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BASTARD GAN PUNKS V2sBASTARD GAN PUNKS V2sby0x96d4B68974807D1B6C7Be807be69f9420461300E0x96d4…300E

Add $BASTARD liquidity to SushiSwap

Voting ended almost 4 years agoSucceeded

This is a proposal for the DAO to create a BASTARD/ETH liquidity pool and provide liquidity for it on SushiSwap.

I propose the DAO provide liquidity in the amount of 20,000,000 $BASTARD and 6 ETH.

Valuation At the rate of 6 ETH per 20m $BASTARD, the market cap of the $BASTARD token would be ~$263,000 USD, $0.0009 USD per BASTARD or 0.0000003 ETH per $BASTARD. This would mean that the DAO holds ~45k USD while the next largest wallets (harvest.art?[293] && NFTX[273]) hold ~5,000 - ~$5,500 USD. The smallest airdrop amount given to all wallets with 1 bgan would be worth $19.28.

Justification I think providing liquidity at this low of a valuation helps to counter the argument that the liquidity is just going to be drained. Maybe 0.0000003 ETH isn't your number, but there is indeed some number that is low enough to equal net buyers by the believers and insufficient incentives for any dumpers. So while the majority of airdrops will be too small in value to justify an on-chain transaction, the whale wallets that hold enough $BASTARD to really move the needle here also aren't exactly incentivized to dump into the liquidity right away. For those that do anyway, it will move the price down until we have net support. More generally, we don't know how the market values this particular $BASTARD token, and I think starting with a very low evaluation is a good way to find out. There are certainly some buyers at some price point. Providing the opportunity to discover the number is the name of the game.

Risks

  1. The DAOs initial price is way too low and the DAO ends up losing a lot of their $BASTARD allotment to impermanent loss.
  2. The DAOs initial price is way too high and a few hard sells early drive it down until buyer price is discovered and the DAO ends up losing a lot of the initial $ETH to impermanent loss.
  3. Official DAO support for $BASTARD complicates any hypothetical future efforts that might be aimed at a more centralized/organized deployment of a fungible community token. The outright community rejection of this airdrop leaves that door open which should also be understood in regards to using $BASTARD for other things like https://snapshot.org/#/bgansv2.eth/proposal/0x97de02ba4e8a3d26fdc8f74120bdd5840d887dc13bc5e16d5971594cf7951f74

Why SushiSwap? Using SushiSwap means managing the pool is less resource-intensive than using UniV3.

Off-Chain Vote

Approve 6ETH & 20mBASTARD for LP
418 BGAN65.4%
Do nothing
221 BGAN34.6%
Download mobile app to vote

Timeline

Apr 15, 2022Proposal created
Apr 15, 2022Proposal vote started
Apr 25, 2022Proposal vote ended
Oct 26, 2023Proposal updated