Liquidity is the lifeblood of any asset. When SPORE was first minted, seed liquidity was provided to a SPORE/AVAX pool on the Pangolin exchange, with LP tokens burned as proof of developer commitment to the project. When we built the bridge from Avalanche to BSC and crossed bravely into that new territory, liquidity on PancakeSwap was provided by volunteer community members, which, while not massive, still allowed Spore to maintain a foothold on that chain.
With the explosive growth that Spore experienced in late April and early May of this year, it became evident that more liquidity was needed to meet the demand from over 100 thousand people who seemingly appeared out of nowhere and quickly began to take genuine interest in Spore as an open-source project and as a global currency. The need to increase liquidity for the token was more obvious than before, a worthy challenge for a volunteer-staffed project with no treasury or dev fund. Bearing those realities in mind, we understood it was time for decisive action and made a Pangolin governance bid for yield-farming incentives in the form of PNG, the native token of that platform. With the tremendous support of the Pangolin community, the larger Avalanche ecosystem, and, of course, our Spore family, the proposal passed overwhelmingly last week.
Spore will reap the first benefits of that initiative today, when PNG rewards for SPORE liquidity providers on Pangolin finally go live in just a couple of hours. Starting today, participants in the SPORE/AVAX liquidity pool will get 1x PNG rewards, while providing liquidity for the SPORE/PNG pool will yield a whopping 5x rewards, a remarkable incentive that will benefit not only SPORE holders and LPs but the entire ecosystem, as more users from other chains will be drawn to Avalanche and discover its unparalleled technology and the brilliant projects that are building on it.
While today is a turning point for Spore and indeed a cause for celebration, our quest for steady and everflowing liquidity does not end here. We will continue to explore creative ways to grow liquidity, both on DEXes and through any means that become available to us, as DeFi regains momentum and we enter what might be the most exciting crypto summer yet.