Goal - Join multiple protocols on Polygon to gather governance acquisitions in joint cooperations
Currently, the Otterclam and Sphere Finance core team are in discussions with multiple protocols to collaborate (or partner, as some say) to make governance acquisitions through various other "bribery governance" protocols. The first step would be Qi. Currently the effort is to create a Polygon dev hubspot where all the different protocols can connect and funnel liquidity to Polygon. How shall we do it?
Very simple: the idea is that Otterclam turns an illiquid market into a liquid market, but in doing so carries the risk of increased exposure to Qi and its volatility (similar to Convex to Curve).
A partner in this alliance, Tetu, who is being supported by Polygon in this endeavor, aims to become the "Convex of Qi" by accumulating many Qi tokens and using them to route liquidity. We as Otterclam can exchange Qi for tetuQi, a liquid form of (e)Qi. With the alliance we would be able to buy OTC governance via Tetu (already confirmed and work in progress for the other protocols). This would ignite the Matryoshka Principle, where Otterclam uses Tetu as a proxy for dominion over Qi.
What do you mean by proxy?
For example: Tetu holds 50% over Qi and the Alliance holds 50% over Tetu, so the Alliance "only" needs 25% of what it originally needed for Qi (by using it in tetuQi and Governance Acquisitions) to make Qi full to dominate. In this way we become the smaller dolls that control both larger dolls. Another benefit: Tetu is currently working on improved strategies to support the protocols that will join the Alliance. And if we don't like Tetu, we can just swap tetuQi for Qi and lock tokens ourselves. Another benefit is that when all the protocols work together, we can shift the gauge in our favor, directing more liquidity into our treasury (due to incentives we would be boosting). More for the money, so to speak.
**Why? ** We think that since joining multiple protocols together, we can shift much more liquidity in our favor and become a big player in the Qi Wars. Multiple protocols are stronger than one.
Through this proposal, we can offer our users the opportunity to leverage QiDAO's revenue share, support for other protocols, and even improved liquidity routing.
Off-Chain Vote
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- Author
0xfc1F…2ce3
- IPFS#QmPuZtnf
- Voting Systembasic
- Start DateFeb 24, 2022
- End DateFeb 25, 2022
- Total Votes Cast8.71K
- Total Voters75
Timeline
- Feb 24, 2022Proposal created
- Feb 24, 2022Proposal vote started
- Feb 25, 2022Proposal vote ended
- Oct 26, 2023Proposal updated