Increase $WALLET Token Liquidity

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Title: Increase $WALLET Token Liquidity Author: Ambire Wallet Date: 19 February 2024

Summary

This is an Ambire Governance Proposal to mint 50 million $WALLET tokens (out of a total of 350M allocated for the DAO) and further buy another 20 million from the market for a total of 70 million $WALLET tokens in order to create a deep liquidity position on Uniswap V3.

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Motivation

We want to ensure that the $WALLET token is easily obtainable so everyone can participate in the Ambire governance. We want to achieve liquidity deep enough to sustain a favorable price and fulfill the demand for the token, so we would like to create another decentralized pool.

Uniswap V3 was chosen because it's the most capital-effective solution, allowing for the least slippage with a relatively small amount of funds. Plus, it's the default DEX used in Ambire Wallet at the moment.

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Proposal

To achieve deeper liquidity, we will need to mint 50 million $WALLET tokens (out of a total of 350M allocated for the DAO) and buy another 20 million from the market. We will pair those 70 million $WALLET tokens with $100k worth of $ETH and add a position that's going to be covering a price range that's from -35% to +35% from the current price at the time of adding liquidity.

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Specifications

The liquidity will be added on Ethereum on this pool: link to geckoterminal, and the LP NFT will be held in our (the company's) Ambire Wallet account, secured via a hardware wallet key. The liquidity provision will be executed at an undisclosed time up to 2 weeks after the governance vote commences. Voting window

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Voting requirements

You can vote if you are an xWALLET holder (xWALLET are tokens received for staking $WALLET). Anyone who owns xWALLET staking tokens has the right to cast their opinion in this governance vote.

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Useful Links

Ambire Governance Votes Website GitHub Twitter Discord Telegram Forum