This forum post is to discuss the upcoming Governance proposal for SOMM incentives for Rhino Fi users which is set to go to vote on Monday, February 13, 2023.
This proposal is intended to authorize a one-time transfer of 100,000 SOMM from the community fund to address 0x520Cf70a2D0B3dfB7386A2Bc9F800321F62a5c3a on Ethereum mainnet, the Rhino Fi team’s address. These tokens will be used to incentivize users to try a number of Sommelier strategies, which will be listed on the Rhino Fi platform, including Real Yield USD. Rhino Fi is a multi-chain DeFi aggregator that offers the ability to swap, LP and most importantly, participate in vaults. The total amount of tokens for the proposed program represents 0.070% of the tokens in the community fund.
Listing Sommelier vaults on Rhino Fi provides several key benefits to Sommelier:
Increase brand awareness: While the Sommelier brand is known within the Cosmos ecosystem, greater brand awareness is needed among Ethereum DeFi users. Rhino Fi is one of the larger DeFi aggregators in the market with ~$20M in total value locked (TVL).
Gain distribution channels: DeFi and Yield aggregators like Rhino Fi are a strategic focus for Sommelier because they allow for Sommelier’s products to get greater distribution. We estimate there to be ~2500 vault users on Rhino Fi and an even greater number of DeFi users that could convert to vault users.
Multichain: Rhino Fi is also a multichain aggregator that will be able to list Sommelier vaults as Sommelier expands to new ecosystems
In the future, Sommelier may want to launch similar programs with Rhino Fi with different parameters - any future program is outside of the scope of this governance action and will require a new proposal.
This proposal, if accepted, will spend 100,000 SOMM from the community fund to address 0x520Cf70a2D0B3dfB7386A2Bc9F800321F62a5c3a on Ethereum mainnet, the Rhino Fi team’s address to be distributed to incentivize participation in Sommelier’s vault, including the Real Yield USD vault.