TL;DR

Proposal seeking 50,000 FTM to acquire Governance rights at Equalizer.Exchange

Introduction

Equalizer is an upcoming Solidly-like DEX on Fantom chain that seeks to be the hub of ETH-trading at the Opera.

EQUAL, veEQUAL & Bribes

EQUAL is the main token of this DEX. Locking it generates a veEQUAL fNFT, which earns the trading-fee of 0.2% on net volume of the pools that this veNFT votes on. Generally, veNFT holders earn bribes from Protocols who seek the votes from such NFTs each week.

Initial Airdrop

On 21st November, 500,000 veEQUAL will be claimable by over 10,000 users who have interacted with Solidly, Solidex, 0xDAO & Velodrome Protocols. Each user can claim a fresh veEQUAL NFT with 150, 220 or 300 EQUAL inside it, locked for 6 months. Our treasury has made it to this airdrop list because of its love affair with $SOLID $SEX. We can claim a 300 veEQUAL NFT.

Use of veEQUAL NFT

Trading Fee

As Equalizer Exchange aims to drive a lot of liquidity towards the ETH-USDC & USDC-FTM pairs, we are sure that these pools will generate a lot of volume. Since the trade fee generated will be going to the voters of each pools, we think it would a great strategy to amass as much share of these veNFT powers as early as possible, and supplement our treasury with some more Real-Yield.

Bribes

Another reason to acquire veEQUAL NFTs is for earning prospective bribes from Protocols looking for votes on their pools. In addition to such direct bribes, veNFT holders would also earn trade-fee from all such pools that it votes for.

Introducing, veNamm

ve-NFT A.M.M., or veNamm in short, is the latest product from the house of Guru Network. It enables trading of veNFTs (non-fungible) for tokens (fungible) and trading tokens for veNFTs. This unique AMM also enable flash loans of not just tokens, but also flash loans of NFTs.

VeNamm Liquidity

veNamm LP Tokens are over-collateralized assets, that are partially-colleralized by the base token of a pool and partially-colleralized by veNFTs. The veNamm also doubles as a classic AMM that allows swapping between different veNFTs and tokens and combinations thereof, based on Optimistic transfers.

Special-purpose veNamm

We have deployed a special purpose veNamm on Fantom Testnet that employs a single pool of test-DAI tokens and veEQUAL which allows only a one-way trading: Selling of veNFTs for tDAI.

The Plan

Acquire Governance

Our current goal is to deploy the special-purpose veNamm to Fantom Mainnet to acquire as many veEQUAL NFTs from the users who want to dump their Equalizer NFT airdrops in the next 3 weeks.

A demo of veNamm

Utilizing a special-purpose veNamm pool for this task would be a great showcase of the capabilites of our upcoming product with real-users.

https://ftm.guru/equalizer

Graphic Design: HyperboltEDM#0030

Pricing

Lets say we setup a TOP (target offer price) of 1 FTM = 1 EQUAL, then a NFT with 100 veEQUAL locked for 26wks would be able to trade it permissionlessly for 20 FTM. Similarly, 250 EQUAL locked for 1 week would be able to claim around 240 FTM. The idea behind choosing this specific curve was that as time of unlock goes further away in future, the discount increases, but at an exponentially slower rate. Which means the difference in a 40 month unlock and 48 month unlock is virtually insignificant, as in crypto, it wouldnt mean a big difference - both are too far away, and almost equally far away, atleast apparanetly, to judge their discounts. Of course, this TOP of 1 FTM is just for reference, and we'll keep adjusting it as time goes by and price of equal moves around and stabilizes.

Profits

The profit here, from the protocols perspective, would be that as nfts mature (i.e. get closer to the unlock date), their valuation goes up (according to the value=(1+t)^-0.5 price-curve).. so slowly and steadily, the liquidity pool amasses more value as venfts mature. other profit variable would be a flat trade fee. and finally we also allow borrowing the token-side liqudity too for a tinier fee than aave!

Funding

This proposal seeks an initial funding of 50,000 FTM for purchasing veNFTs thorugh the veNamm. The treasury would have to convert a part of its Stablecoin holding upto $9000 to market-buy FTM

Usage

Sellers of veNFT will be paid in FTM to make this an attractive offer.

Exclusiveness

The Liquidity tokens of this pool will solely be controlled by the treasury and no one else would be able to add FTM or mint LP tokens.

Deliverables

All NFTs sold would be merged to our veNFT #12 and be used actively to vote on pools and earn trade-fee and bribes for treasury.

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Vote

Yes, let's do this!

Nah, let's be lazy~

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