YieldBay started out, about 9 months ago, as an effort to reduce information asymmetry and lower the barrier to entry for liquidity providers and yield farmers within the dotsama ecosystem and make it easier for protocols to acquire liquidity for their token pools.
For details see Introducing Yield Bay - by Batman.
Dotsama’s multi-chain and interoperable infrastructure enables novel solutions to be built, which were previously not possible. However, this novelty also brings complexity.
Spending time in various community chat servers, we noticed similar questions from community members, stemming from the problem of information asymmetry in finding and participating in liquidity pools and yield farms.
This problem affects not only LPs and yield farmers but also protocols, as they suffer from low discoverability and lower conversions, resulting in lower liquidity for their token pools and higher slippage. That’s a big problem if you want people to be able to buy your token. Hence, it is a huge barrier to a new project’s success.
Our goal is to help reduce the time and effort costs of liquidity acquisition and provision for protocols and end-users (LP/yield farmers) respectively, by making it easier to find and list liquidity pools and yield farms in one central location.
In this proposal, we are seeking to fund the development of an aggregation platform for finding and listing liquidity pools and yield farms across the dotsama ecosystem to reduce problem of information asymmetry mentioned above. We believe such a platform will be mutually beneficial for users as well as protocols.
Progress so far:
- We've already built a proof-of-concept for this, which is live on list.yieldbay.io
- The platform has had 350+ unique visitors who spent an average time of over 4min on the site
- Within a week since we launched YieldBay List (on July 11th, 2022), we’ve received listing requests from over 5 different protocols including Tapio/Taiga, BeamSwap, Darwinia, et al. (disclaimer: please note that this does NOT imply a partnership or endorsement between YieldBay and these projects)
NOTE: This submission is only for the first milestone. We shall make separate submissions for the remaining milestones.
Please see the full proposal here.
Thank you to everyone who contributed during the community feedback stage of this proposal. We have corresponded with everyone that has provided their inputs in the comment section of the discussion thread.