Reimbursing LP Gas Fees

Voting ended over 4 years agoSucceeded

As the DAO works to solve the Liquidity Issue (See: https://www.notion.so/Liquidity-e9cefc3531ec4641b2cf258138b0a02a) with $LONDON, it clear that we will need $LONDON holders—and, in particular, $LONDON 'whales'—to become liquidity providers (LPs). As of August 23, 2021, the Account's and Ops Guilds have zeroed in on Sushi Swap as the best platform for the DAO's $LONDON primary LP. This is due to gas efficiency and potential to utilize external protocols to assist with liquidity bootsrapping in the future.

https://sushiswap.vision/pair/0xd5a7d56ea8a36f855be3720cec1c9b8e4d30c732.

Because making liquidity strong for $LONDON as a token benefits our community as a whole, we propose reimbursing LP's for the gas fees that they accrue as part of providing a minimum of 20,000 $LONDON liquidity on Sushi Swap out of the DAO's Treasury.

Process

If this proposal is voted in, the reimbursement process would work as follows:

The DAO's account's guild will appoint a representative to manage the payouts process: Spacefe . She will use the address: 0xE3f07f06aA33B36a803Fe9a9dd55698055017239
Spacefe will withdraw 1 ETH from the LondonDAO for the purpose specified in this proposal.
LP's provide a receipt (in the form of an Etherscan link) of their liquidity-providing transaction to the DAO's Account's Guild and to Spacefe at: SpaceFe.Eth@gmail.com
The Account's Guild reviews these transactions to ensure their validity.
LP's are reimbursed by Spacefe on behalf of the LondonDAO.
Spacefe will maintain an up-to-date and publicly viewable spreadsheet of reimbursements made and remaining reimbursement funds available on the DAO's Notion page (or, if space on the Notion is full, via a public Google spreadsheet).
To begin with, the DAO will reimburse each LP the gas fees for one liquidity providing transaction. We may revisit this policy if necessary in the future, and will also consider future rewards for LPs.
If Spacefe runs out of ETH and accounts guild decides the LP reimbursement should continue, a new proposal will be submitted to top up the reimbursement funds.
The remaining ETH held by Spacefe which has not been used in this program by default will be returned end of 2021 at the latest of which this proposal would likely be reviewed. The ETH can be returned at an earlier date

Off-Chain Vote

Yes

3.63M 86%

591.51K 14%

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Timeline

Sep 19, 2021Proposal created

Sep 19, 2021Proposal vote started

Sep 30, 2021Proposal vote ended

Oct 26, 2023Proposal updated

Process

If this proposal is voted in, the reimbursement process would work as follows:

The DAO's account's guild will appoint a representative to manage the payouts process: Spacefe . She will use the address: 0xE3f07f06aA33B36a803Fe9a9dd55698055017239

Spacefe will withdraw 1 ETH from the LondonDAO for the purpose specified in this proposal.

LP's provide a receipt (in the form of an Etherscan link) of their liquidity-providing transaction to the DAO's Account's Guild and to Spacefe at: SpaceFe.Eth@gmail.com

The Account's Guild reviews these transactions to ensure their validity.

LP's are reimbursed by Spacefe on behalf of the LondonDAO.

Spacefe will maintain an up-to-date and publicly viewable spreadsheet of reimbursements made and remaining reimbursement funds available on the DAO's Notion page (or, if space on the Notion is full, via a public Google spreadsheet).

To begin with, the DAO will reimburse each LP the gas fees for one liquidity providing transaction. We may revisit this policy if necessary in the future, and will also consider future rewards for LPs.

If Spacefe runs out of ETH and accounts guild decides the LP reimbursement should continue, a new proposal will be submitted to top up the reimbursement funds.

The remaining ETH held by Spacefe which has not been used in this program by default will be returned end of 2021 at the latest of which this proposal would likely be reviewed. The ETH can be returned at an earlier date