Incentivized Liquidity Pairs

I wanted to start a discussion on yield farming pairs here, as the team indicated they would be open to feedback, and the full list has not yet been determined. I didn’t write this as a proposal to be voted on, as I thought we needed discussion first. Minswap has an opportunity to incentivize more pairs than Sundae currently does, and thus attract more liquidity to the dex. So, here’s my starter list!

The Obvious

MIN, along with the associated bonuses as laid out in the MLBE Medium article.

Keeping up with the Neighbors


These are two of the highest trading volume pairs on Sundae, possibly because they are the only two pairs that Sundae currently provides yield farming rewards to aside from its own token. Minswap should attempt to compete for some of that liquidity.

The Strategic Assets


These tokens are all reasonably well-traded on Sundae currently, have decent available supply, and are either already popular in the community (oh hi HOSKY, please bring your rabid fans here), or have strong potential to become so. As no other dex is offering yield on these tokens currently, Minswap could easily become the place for holders of these tokens to swap.

Now, this might be too many tokens to incentivize at once, interested in feedback We might only want 6 total, perhaps. I haven’t done the math on supply per pool, that actually could bring up an entire discussion along. Do we incentivize the entire collection the same, as Sundae is doing, or do we split allocations of MIN per pool, as I’ve seen in other dexes. I don’t currently know the technical capabilities of Minswap’s yield farming module to know what is possible.

Additionally, as we move into DAO governance of the protocol, I’d like to see incentive decisions handled similar to how Balancer does. You can read about their Liquidity Mining Committee here

So there’s some thoughts. Myself and the Minswap team are interested in your feedback.


What about our strategic partner ANETA? Any cNETA-MIN or cNETA-ada pair?


Why not SUNDAE? Bring over some liquidity from the DEX while offering a higher APR%. People would definitely do it.

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I like the idea of being able provide liquidity in HOSKY but my concern is that the IP with HOSKY/ADA could be pretty big, but perhaps that’s the risk.

DANA is a competitor no? So it would be like doing SUNDAE/ADA which I am not necessarily opposed to. MILK/ADA!?! especially since MILK cannot be staked yet.

MELD/ADA seems cool to me, but honestly MIN is the only one of these I am actually invested in right now the rest I do not hold.

Perhaps incentivize cNETA/ADA?

I agree that WMT-ada should be added. The LQ-Ada pair wont attract people for a long time because as soon as LQ protocol starts the yield farming there for the LQ owners will be much better than any yield fard we can give them.
I believe that we should add meld-ada, that would give us a great selling point and WMT-Ada .


I think it’s good to limit how many at first to try to concentrate liquidity. I’m all for hosky and cneta. No strong feelings beyond those.

cNETA is obviously a good inclusion, I forgot about it when writing the original post. And didn’t Minswap setup something with VyFi over the summer? I couldn’t find anything on it in my quick search this morning, but I might have just missed it. I did generally try to avoid direct competitor’s tokens.

DANA is a bit of an exception; they are a stablecoin provider and a stablecoin-specific swap, not a direct competitor to MIN. In fact, we would almost certainly have to incentivize a stable coin pair or two (dUSD/ADA for sure) of theirs when it is released…stable coins paired with ETH or BTC are some of the most farmed and traded pairs on EVM chains, and you want very deep liquidity to attract large traders to your dex.

I would rather not incentivize SUNDAE liquidity, at least not right now. Perhaps a few months down the line, it might be worth allocating a small block to that if Sundae does the same with MIN.

cNETA is an obvious choice and should be on the list. Also, it seems like any big trading volume coins should be included. I’d also like to see a stable coin or the most stable coin at launch.

I also believe sundae should be as well for these reasons:

  1. There are people with Sundae who are on SS dex only because they have no other option atm. Why not capture these people bringing more liquidity and possibly convert them with what is a far more superior DEX with Minswap. The testnet responses were overwhelming in favor of Minswap > SS.

  2. People start claiming SS rewards on Mar 1st from the ISO perfect timing to incentivize these people to place that liquidity with Minswap.

  3. Yes, SS is a competitor but Minswap is a community-driven dex. What better way to showcase this by letting its community get incentives for what is another very popular token.

I have no stake in Sundae, I don’t own any atm so my opinion is based purely on financial reasoning and how to make Minswap the best dex. I actually was disappointed SS didn’t incentivize Minswap upon launch considering there is some alliance including both. anyway curious to see what others think.

Thanks for creating this post @JWolfish


I’d love a stablecoin too. They said when DANA launches one that will be up. Are there any good stablecoins on Cardano that I am unaware of? CUSDT exists but it’s linked to the ADA/USD conversion as I understand it rather than USD which makes it strange to me. I do not get the purpose.

There are currently no legit Cardano stable coins, which is very frustrating. The CUSDT thing is a rather-questionable centralized wrapping of Tether…so the worst stable coin in crypto, centralized and wrapped and pseudo-ported to Cardano. There’s no actual good liquidity of it on Muesli, which is the only place to buy it.

I will pull for incentivizing stable pairs as soon as we can.


How about cNETA? as well as DANA

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The more coins that are given yield farming rewards the less the rewards for everyone or the more the inflation in the coin. So to be serious about this talk we have to keep that in mind.

Giving hosky or projects that have not yet proven themselves yield farm opportunities will just cause problems for us unless those motives are in fact non existent, low percentages etc etc.

There are establishes projects out there with their own communities that have proven them selves and that have no other option in farming or their only choice is sundae.

Meld has a really big audience out there that can only lock their tokens for 6 or 12 months if they want to see some rewards and have no option in yield farming. That is a great selling point. WMT they proved themselves also, Dana is a great project also, there are plenty of great project out there but we must be real in our approach.

I have a lot of concerns about projects that for now are just a page or a “staking” mechanism , about projects that airdrop too much of their coins etc etc.

From now we need to think like a business, a people’s business but a business never the less.
We need to give yield to strong projects that will lure their communities toward us and if possible remove them from competitors.


I agree with a lot of the suggestions others have already made. The solid choices from my standpoint are:
DANA, cNETA, WMT, CLAP, MELD. I would not have thought of HOSKY, but you’re correct, huge following so it could bring a lot of first timers to work with liquidity provision.

this is my trial liquidity farming…with the subsidy in APR still at 131.29% I must say it is returning good yield BUT only because of the subsidized APR. This however is not an investment in the long term unless there are other workable liquidity algos. the fix constant product liquidity x*y=k is dumb liquidity provision which also triggers all buys and sells. good for exchanges bad for liquidity providers…so the exchanges has to subsidize it. MINSWAP I think will run high subsidies for liquidity for the first 5 months from what I have read.

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that looks exactly like my trial too, IL is bad on that pair, luckily Sundae is making up or the looses on LQ, but just because like you said the subsidized part.

The yield farm for LQ is not starting anytime soon so I would definitely provide incentives for them.

I believe MinSwap can take advantage of SS rocky start and compete with them for liquidity in their biggest pairs like WMT, LQ, Pavia(big community and metaverse is so trendy rn) and Meld.

Those subsiding 4 projects at the time we can offer a higher yield therefore attracting more liquidity



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These three are top choices in my opinion (on top of MIN of course).
I would be careful not to go too wild with a longer list though, this will dilute the YF rewards?
Also not trying to start anything here but some projects that have been mentioned here, like “Clap”… I took a look at their so called White Paper and the whole thing seems really dodgy… I would love to be wrong but I don’t know…


Cardano has some really interesting RealFi projects, and I believe there is much value there that is not on other blockchains at the moment.


Would fall on these categories, they are on different stages of developtment but all of them have a strong value proposition and will bring value into the Cardano ecossystem.


sound really good choices also! I think that offering a wider portfolio than SUNDAE is interesting as it offers options of Yield Farming for different types of investors! Now, with SSwap you are kind of icentivized to invest in only 3 tokens, and i guess they didn’t provide more for lack of confidence on their own token, for fear of it losing value if people cound have a wider option of tokens to yield farm.

BUT, it is best to not exaggerate and dilute too much… so I think a balance would be from 5 to 8 tokens?