Summary
This proposal introduces a revised allocation of USP Holding incentives to support the launch of a USP market on Pendle, while maintaining existing Uniswap incentives unchanged.
The objective is to enhance yield discovery, long-term liquidity, and capital efficiency for USP by expanding incentive distribution across multiple liquidity venues.
Rationale
Pendle integration enables yield separation - Principal Token (PT) and Yield Token (YT) - allowing USP yield to be more efficiently priced and distributed.
- LP USP incentives encourage durable, long-term liquidity provisioning for USP
- YT USP incentives support yield discovery and attract yield-focused participants
In preparation for the planned USP Pendle market, incentive distribution will be updated as follows:
- USP Holders: 80%
- Uniswap USP/USDC Pool LPs: 10% (unchanged)
- Pendle LP USP: 5%
- Pendle YT USP: 5%
Incentive Distribution – Before Proposal
| Rate | Campaign Type | Distributed Everyday |
|---|---|---|
| 90% | USP Holding | 61,601.64 PIKU |
| 10% | Uniswap USP/USDC Pool LPs | 6,844.63 PIKU |
Incentive Distribution – After Proposal
| Rate | Campaign Type | Distributed Everyday |
|---|---|---|
| 80% | USP Holding | 54,757.01 PIKU |
| 10% | Uniswap USP/USDC Pool LPs | 6,844.63 PIKU |
| 5% | Pendle LP USP | 3,422.32 PIKU |
| 5% | Pendle YT USP | 3,422.32 PIKU |