CFP-2205-10: Providing liquidity on Pancakeswap in the BUSD-DFI Pool (100 000 DFI)

Stonygan commented 2 years ago

Overview

Requester(s): Bernd Mack @bernd-mack and Andreas Lentz @Stonygan with mydefichain
Amount requested in DFI: 100,000
Receiving address: dFRtR9GJT9UF41UgjHNusxeZpKqy8nRun3
Reddit discussion thread: https://www.reddit.com/r/defiblockchain/comments/ue48fr/dfip_discussion_cfp_funding_for_pancakeswap/
Proposal fee (10 DFI) txid: 77db580f5d49c3a00198458a9c336668ebfd1d99efce3945cc855d13fff4a746

Describe the purpose

Providing liquidity on Pancakeswap in the BUSD-DFI Pool. 100,000 DFI from the Community Fund will be used to bring 50,000 DFI to the Binance Smartchain as DFI via the Defichain Bridge. The other 50,000 DFI will be swapped into BTC via the DeFiChain DEX and swapped into real BUSD via a CEX.

For tax reasons, the CFP is accepted as a loan in Euros. We commit to repay the received Euro value of the DFI after 5 years at the latest into the Community Fund or to the DeFiChain Burn address. The loan interest is 1% per year, which will be sent to the burn address in DFI at the end of each year.

We chose Pancakeswap because this DEX has by far the largest TVL on the BNB Smart Chain.

Why the LP-Token are not frozen or burned?

In order to be able to react to any code changes at Pancakeswap, we decided against burning or locking the LP tokens based on advice from Reddit and chose a loan model with repayment.

How will the fund be spent?

100% of the funding goes into the BUSD-DFI liquidity pool on Pancakeswap.

How does this CFP benefit the DeFiChain community?

A high TVL is in our opinion immensely important, also in view of a possible Binance listing, to be able to generate a large volume and not fail because a 1,000 DFI trade shifts the pool by more than 5%.

Trade Example:

With liquidity that we can provide with this CFP, the pool still remains below 5% pool shift with a $20,000 trade. We are aware that depending on the volume on Pancakeswap and the acceptance on the Binance Smart Chain, this can only be the first step and the pool still has to grow significantly in TVL in the coming weeks.

0815-U commented 2 years ago

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markusm39 commented 2 years ago

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Krypto-Micha commented 2 years ago

$ defi-cli signmessage 8TtRR25SoDMffc3V2Tm2sFr4Sx6iodj7wP "cfp-2205-10-yes" H0N1kIbmWfCuv1POgA8NKdrPuYLISTQJ3uHlIOyTnlv6JmigmZwGWbAfvnxxA7ipuiiCYGGrhgUwMjjtv4Vt9ao= $ defi-cli signmessage 8Kh1Xd1u5nsVWsgRtr8sVZPk8omeBRvmK1 "cfp-2205-10-yes" H78vxfiVG2KJ0p5O/zIiy2o/IGHJpm4pQw8Z9UZ1uCYHa94+tF+uNMZ+qmlZ9HnHQGSwEMNU/w3jocA7CHxvYqs=

doc1970 commented 2 years ago

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surangap commented 2 years ago

RESULTS for cfp-2205-10
===========================
cfp-2205-10 is approved by 114 votes majority
YES: 266
NO: 152
Neutral: 0
Total valid votes: 418
Total rejected votes: 25
===========================

mnstate_validate.log validate_cfp-2205-10_failed.log validate_dfip.log

prasannavl commented 2 years ago

CFP payments have been processed. Please refer to https://github.com/DeFiCh/dfips/issues/140#issuecomment-1134241588 for detailed info and hashes. Thanks!

DeFiCh / dfips