volume on DEXs is as follows:
Uniswap (Ethereum) $1.25B
PancakeSwap (BSC) $190MM
Uniswap (Polygon) $108MM
Orca (Solana) $30MM
TraderJoe (Avalanche) $14MM
QuickSwap (Polygon) $13MM
Given the relative volume size of these exchanges, we propose that the WETH/SI pool be launched on PancakeSwap on Binance Smart Chain, which will expose SI to a whole host of new users and also allow for more efficient trading of SI.
This SIP will be put to a vote on Wednesday, Nov 2. Please share your thoughts in the comments!