# Geyser Refresh for April 25th, 2023 **URL:** \ **Category:** Ampleforth Governance\ **Created:** [April 12, 2023, 8:55pm UTC](https://forum.ampleforth.org/t/geyser-refresh-for-april-25th-2023/656 "2023-04-12T20:55:08Z")\ **Posts on this page:** 6\ **Page:** 1
**Author:** ![Brandon](https://yyz2.discourse-cdn.com/flex030/user_avatar/forum.ampleforth.org/brandon/32/301_2.png) [@Brandon](https://forum.ampleforth.org/u/Brandon)\ **Post date:** [April 12, 2023, 8:55pm UTC](https://forum.ampleforth.org/t/geyser-refresh-for-april-25th-2023/656/1 "2023-04-12T20:55:08Z")
The current wave of geysers are set to expire on April 25th, 2023. I propose keeping the same configuration as last time, since the liquidity landscape is largely the same. If the [PALM proposal](https://forum.ampleforth.org/t/proposal-use-arrakis-palm-for-deepening-dao-owned-liquidity) executes, or more smart vaults get released, we can revisit with new information. # About the Geysers The AMPL [Geyser](https://geyser.ampleforth.org/) distributes AMPL tokens from the ecosystem fund to those who provide liquidity on decentralized exchanges. The motivation of the geyser project is two-fold. First, it helps distribute the Ecosystem fund out into the world in a sensible, permissionless, and predictable way. And second, it distributes to those who contribute to the health of the AMPL ecosystem. It was announced to be a 10 year program, with emissions roughly following Bitcoin’s emission curve. You can learn more [here](https://forum.ampleforth.org/t/about-the-geyser/70). However, it’s still within the DAO’s control to change or modify this program as it sees fit to keep up with the evolution of the marketplace. # Overall Thoughts Now that SPOT is soft-launched, it’s a good time to revisit the Geyser configurations to best optimize AMPL, WAMPL, and SPOT liquidity to work well together. Long term, there is a general consensus building that a small number of deep pools, combined with liquidity owned directly by the DAO is the best direction to move toward. Platforms like PALM from [Arrakis](https://www.arrakis.finance/) are promising avenues to explore for acquiring the matching pair tokens (i.e. ETH or USDC) for the AMPL and SPOT. Using SPOT as the geyser reward token provides predictable, “real” yield for LPs while allowing the DAO to maintain exposure to the AMPL in the Eco Fund. # Proposed Configuration Background: - Original EcoFund carveout was 23.5% of network - [Forth DAO Treasury](https://etherscan.io/address/0x223592a191ecfc7fdc38a9256c3bd96e771539a9) owns 4,273,629 AMPL, so 42.66% of original EcoFund carveout is liquid (not counting the 549K AMPL and 319 WETH in Uni v2) | Geyser | Platform | Pair | Chain | SPOT Amount | | --- | --- | --- | --- | --- | | Beehive v5 | Uniswap v2 | ETH/AMPL | Ethereum | 75,000 SPOT | | Fly | Uniswap v3 | SPOT/USDC | Ethereum | 10,000 SPOT | | Total | | | | 85,000 SPOT | # Mechanics The onchain proposal will include enough from the DAO treasury to mint the required amount of SPOT, while the Z-tranches still be owned by the DAO. ---
**Author:** ![Brandon](https://yyz2.discourse-cdn.com/flex030/user_avatar/forum.ampleforth.org/brandon/32/301_2.png) [@Brandon](https://forum.ampleforth.org/u/Brandon)\ **Post date:** [April 17, 2023, 8:39pm UTC](https://forum.ampleforth.org/t/geyser-refresh-for-april-25th-2023/656/2 "2023-04-17T20:39:55Z")
Since there are no planned changes to last round and I haven’t seen any other changes suggested, any objections if I move straight to the onchain vote tomorrow? This would allow us to renew the Geysers right when the old ones expire. If we do a round of signal vote first, it would add ~5 or more day delay. ---
**Author:** ![Togenkyo](https://yyz2.discourse-cdn.com/flex030/user_avatar/forum.ampleforth.org/togenkyo/32/102_2.png) [@Togenkyo](https://forum.ampleforth.org/u/Togenkyo)\ **Post date:** [April 17, 2023, 11:47pm UTC](https://forum.ampleforth.org/t/geyser-refresh-for-april-25th-2023/656/3 "2023-04-17T23:47:38Z")
I understand that SPOT is still in the soft launch phase so I’m fine with the settings for this round. However for future rounds, I would like to see **higher rewards** for the SPOT/USDC pool. I would like the DAO to set a clear goal (like having 20% of the AMPL supply being utilized for SPOT as an example) and make a push towards it by providing more rewards to the SPOT/USDC pool. In one of the previous geyser discussions, I mentioned the idea of a potential positive feedback loop that might come out of by offering **0.4% of the AMPL** supply per year as rewards to the SPOT/USDC pool (as AMPL). > [@Geyser Refresh for January 23rd, 2023](https://forum.ampleforth.org/t/geyser-refresh-for-january-23rd-2023/631/2): > > By using 0.4% of the supply per year(currently 221k AMPL), we can offer **\> 20%APY** for a SPOT-USDC pool, **until 10% of the entire AMPL supply** have been utilized to mint SPOT. At which point, the APY would be exactly 20%. > The APY would still be **\> 10% until 20% of the AMPL supply** are being utilized for SPOT. Since then we came to the conclusion that SPOT is a better form of paying out rewards due to the stableness and real yield aspect of it, and I agree. I believe the same positive feedback loop can be achieved with SPOT too by giving out rewards that **equals to 0.4%** of the total supply of AMPL in every geyser round. If this was implemented in the future, in numbers this would mean(at current supply): 42,600,000 \* 0.004 ÷ 4 = 42,600 **42,600 SPOT** per geyser round * * * Just throwing out this idea into the room again for consideration **for future geysers**. (Edit: removed link to forum post) ---
**Author:** ![Brandon](https://yyz2.discourse-cdn.com/flex030/user_avatar/forum.ampleforth.org/brandon/32/301_2.png) [@Brandon](https://forum.ampleforth.org/u/Brandon)\ **Post date:** [April 18, 2023, 9:41pm UTC](https://forum.ampleforth.org/t/geyser-refresh-for-april-25th-2023/656/4 "2023-04-18T21:41:40Z")
Got it. With PALM deploying and the DAO hopefully accumulating some ETH soon, we’ll have more to consider with respect to geyser settings & DAO owned liquidity. Let’s plan to have more time for discussion in the lead up to the next round. In the meantime, the onchain proposal for the current round is posted and voting should begin in ~2 days. > **[Ampleforth | # Geyser Refresh for April 25th, 2023](https://www.tally.xyz/gov/ampleforth/proposal/16)** > > Geyser Refresh for April 25th, 2023 > For full background and discussion, please see the forum thread here. > > Proposed Configuration > Background: > Original EcoFund carveout was 23.5% of network > Forth DAO Treasury owns 4,273,629 AMPL, so 42.66% of original... ---
**Author:** ![RomanPope](https://yyz2.discourse-cdn.com/flex030/user_avatar/forum.ampleforth.org/romanpope/32/244_2.png) [@RomanPope](https://forum.ampleforth.org/u/RomanPope)\ **Post date:** [April 18, 2023, 11:22pm UTC](https://forum.ampleforth.org/t/geyser-refresh-for-april-25th-2023/656/5 "2023-04-18T23:22:49Z")
Agree on all the points with all the limbs and especially: 1. Oh yes, `SPOT` as the reward is MUCH better. Yes, the upside is not as big, but I hold naked `AMPL` for that, and I start to like the stability of `USDC-SPOT` pair A LOT. I would argue that it even held relatively well despite the SVB debacle. 2. I also would like to see slightly higher rewards initially, but this is my greed talking here. ---
**Author:** ![Brandon](https://yyz2.discourse-cdn.com/flex030/user_avatar/forum.ampleforth.org/brandon/32/301_2.png) [@Brandon](https://forum.ampleforth.org/u/Brandon)\ **Post date:** [April 26, 2023, 10:12pm UTC](https://forum.ampleforth.org/t/geyser-refresh-for-april-25th-2023/656/6 "2023-04-26T22:12:01Z")
Geysers are funded, thanks everyone!