In the Leo Discord, @khaleelkazi floated an idea that the clubs involved with LEO (Spinvest and Bro's) may consider pooling members funds to participate in the WLEO project. After a little chat with other SPI leaders, I have decided to take the lead and set this up. Anyone will be able to participate, subject to a minimum contribution.
Firstly - Important note:
Involvement in this process will require you to trust me (@jk6276) with your money. It is custodial and you would be sending an account that I run, and @silverstackeruk (the founder of Spinvest) holds keys for. If this is not for you, or you have any concerns about this, please don't participate.
You could lose money. There is risks involved. I can not and will not cover any loses any individuals may incur in this process for any reason. Caveat Emptor - Let the buyer beware.
How will it work.
A new Spinvest sub-account @spinvest-eth has been set up.
A new Ethereum wallet has been created - 0x9744dF35394B77860337d4b17a844B87EF341e83 . This is a separate wallet within my Metamask that I am sole key-holder for. The account address can be verified and audited by anyone at anytime. View on Etherscan
All you will have to do to participate will be to send LEO tokens to spinvest-eth. I will set a minimum to participate of 500 LEO. I need to do this to make the admin time worthwhile. Amounts below this will be manually refunded when I have time.
Deposits will be open for a limited time. Deposits open now, and will close on Monday 21st of September. That gives 2 1/2 weeks to join in.
I will track each persons contribution.
I will set a total minimum of 10,000 LEO contributed before this will be done. If we do not reach 10,000 LEO, all tokens will be refunded and the pool will not happen.
After deposits close, I will sell a portion of the LEO tokens on LeoDEX, and convert the proceeds to cover GAS fees.
Next I will convert all remaining LEO into WLEO.
Once the liquidity pool is up and running on Uniswap, I will swap around half of the WLEO into ETH.
After that, I will deposit the WLEO and ETH into the Liquidity Pool.
Each week, a report of will be produced from the @spinvest-leo account outlining the progress.
Once the rewards for providing Liquidity are received from LeoFinance, 25% will be retained by @spinvest-leo as compensation for my time and management of this process. This is being done to help smaller accounts to get involved, and bigger accounts that don't want to personally deal with the Ethereum eco-system. This is also being done to add a little income in to @spinvest-leo. If you don't like that, don't participate.
The remaining rewards (LEO tokens) will be transferred to contributors on a weekly basis. These will be payed proportionally to the share of this pool each user contributes.
Please don't participate in this with funds you can't afford to lose. Please don't participate in this if you may need the money back soon. The pool will be locked for a period of time, and no withdrawals of stake available in the short term. I will announce windows were withdrawals will be opened up, so it can be done in bulk instead of in small quantities. GAS is expensive - this is why we are offering this simplified, pooled approach. Any participant requiring urgent withdrawls will be solely responsible for all GAS fees and transaction costs. This may be more than the funds you contribute.
Alright, enough warnings - why SHOULD I participate.
A pooled approach shares the GAS costs among many people.
Open to anyone - no requirement to be a SPI member.
A pooled approach makes smaller contributions economically viable.
ROI - I have no forecast of what it will be - but there will be some unspecified return on your investment - hopefully.
Contributing to the growth of LeoFinance - and thus helping HIVE overall.
It will be a fun and interesting learning experience for all.
OK... Deposits are now open. Please send any LEO you wish to participate with to @spinvest-eth - minimum 500 LEO. You have until Monday 21st September to send funds. Please re-read this post before sending funds and ensure you understand and take full responsibility for what you are doing.
Remember, if we do not reach 10,000 LEO total by the cut off date, this won't happen, all LEO will be refunded.
This is open to anyone, you don't have to be a Spinvest member to participate.
AMA in the comments below.
Cheers,
JK.