MGP-2 | Migrate PAR liquidity incentives from Curve to Uniswap v3 on Ethereum mainnet

We propose to migrate the PAR liquidity from Curve to Uniswap v3 using Gelato/Sorbet to improve the efficiency of the liquidity and price of PAR on Ethereum.

Uniswap has introduced trading bands with their v3, allowing users to deposit liquidity in a selected band, increasing the relative liquidity within the band instead of providing liquidity for the entire price spectrum. When providing liquidity, users receive NFT tokens corresponding to their stake in the pool.
Gelato and Sorbet provide tools to simplify the process of adding liquidity and trading on Uniswap v3 by delivering a “classic” LP token structure, making it simple for protocols like Mimo to leverage these pools.

The governance has recently voted for Curve over Uniswap v3, assuming that their algorithm would provide comparable prices and that would not impact users enough to care, but this strategy has proven unsuccessful and needs to be corrected immediately.

In our setup, Uniswap v3 is up to 12 times more efficient than Curve for trading PAR and USDC. Therefore, we suggest moving the MIMO incentives from the Curve PAR/USDC pool to a Uniswap v3 PAR/USDC pool managed by Gelato.

At time of writing, on Mainnet, with a $2.4m Curve pool, you get a 1% price impact when trading 10,000 PAR for USDC.
On Polygon, with $600k in the Uni V3 (through Sorbet) pool, selling 10,000 PAR for USDC is only a 0.17% price impact, despite the 4 times smaller pool size.
The following simulations were also run using a $1200 Curve pool and a $1200 Uni V3 pool:

| Dex   | Amount   | Price Impact |
| Uni   | 10 PAR   | 0.03%        |
| Curve | 10 PAR   | 0.01%        |
| Uni   | 100 PAR  | 0.12%        |
| Curve | 100 PAR  | 11.42%       |
| Uni   | 10 USDC  | 0.01%        |
| Curve | 10 USDC  | 0.01%        |
| Uni   | 100 USDC | 0.11%        |
| Curve | 100 USDC | 7.96%        |

Incentives Overview:

| Dex        | Pool     | Incentives     |
|            |          +--------+-------+
|            |          | Before | After |
| Curve      | PAR/USDC | 35     | 0     |
| Uniswap v3 | PAR/USDC | 0      | 35    |

This pool is already live. There is no cost change for the treasury.

Technical Implementation:
None needed.

Voting Options:

    1. Yes
    1. No
    1. Abstain
Shall we move the PAR/USDC liquidity incentives from Curve to Uniswap v3 on Ethereum mainnet?
  • Yes
  • No
  • Abstain

0 voters


the data shows that it is obvious that we have to change :ok_hand:t2:, awesome that you have analyzed it.


Hi @Biscuit ,
Thanks for this proposal !

Obviously, Curve is not nearly as good as we thought it was for forex.
So I fully support this proposal !


uniswap V3 is efficient and ingenious But a bit difficult to understand for new comers in my memory


The vote started May 26th at 10AM CET and finish May 31th at 10AM CET:


As the proposal don’t reachd the quorum on the first vote, the person behind the proposal decided to made a new vote. The started May 31th at 3:47PM and finished June 5th at 3:50PM:


With over 77M votes from $vMIMO holders, MGP-2 proposal was approved at 100%.

Migration of incentives will be live this week.