Proposal: Enable deposits for CROWN, increase trading liquidity

This proposal is expected to appear on Snapshot for voting on [date=2022-07-31 time=15:00:00 timezone="UTC"]. Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.

• FOR: Enable deposits for CROWN and increase trading liquidity to 200k BNT
• AGAINST: Do nothing

TLDR:

• Enable deposits for the CROWN token
• Increase the trading liquidity to 200k BNT
• The Crown DAO understands the risks & would like to proceed
• Trading liquidity can be grown via an external trigger as outlined in this proposal

Overview:

The Crown DAO is eager to have a liquidity pool for CROWN tokens. While the current situation in Bancor is unfortunate, impermanent loss protection was never the main selling point for Crown - it was that single-sided liquidity frees up Crown’s treasury to fulfill its purpose: buying yield-generating gaming NFTs. As such, the DAO would like to enable deposits & begin bootstrapping the pool. Crown understands the risks associated with depositing into Bancor at the moment and would like to proceed.

Trading Liquidity Increase

When CROWN was originally whitelisted for 50k BNT trading liquidity, the price of BNT made the trading depth roughly ~$70k. Crown had originally planned to go through the whitelisting process, then attempt to increase the trading liquidity to around the $150k mark. With the current price of BNT, the 50k BNT trading depth would be around $25k, therefore Crown asks to increase the trading liquidity to 200k BNT. Note that there are already 256k CROWN tokens deposited in the External IL contract, as per our previous proposal, which can be seen in Etherscan.