Good afternoon, ihar and Slava propose the following process to bring some liquidity to the Eco token on Optimism by helping a fraction of people with small Eco balances on Optimism to exchange them to USDC in Optimism with minimal loss on fees.
As a reminder, since the launch of Eco on Optimism and the launch of Beam Wallet in July - also as a result of a large number of different marketing campaigns aimed at Beam Wallet - a large number of Eco token holders with relatively small balances have formed in the Optimism network. No liquidity to exchange the token for USDC has been introduced during these months, and it is not clear if it will be introduced in the next months. With a balance of up to 20K Eco in the Optimism network, a token holder has no way to withdraw this money to the ETH network without losing either the entire amount or a large part of it on fees, which are high now and will probably be even higher. According to preliminary estimates, the bridge to ETH process and swap will lead to a loss of 60-70$ at current GAS prices.
We understand that many people received 600 Eco each - as a result of a promo for new Beam wallet users. This promotion was aimed at people who received 600 Eco to buy Beam Name for them. Therefore, to avoid the situation when participants of this promotion exchange 600 Eco for USDC - we offer a minimum limit for exchange - 1200 ECO.
Thus, the process would look like this:
That's it. We can do that within a 2-3 weeks window, ourselves. We can help ~20-40 people this way, they will be happy.
After conducting a quick survey on Discord we have 11 people who would like to swap 87 966 ECO.
For the note: We have ~600K Eco available in our Eth Safe for such an OTC trade. Why 600K Eco? We have 1.88M ECO in eth:safe now. ihar asks Layer 3 to not move 1.22M Eco to Optimism safe because he will still ask them to move it back to ETH when it is time to pay rewards for Be Influential. So we have 660K left. From this amount we will need to leave something in Eth:safe for administrative expenses, in a raw estimate it is about 50K Eco. 10K Eco we need to send back to MikeWeb. So we have ~600K Eco which we want and need to transfer to our Optimism safe to operate with Beam wallets, do marketing, and realize our EGP proposals.
By executing such a proposal we move Layer3 Eco from eth:safe to op:safe and help ˜20-30 community members to execute their desire to sell with almost 0 fees.
In other words, we are conducting a 1-time liquidity event for the Eco token on Optimism.
DO YOU SUPPORT SUCH A PROPOSAL OR NOT?