Loan out 500 DPI from the Community Treasury to market makers for the Kucoin exchange listing.
- Withdraw 500 DPI from the Index Coop Community Treasury Wallet to the Exchange Listing Wallet.
This is approximately 200k USD worth of DPI @399.91 USD per DPI.
- Lend the withdrawn DPI to market makers for the KuCoin listing.
Half of the lent DPI is to be returned after 6 months. The remaining lent DPI is to be returned after 12 months.
- Once returned to the Exchange Listing Wallet, the DPI is to be returned to the Community Treasury Wallet.
The DeFi Pulse Index has been green lit for listing on KuCoin, a top 10 cryptocurrency exchange according to Coin Marketcap. As part of the exchange listing process, KuCoin requires a quantity of DPI to create a liquid market for exchanging DPI. The Index Coop has accrued approx 370k worth of DPI from the Coop’s share of the DPI streaming Fee. This IIP proposes loaning a portion of the DPI in the community treasury to facilitate the KuCoin listing.
500 DPI will be transferred from the Community Treasury Wallet (0x9467cfADC9DE245010dF95Ec6a585A506A8ad5FC) and sent to the Exchange Listing Wallet (0x154C154c589b4aEcCBF186FB8BC668cD7C213762). The Exchange Listing Wallet is controlled by a 3 of 3 multisig with @reganbozman, @bigsky, and @darkforestcapital as key holders.
The 500 DPI will be lent to KuCoin market makers for a period of 6 months and 12 months. The market makers may or may not utilize the full 500 DPI to create the Kucoin DPI market. From the quantity that is used to make the market, half will be returned after 6 months, and the remaining half will be returned after 12 months. At 6 and 12 months, DPI that has not been used or has been returned to the Exchange Listing Wallet will be returned to the Community Treasury.
The quantity of 500 DPI is calculated by using the following formula:
- The KuCoin market makers require 150k USD in DPI to make the market. In anticipation of potential price fluctuations in DPI price from now until the time of exchange listing, we are loaning 200k USD worth of DPI at today’s prices.
- According to Coingecko, as of March 31st 2021, the average price of DPI over the past 7 days is 399.91 USD per DPI.
- 200,000 USD / 399.91 USD per DPI is approximately 500 DPI.
- Loan 500 DPI from the Community Treasury Wallet to KuCoin market makers to create a market for DPI exchange listing according to the parameters above.
- Do not loan DPI to KuCoin market makers.
- FOR Loan DPI to KuCoin market makers according to parameters above
- AGAINST Do not loan DPI to KuCoin market makers according to parameters above