Injective Astro Program Restructure

Liquidity is the key to growth for any decentralized crypto ecosystem. Based on previous community discussions (see https://gov.injective.network/discussion/3794-inj-astro-reward-restructure-discussion-i and https://gov.injective.network/discussion/3879-inj-astro-reward-restructure-discussion-ii), this proposal includes the following amendments which should help foster additional liquidity by restructuring how rewards are distributed:\nThe changes for the community to consider are the following:\n1. Exclude DMM-approved wallet addresses from receiving Trade & Earn rewards.\n2. Remove the Exchange Volume Contribution Score (“EVCS”) from the DMM program, and only keep the Exchange Liquidity Contribution Score (“ELCS”). The Exchange Volume Contribution Score was a metric originally proposed to track exchange total trading volume contribution from all market makers. The ELCS, on the other hand, is designed to track passive visible liquidity shown on market order books. Since the launch of the program, certain community members have expressed concerns that the EVCS metric is flawed and does not accurately reflect trading volume and market making efforts on Injective Protocol. Removing the EVCS, but retaining the ELCS, would allow for a simpler, clearer picture of activity across Injective.\n3. For the DMM program, increase the ELCS multiplier given to resting orders within ≤ 20bps of order price from 1.4x to 2x. This should encourage market makers to provide a tighter bid-ask spread.\n4. For the DMM program, increase the market multiplier given to BTC/USDT Perp market from 1.5x to 2.0x, ETH/USDT Perp market from 1.5x to 2.0x, INJ/USDT Perp market from 2x to 2.5x and INJ/USDT Spot market from 1.6x to 3.0x. This should encourage market makers to direct liquidity into focused markets.\n5. Adjust Trade & Earn rewards multiplier in order to encourage retail participation. INJ/USDT Spot market taker rewards from 0.5x to 1x; all Perp markets taker rewards from 0.8x to 1x; INJ/USDT Perp market marker rewards from 2.2x to 2.5x; and ATOM/USDT Perp market maker rewards from 1x to 2.2x.\n6. The Injective Astro Program is meant to increase both trading activities on exchange DApps built on Injective while simultaneously fostering user adoption. In order to further promote user growth it is necessary to encourage and incentivize new users to use one of the exchange DApps. Therefore, this proposal will seek to reduce the current Injective Astro program by 30% (a total of three million INJ). These rewards can be reallocated to support marketing activities focused on user adoption over the next 5 years (i.e., the same time horizon as Injective Astro). DApps built on Injective can also be incentivized with these rewards via the creation of new programs to help promote developer activity on Injective.\n7. Adjust the DMM to Trade & Earn rewards ratio from the current 30% and 70%, respectively, to an even 50/50 split to make the DMM program more attractive by incentivizing professional market making to provide more visible passive orders on the decentralized order book.\nIf passed, the changes to Trade & Earn rewards multiplier will come into effect immediately. The changes to Trade & Earn rewards allocation will come into effect starting 9 March 2022 (i.e. the next epoch after this proposal).