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Bribes

Bribes are incentive rewards given by protocols to increase liquidity for their token. The main objective of bribes is to attract more users to a specific . [1]

Overview

The term "bribes" in the context of was indeed popularized by users of . Bribes are given to governance token holders of the platform where protocols have their tokens in a liquidity pool. These token holders have the power to vote for their liquidity pool, and more votes mean more emissions earned by the pool, resulting in higher rewards. [1]

Governance token holders, such as those holding Curve's tokens, have the power to vote on which liquidity pools receive more emissions. More votes for a pool result in higher emissions and, consequently, higher rewards for those providing to that pool. Protocols seeking to boost the liquidity of their pools offer bribes to these voters to secure more emissions. By offering these bribes, protocols can effectively ensure that their liquidity pools attract more liquidity, as the increased emissions lead to higher , which are attractive to liquidity providers.[3]

DeFi Bribes Examples

MIM - Abracadabra

During the , one notable user of bribes was $MIM, the native stablecoin of , a money-market protocol created by Daniele Sesta. The primary goal of $MIM was to become the leading cross-chain , requiring deep liquidity pairs and extensive usage. To achieve this, Abracadabra heavily incentivized $veCRV holders to vote for (LPs) that utilized $MIM. This strategy had two significant effects:

  1. Increased Liquidity: Trades involving $MIM became extremely liquid, which was crucial during periods of high on-chain activity. This high liquidity ensured that traders did not suffer from slippage and helped $MIM maintain its peg.
  2. Profitable LP-ing: Providing liquidity for $MIM pairs became highly profitable and virtually risk-free, offering not only trade fees but also substantial rewards from directed emissions.[2]

veWOM - Wombat Exchange

wiki
Exchange utilizes a Voting system that allows protocols to list tokens on the platform to enhance their liquidity. These protocols provide incentives to encourage users to vote for their pools. Only $veWOM users can vote, and increased votes for a pool lead to higher WOM emissions, which in turn boosts the pool's and overall liquidity. Through the voting gauge mechanism, stablecoin and protocols can bribe veWOM holders to vote for their pools or build positions in yield-boosting protocols to influence Wombat’s gauges.[4]

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Bribes

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July 1, 2024

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