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.