DRC GENESIS LP UNLOCK PROPOSAL. The following proposal is live on Snapshot.

05 May 2021, 03:56

DRC GENESIS LP UNLOCK PROPOSAL The following proposal is live on Snapshot. DRC Holders, please head here and vote on the proposal: The DRC Genesis LP, created by Maxim when he released 100% of the DRC token supply onto Uniswap, along with 3ETH, has been unlocked from Unicrypt. We must now decide how to best utilise these funds. As per the Liquidity Provision Incentive released in November, those that have been providing liquidity for DRC-ETH on Uniswap will receive their pro-rata share of the accumulated fees since the time of Genesis. The next steps are more open for the DRC Community. Considerations: - The LP unlock is currently ~$800k - The DR Vaults require strong liquidity pools to function correctly - Uniswap is still the most popular AMM in the market - Potential uses for the funds - Uniswap v3 is around the corner. The Proposal - Redistribute the accumulated fees according to the Liquidity Provision Incentive program - Provide ~$150k to Quickswap in the form of a DRC/MATIC pool [Currently, there are some pools on Quickswap but are extremely shallow. If we are to create this pool, we can also benefit from synergistic marketing with Quickswap’s team] - The remaining Genesis LP is transferred to the DRC Foundation Multisig wallet - Relock the remaining funds for 1 month to allow for the release of Uniswap v3, and reassess the best options forward for DRC after this. Caveats: - For the Quickswap Liquidity transfer, there is no viable technical solution to do this without a person manually transferring. The Foundation proposes the Josh (CC) can set up a live stream of the transfer. The process would be to receive the allocated funds (ETH and DRC), bridge to Polygon via the Matic Bridge, trade the ETH for MATIC, and create the genesis pool for DRC/MATIC. Currently there is no Gnosis safe available on Polygon, but it is in the works. Until that point, the LP will remain in the wallet featured in the live stream. - The LP fees redistribution will be in the form of the Uni v2 DRC/ETH LP token, transferred to the qualifying 52 addresses that have provided liquidity until this point. The transfer will be performed by the DR Vaults Developer Wallet. Notes: - For the health of the ecosystem, it is extremely important that DRC community members continue to provide liqudity on Uniswap, and increase their LP holdings if possible. - Those on Quickswap already providing liquidity continue to do so until the DRC/MATIC pool is released