JP-24: Open a XAVA-AVAX Market

Proposed in discord by EdgeDegen, temperature check 26 votes in favour and one against.

Summary:

XAVA (Avalaunch) is the leading IDO platform on Avalanche which allows users access early token sales for projects.

High Level:

Avalaunch functions as a launchpad for Avalanche projects to secure some funding from users, in return for them staking the native token XAVA.

The current liquidty for the XAVA-AVAX pair is still within a 0.3% V1 pool. Due to a significant amount of the supply being staked or locked to pariticpate in these IDOs it has meant that there is a lack of liquidity for the pair ($400k). This has resulted in a 10 AVAX buy leading to a 0.1% price impact and a 100 AVAX buy having a 1% price impact. Currently more than $10m of the $14m MC is locked in the platforms staking or locking mechanisms.

These types of buys are trivial in the grand scheme of the markets and making XAVA a quote asset will aid in reducing price impact and slippage of buys. Ensuring that liquidity is more efficient for this longstanding Avalanche protocol that supports builders.

Solution:

Allow for XAVA to be a quote asset and launch the XAVA-AVAX market to ensure that the liquidity that is present can be used more efficiently.

Info:

https://avalaunch.app/ Token Address: 0xd1c3f94DE7e5B45fa4eDBBA472491a9f4B166FC4