DVT Token Liquidity Bootstrapping Governance Proposal

Dear Community,

We are pleased to announce the $DVT Token Economics Governance Proposal has officially passed with more than 99% votes supporting the new tokenomics plan. Thank you to everyone that participated in the vote - this will be the cornerstone of success for SafeStake. We will publish the conversion webpage soon after the current governance staking contract ends. Please stay tuned for more information about that coming soon!

Now, the excitement continues… To bootstrap liquidity for the new $DVT token and attract more users to join the SafeStake ecosystem, the core team is proposing the following incentivized plan:

$STATE will officially be delisted on MEXC when the conversion webpage is published on or around 8 April 2023. We propose using the balance of the previous Mkt & Initial liquidity allocation to open a Balancer Pool.

The initial Balancer Pool settings will be 20% stable coins and 80% $DVT. The initial spot price setting of $DVT will be 10 times the VWAP of $STATE in March 2023. The Balancer Pool will last for 90 days in order to achieve a reasonable market price of $DVT. All community members are welcomed and encouraged to join the Balancer Pool to add/withdraw stable liquidity and trade. Below attached is the VWAP graph of $STATE based on the CoinGecko index in March 2023.

After the 90-day period ends, the Balancer Pool liquidity will move to Uniswap V3 on Ethereum as the major marketplace for buying/selling/swapping $DVT. Community members who reserve their stable LPs on the Balancer Pool will be rewarded $DVT pro-rata after this period ends.

For transparent bookkeeping, the balance of Mkt & Initial liquidity allocation is broken down as follows:

1. Previous Ambassador Program and Hackathon spent: 911,293 $STATE; claim contract can be verified on Etherscan.
2. MEXC initial listing marketing spent: 400,000 $STATE
3. Market Making spent (to date): 4,200,000 $STATE
4. Galileo Testnet Stage1 Rewards reserved: 5,000,000 $STATE

Minus the above four items, the Mkt & Initial liquidity allocation balance will be converted to 4,068,870 $DVT. We propose this balance be split into two parts: 60% of the $DVT will be injected into the Balancer Pool, while the other 40% will be rewarded to the Balancer Pool LPs pro-rata after the 90-day period ends.

We hope to have your full support in growing the SafeStake ecosystem together.

Sincerely,

The SafeStake Team.