BuyBot 2.0

Overview:

Thus far, there have been two iterations of Jade’s BuyBot. Both have had their pros and cons. If the goal is to always buy Jade at the floor, why not create a smart contract that does exactly that?

We can create a smart contract with the sole purpose of exchanging BUSD for JADE at the floor price. This will essentially act as our own one-way OTC desk. For every JADE token that a user deposits into the smart contract, they will receive $20.93 in BUSD in return. As the floor is raised, this number would also be automatically updated. We would also create a new “Redeem” section in the website UI where this exchange will occur.

This eliminates the need for a bot, and creates arbitrage opportunities that will ensure the price of Jade rarely (if ever) falls below the floor price. For real this time.

This new smart contract will act as the "Core Contract". Prior to implementation, the Jade Development team will audit and stage this smart contract for testing. The smart contract will also be published as open-source on the blockchain for all to view. Any additional functionality/upgrades added in future "Layer 2" contract(s) will require an official external audit before implementation.

Pros

• Jade can ALWAYS be redeemed at the floor price for any user (eliminates FUD).
• Creates more predictable accounting for defending the floor price (no over/under paying).
• Massively reduces sell pressure near the floor (users would simply “sell” to the smart contract).
• Eliminates the need to have a bot running 24/7, and eliminates front running altogether
• Can opt to run BuyBot in the background in case price ever drops below the floor.
• Can eventually add a script that manually/automatically burns a portion/all of the JADE that is deposited into the contract. Could display “JADE Burned Today: XX” on the website as well.
• Solution is very simple, requiring less than 50 lines of code.
• Backing treasury no longer pays fees, sellers would pay the transaction fee which is extremely low.

Cons

• Smart Contract risk (minimal, since it is a simple contract with less than 50 lines of code).
• Would utilize a dev cycle.

Voting

Because this is a Community-backed proposal, the 24 hour discussion period has already taken place, with community consensus having been reached. The proposal was subsequently escalated to this Core vote.

Therefore, the vote will have a 1 hour warmup period, followed by a 3 day voting window.

If you agree with the proposal to immediately begin work on the proposed BuyBot 2.0 system above, select "in favor".

If you wish to keep BuyBot 1.1 as is, select "not in favor".