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 Thursday, June 23, 2023.
Description
This proposal is intended to authorize a one-time transfer of 20,000 SOMM from the community fund to address 0x520Cf70a2D0B3dfB7386A2Bc9F800321F62a5c3a on Ethereum mainnet, the Rhino Fi team’s address. These tokens will be used to provide a modest amount of incentives for the Real Yield BTC vault, which will be listed on the platform. At the time of writing, Rhino users have ~$1.4M of WBTC sitting idle on the platform that will be targeted for this vault. 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 0.015% of the tokens in the community fund.
We’ve written extensively about the benefits of Rhino Fi in previous proposals including its ability to increase Sommelier’s brand awareness, gain a distribution channel, and serve as low-gas onboarding option for gas-sensitive users. Additionally, the recently approved Real Yield ETH incentives in SIPS-055 have already made an impact. In less than a week, Rhino has onboarded ~600 new users to Real Yield ETH that have contributed an aggregate of ~$200k of incremental TVL to the vault.
For Real Yield BTC specifically, Rhino Fi has some of the deepest WBTC liquidity in crypto thanks to its partnerships with various exchanges, and is a natural venue for WBTC whales to frequent/congregate. The Rhino team will be doing various marketing campaigns to promote the vault (e.g., email, Twitter, etc.).
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 20,000 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 BTC vault.