DAO Sponsored Proposal
The purpose of this proposal is to increase the liquidity in the DEC:USDC pool on BSC with an aim to stabilize the DEC price.
If this proposal passes, the SPS DAO will take the following actions:
- Bridge 50,000 USDC from its ETH wallet to its BSC wallet
- Bridge $200,000 worth of DEC from its in-game wallet to its BSC wallet
- The DAO will allocate up to 200,000 USDC and $200,000 worth of DEC for the purposes of this proposal
- The DAO will then buy DEC in the DEC:USDC pool with a portion of the 200,000 USDC until the price is 0.0008
- The DAO will then add the remaining amount of the allocated 200,000 USDC tokens and up to an equivalent amount of DEC as needed to the v3 DEC:USDC pool in the 0 to 0.00083 price range with a 1% fee for additional liquidity
Please note: by allocating $200k in stables, it doesn't mean that the stables are gone, they are simply being used in a liquidity pool to increase liquidity when it's needed. It is meant to be a buffer. Once dec goes up outside the liquidity range, we'll have our ~$200k USDC back, and it will remain idle unless DEC drops below the range again.
I don't mind DEC falling in price, in fact it gives us all a good price to buy in at. But making sure we have liquidity is important. With the new V3 pools, it makes sense to cover the liquidity below our original LP pool price of 0.00083.
I think one of the strengths of the DAO is we can use our money to improve our conditions, and providing liquidity is a big use for this.
I realize people forgot that we eliminated the stable/DEC pool on pancakeswap, but imo this is us just us doing our job. So I support it.
Still there and its doing some decent APRs im getting like 50-100% on it
The idea that the DAO is able to stabilize price by buying or selling DEC makes as much sense as a central bank stabilizing a fiat currency.
Maybe they can focus on developing the game environment instead of playing Central Bank of Splinterlands.
And putting these proposals together without reason.
Good games attract liquidity and gamblers, bad games don't, they focus on the fundamentals.
The proposal isn't really about buying or selling DEC, that part is mainly to ensure the pool is at a reasonable level to add liquidity. If you add 200k of USDC liquidity below range, it actually holds to the DEC price down. This whole proposal is essentially in response to an error in cryptoeater's previous proposal where the v3 range was set incorrectly and there is no liquidity below the 0.00083 - .001 range. This can help stabilize the price because there is currently a cliff the pool falls off after DEC drops below the range the DAO added liquidity at.
It is the company's job to build a better game, not the DAO. Matt seems to be willing to take game related proposals into consideration, so feel free to make some if you like. Let me know if you need help.
please focus on the game environment, improve the matches, create animation interactions during the rounds.
stuff like that
instead of playing FED
Again:
It is the company's job to build a better game, not the DAO. Matt seems to be willing to take game related proposals into consideration, so feel free to make some if you like. Let me know if you need help.
P.S. The FED prints money by creating inflation, if you look at all of the proposals I've made, they tend to cut inflation (reduce money printing).
DEC:USDC?
I think it would be interesting if some pools were created in the hive-engine's Diesel Pools as well, like pairs DEC:SWAP.USDT, DEC:SWAP.HBD... Currently DEC only has pairs there in volatile cryptos which in any market drop leads to the price of DEC together.
Most of our liquidity is already locked up on hive-engine (tribaldex). I've been working on trying to get us in a position to expand to new chains so that we can open more pools. I've been working on SPS, but once we get that ready to roll I can look into expanding DEC too. Of course if people really want more DEC pools on tribaldex, you could make a proposal and try to allocate some incentives to it. I don't know if it would get support or not, but one way to find out I suppose.
The proposal mentions:
Could you clarify whether these actions are meant for the DEC:USDC pool instead of the SPS:USDC pool? (maybe a typo?) If not, could you please explain how DEC will be integrated into the SPS:USDC pool? A clear understanding will help ensure everyone is on the same page regarding the proposal's intentions and mechanisms.
Yea I will fix it. It's just a typo.
Yes a HBD/DEC or HBD/SPS pool would be interesting
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What pool will the funds be added to?
USDC:DEC v2?
USDC:DEC v3?
If v3 please state price ranges and fee %
Good point, I'll add it. This is to shore up the 0-00083 range that needs coverage.
Great idea. Full support here!
I guess DAO is not going to touch DEC until SPS reaches 50 cents.
Is there is liquidity problem?
I guess No.
As DEC is tanking ,players have 1290 million DEC lying idle in their wallet. If DEC price recover, definitely player will move this DEC to market. DAO in current state should not intervene.
Instead, I will favor DAO slowly liquidating DEC , when DEC reaches above 98% of peg value to build a stable DAO portfolio.
I have been wanting us to look for a way to offload DEC since Rebellion presale. It's really not that complicated, we could probably sell it to the Splinterlands team or offload small amounts every hour when price > 98% peg.
No idea, 129 million new DEC added in circulation (2 million DEC per day) instead of deflation. I do not get any factual answer to it, it is speculation that cards were burned. (SPS were not burned as it's burning chart is flat)
Thank you for participating in SPS DAO Governance @clayboyn!
You can place or monitor SPS Stake Weighted votes for and against this proposal at the link below:
Link to this Pre-Proposal
Updated At: 2024-05-06 20:35 UTC