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Ahmad🎩
@kata
@jacek I did not find any accurate documentation for LP mining points calculation so I had to dig in by myself. How much is the least needed to provide liquidity in 0.3% tier in Uniswap to earn 1 point? Is it really in favor of whales? Addresses are found in degen.tips website, related data in debank and Dune.. (1/7)
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Ahmad🎩
@kata
provided by @we at address of https://dune.com/welp/liquidity-mining-points-daily Price of coins at the writing this assay is DEGEN ~ 0.03$ and ETH ~ 3,454$ and it is considered for all users despite of real-time price change! Let’s dig in and see what we can understand from leaderboard! (2/7)
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Ahmad🎩
@kata
First, I have to calculate how much does users in leaderboard made liquidity. I start with top rank of leaderboard with wallet address “0x3a8a1f045cd4f7246c6b3a78861269cc6065433a” It has provided about 119,075,119 DEGEN + 588 ETH liquidity which is in total 5,603,205$ (3/7)
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Ahmad🎩
@kata
In Dune site provided by Welp it is shown that this user got 1,782,744 points at 2024-04-11 So, how much had the user provided LP to get 1 point?! Simply it is calculated by 5,603,205/1,782,744 which is 3.14$ for each point! (4/7)
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Ahmad🎩
@kata
To lower miscalculation I scanned each address in basescan and debank to make sure they did not increase/decrease liquidity in the past 24hr and also their liquidity is in range. I did the same for some other addresses in leaderboard and finding are below: (5/7)
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Ahmad🎩
@kata
Conclusion: There are 3 hypotheses: 1- Rewards are in favor of whale to keep them satisfied which is not well proven in this calculation 2-Rewards have a huge correlation to range you choose when you provide LP (I could not find a way to find out what is each user’s LP range, if you please let me know) (6/7)
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Ahmad🎩
@kata
3-There are other factors which I am not aware of it So, in summary I, personally, believe 2nd hypothesis is very strong and you can earn 1 daily point with 3.14$ to 141.68$ of total LP provided base on your LP range! So if you receive no point you have to lower price range of your position! (7/7)
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