SP-0022 - Proposal - Buy LOOKS with ETH in the team wallet and then stake them on www.looksrare.org

SP-0022 - Proposal - Buy LOOKS with ETH in the team wallet and then stake them on www.looksrare.org

The amount to be bought will be up to the community. The voting is setup and which amount of ETH gets the most votes will be the amount that gets staked.

FYI Gnosis wallets are not supported yet on looksrare, so the funds will have to first be transferred to the bulldao single-signer wallet managed by Poco (See wallets below).

The LOOKS tokens will be bought using Uniswap and then staked on the website www.looksrare.org. The Staking will auto-compound rewards.

The LOOKS will remain staked till another snapshot is made to change the status quo.

The funds will come from this account https://gnosis-safe.io/app/eth:0x7E3D3F0162bDEc5C86202a6A59d187fd2AFF226f/apps and the gas fees will be onto of the amount that will be staked.

N.B.

1. Given ETH Gas fees the larger the amount the lower percentage the transaction cost will work out to be.
2. There are other options such as setting up a LOOK-ETH liquidity pool pair, however, do simplicity and to avoid potential impermanent loss the proposal is ONLY for normal staking.
3. This is outside of any LOOKS to be claimed as Bulldao can't control when they are claimed from the bullsontheblock.eth wallet.

Looksrare information https://www.coingecko.com/en/coins/looksrare 
https://docs.looksrare.org/about/rewards/looks-staking-rewards 
https://docs.looksrare.org/guides/getting-started/buying-looks

Proposal choices Vote NO - 0 ETH 1 ETH 3 ETH 5 ETH

Time period 24 hours

Wallet Source of funds https://gnosis-safe.io/app/eth:0x7E3D3F0162bDEc5C86202a6A59d187fd2AFF226f/apps

Poco managed wallet to do the staking https://opensea.io/bulldao 0x28451a35795d57f3c45c33b959214bdd68cabfab

Risks

1. Funds put into a single signer wallet, but this is a hardware wallet account and Poco is doxxed to Bull Council.
2. LOOKS price may increase but could also decrease in value relative to ETH

For reference purposes only (Based at the time of writing the proposal)


This calculation includes both LOOKS and WETH earned through staking LOOKS.

Current LOOKS APR 361.92%

Current WETH APR 430.46% The rates shown on this page are only provided for your reference: The actual rates will fluctuate according to many different factors, including token prices, trading volume, liquidity, amount staked, and more. Trading fees collected by the protocol are distributed to LOOKS stakers as rewards. Reward rates are adjusted roughly every 24 hours, based on the past 24 hours’ trading activity.