Decide on the future of Libera

Dear Libera Holders,

As you may be aware, in the upcoming February, the BUSD token will no longer be supported by the issuing company PAXOS. Currently, a portion of Libera's liquidity is in the Libera-BUSD LP. We are uncertain about what will happen next with the BUSD token; the company may release a new announcement to extend its support for a limited time. However, it is certain that continuing to hold liquidity with the BUSD token poses a potential risk for Libera.

In recent times, we have been trying to convert all convertible Libera-BUSD tokens to the Libera-ETH pool. After our utmost efforts, Libera now has $1.82 million in liquidity in the Libera-ETH pool and $627,000 in liquidity in the Libera-BUSD pool. This is a significant improvement compared to 4 months ago when we had all liquidity in the Libera-BUSD pool. We converted all tokens possible from the Libera-BUSD pool and used the BUSD in the Libera treasury to buy ETH at around $1700. Currently, ETH is priced at $2500, resulting in the total Libera liquidity increasing from $2 million to $2.4 million USD (You can check it here Libera Liquidity pools).

However, this has been our maximum effort, and we regret to say that there is nothing more we can do. Due to the technical limitations of the current Libera contract, we will still have $627,000 stuck in Libera-BUSD in the Libera miner and Libera bank, with no further possible solution to convert it to another liquidity pool.

The only way to fix this issue is to create a new token and migrate all Libera liquidity in the bank and miner to the new token while keeping the same value in USD for current holders.

So, we are conducting this referendum for Libera holders to vote within the next 10 days to decide whether we should migrate to a new token with a new contract or leave Libera as it is with an uncertain future.

The second question we want to pose for a vote is, if we issue the new token, which pairing should we choose for the new token liquidity?

There are two options: USDT and SOLANA. The first choice, USDT, is straightforward as it serves as a replacement for BUSD. However, this option has a drawback in that the Libera-USDT pair in the bank and miner may not increase in value or increase only marginally over time, as USDT always maintains a value of 1 USD. On the other hand, if we switch the Libera-BUSD pair to Liberav2-SOL, it may be more advantageous in the long term as the value of SOL will increase.

For example, a Libera-BUSD pair currently valued at $0.65, when switched to a Liberav2-USDT, will still be valued at $0.65, ensuring users don't incur losses when withdrawing from the bank or miner.

If a Libera-BUSD switched to a Liberav2-SOL, will still be valued at $0.65 at this time (Jan 2024). But, the market has entered a bull run since the approval of the Bitcoin ETF, and there is optimism that ETH ETF and SOL ETF will be approved in the future. In that scenario, the prices of ETH and SOL are expected to peak, and the Liberav2-SOL pair at that time, could be valued 5-10 times higher than the current value.

Currently, the market is entering a bull cycle, and we believe the Liberav2-SOL pair will increase in value as SOL rises. So your Liberav2-SOL in bank and miner will increase value overtime, much better than Liberav2-USDT.

The reason we chose SOLANA is that it is the best coin with high growth potential, lower risk than BNB with many legal issues, and the opportunity to be approved for a ETF alongside ETH, which has been used in the pair Libera-ETH. So Liberav2 will be paired with both ETH (1.8M) and SOL (670K), and its value will be protected and can be peaked as the market is beginning a bull cycle.

We believe the best option is to migrate Libera to the new contract, and the name prepared for this new beginning is KOL - Key Of Life, as a good start. This contract has been prepared for months and audited by Certik with a very high level of security KOL Certik Audit. And we propose migrating Libera-ETH to KOL-ETH and Libera-BUSD to KOL-SOL. The initial price will be 1 KOL = 1 Libera (currently around $0.97) after migration, and 1 Libera-BUSD = 1 KOL-SOL (currently around $0.65).

The migration process will be automatic; you will receive KOL as well as KOL-SOL in your wallet, miner, and bank without doing anything.

We always respect the community's opinions and propose a vote based on the xLibera you currently hold, where 1 xLibera is equivalent to 1 vote. To ensure fairness, the 6 million xLibera in dev wallets will not participate in the vote.

Please consider carefully and make your decision.

Best regards, Leo