It was exciting to see Burrow, a lending protocol built natively on NEAR is planning to launch in the coming weeks. (https://twitter.com/burrowcash/status/1450497093416759301)
It is a significant milestone for the DeFi ecosystem on NEAR, that users would be able to collateralize their NEAR token and borrow stablecoins from their counter parties in the market with market determined interest rates. We anticipate this would attract decent amount of stablecoins investors to invest their stablecoin liquidity on NEAR.
In our move to support NEAR DeFi ecosystem growth, with the goal to attract more stablecoin liquidity to NEAR to better support the product launch of Burrow, we propose to double the incentive rewards to the existing DAI and USDt farms and allocate 32,856 REF token across pools #2 and #4 for the remaining 12 days of the current farm cycle.
The boosted reward will start on 22rd Oct, 2021, 1am UTC, and finish on 3rd Nov 2021 1am UTC.
To learn more about Burrow:
More details about the incentive design for the next farm cycle will be available on gov Forum on 25th Oct. Comments & Suggestions are welcome