Proposal to move liquidity from MAGIC/ONE & COSMIC/ONE to MAGIC/1USDC & COSMIC/1USDC

Given the exceptionally turbulent state of the crypto and financial markets in general, this proposal is for moving the majority of liquidity for Cosmic Universe to 1USDC pairings on Harmony.

Currently, the overwhelming majority of liquidity for MAGIC and COSMIC is in MAGIC/ONE and COSMIC/ONE. This proposal, if passed by a community governance vote, would result in project liquidity being moved out of these pairings and into MAGIC/1USDC and COSMIC/1USDC.

Additionally, the MAGIC/ONE and COSMIC/ONE farms would be closed (meaning that emissions would be reduced to zero either permanently or until the markets and ONE demonstrate a reversal from their continuous downward movement) and new farms for MAGIC/1USDC and COSMIC/1USDC will receive those emissions and take their place.

The logic behind this proposal is that if MAGIC and COSMIC are paired with a stablecoin (1USDC has the most liquidity on Harmony), then there will be far less downward pressure on the price of our tokens.

ONE has fallen -93% from its ATH and dropped from around 50th top crypto to 110th. Additionally, we believe ONE is at a high risk of falling even further, not only due to the current big challenges facing the financial and crypto markets, but Harmony itself, which currently only has $10M cash on hand, and seems to indicate that it must dip into its $170M in ONE (as of the beginning of June when ONE was $0.045 while now it is $0.025, so this figure is likely under $100M as of the time of this proposal) treasuries in order to sell enough ONE for 12 months of runway. Harmony is planning to "Convert more treasury to $30M for 12-month hard-cash runway" which at the current price of ONE means selling approximately 1.2B ONE. More detailed regarding these figures can be found here: https://open.harmony.one/2022-june-onsite-war-mode-on-user-growth

NOTE:

This proposal's voting process will last for 336 hours (2 weeks). By this completion of the voting process, we expect our DEX, OneFi Exchange, to be up and running, with our farming contract on OneFi and new liquidity pools created. If the vote passes to have the majority of our liquidity, including 100% of the initial liquidity currently in the MAGIC/ONE and COSMIC/ONE LPs to be moved to MAGIC/1USDC and COSMIC/1USDC LPs, then we will not recreate the MAGIC/ONE and COSMIC/ONE LPs on OneFi until ONE stabilizes and demonstrates it is on a solid upward trajectory.

Proposal Summary:

-Create new liquidity pools on our upcoming OneFi Exchange for MAGIC/1USDC & COSMIC/1USDC pairings. -Remove 100% of initial liquidity in MAGIC/ONE and COSMIC/ONE liquidity pools and add it to the new MAGIC/1USDC & COSMIC/1USDC liquidity pools on OneFi Exchange -Reduce MAGIC emissions to zero in the current MAGIC/ONE & COSMIC/ONE farms while simultaneously raising MAGIC emissions in MAGIC/1USDC & COSMIC/1USDC farms to levels the MAGIC/ONE & COSMIC/ONE farms currently have. -Incentivize people in the current MAGIC/ONE & COSMIC/ONE liquidity pools to migrate their liquidity to the new MAGIC/1USDC & COSMIC/1USDC liquidity pools by providing the generous MAGIC emissions APRs currently being offered for farmed MAGIC/ONE and COSMIC/ONE LP tokens.