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Funding FiroDex Liquidity Pool by Fiendish

Goal: 10000 FIRO ($22600.0) Miscellaneous
Proposal Completed

Why?

FiroDex needs additional liquidity. FIRO/USDT pairs are particularly popular on many centralized exchanges. Because of this we should add sufficient liquidity to a FiroDex stablecoin listing such as FIRO/USDT. Additionally Pancakeswap (FIRO/BNB) would also benefit greatly from additional liquidity.

How much?

7000 Firo can be transfered initially, with a longer term goal of reaching a maximum of 10,000 Firo. Should this amount of liquidity be insufficient, the limit can be increased via a CFC vote to do so. The funds will remain community owned but will be entrusted to Reuben to manage allocations. These funds can be transfered back to the CFC wallet if/when needed to fund existing commitments or new projects in accordance with a CFC vote to do so.

What?

We will provide additional liquidity to FiroDex and Pancakeswap, and we will charge a 1% premium over centralized exchanges (Binance).

This will make it slightly profitable for the Firo community, while also improving the FiroDex and Pancakeswap user experience. This is especially helpful for larger buyers and sellers, or during periods of high trading volume. Regarding the allocation split of liquidity between FiroDex and Pancakeswap. I propose Reuben have autonomy regarding such judgement calls. Especially considering Reuben already has a lot of experience providing liquidity for Firo trading pairs, and understands intimately where liquidity is lacking.

Additionally the 1% fee will also work to mitigate potential risks of impermanent loss associated with liquidity pool funding.

Milestones?

Each month we use excess CFC funds to add to the liquidity pool until the goal of 10,000 Firo is reached.

*Excess funds are defined as the remaining funds after all other existing CFC obligations have been funded and paid out.

Outcomes?

Improve user experience on our FiroDex platform as well as Pancakeswap. Improved user experience will encourage more decentralized interaction from existing Firo users and new users alike. I think as a community we hope to build the tools and services required to rely a lot less on permission based centralized services.

Why you?

N/A

Added at: 2022-07-20 17:19 | Views: 2742 | Comments: 0 | Raw: markdown
Events
  • Proposal created 2022-07-20 17:19
  • Discourse topic posted 2022-07-20 17:19
  • Funding target changed from '50.0 FIRO' to '50000.0 FIRO' 2022-07-20 17:20
  • Proposal markdown updated 2022-07-21 04:09
  • Funding target changed from '50000.0 FIRO' to '10000.0 FIRO' 2022-07-23 13:57
  • Proposal markdown updated 2022-07-23 13:57
  • Status changed from 'idea' to 'Funding Required' 2022-07-23 15:01
  • Donation address generated 2022-07-23 15:01
  • Payment of 10000.00117687 FIRO sent 2022-08-29 09:07
  • Status changed from 'WIP' to 'Completed' 2022-09-02 04:46
Meta
firo
This proposal is completed. See the forum discussion thread for more information.
Transactions

  • Amount: 10000.001 FIRO
  • TXID: dee4b88e194de3667d39011fd8f0c7a669f0f9a8d77b703fb9474207eaef3e80
  • Date: 2022-08-29 09:07

  • Amount: 1480.0001663 FIRO
  • TXID: c48707e8647881c0aa2af3bad28f68fa8c5e05b983ffa8b37bb661f174ad915c
  • Blockheight: 516453
  • Confirmations: 502735

  • Amount: 20.00003869 FIRO
  • TXID: 11200262e4373c3b482331a0295d1e88f97eaf71b3e2d9f56d2b02c2479c75d7
  • Blockheight: 510921
  • Confirmations: 508267

  • Amount: 3500.00042194 FIRO
  • TXID: aa6b2366191aa8ea5e7fa9eea8edb88ffa99c80abf5df9050d23c6d88ca0952b
  • Blockheight: 507684
  • Confirmations: 511504

  • Amount: 5000.00054994 FIRO
  • TXID: 8bd6bc5cb9cfe83fba2749c2a7fe51574bcca5c09c6017f10a3474cf273958b2
  • Blockheight: 507655
  • Confirmations: 511533