RIP-8: Provide RSC-ETH Liquidity

SUMMARY: Currently, there is limited liquidity for ResearchCoin (RSC) in order to buy/sell RSC. “RIP-5: Bootstrap RSC/ETH Liquidity with Permissionless Olympus Pro” was proposed to alleviate this concern, but this requires RSC listing on Coingecko to provide accurate price sourcing. To be listed on Coingecko, RSC requires a base level of liquidity and volume to be approved. To solve this hurdle, we would like to provide RSC/ETH liquidity with ResearchHub Foundation’s Gitcoin GR15 donated and matched funds.

MOTIVATION: In order to bring “RIP-5: Bootstrap RSC/ETH Liquidity with Permissionless Olympus Pro” to fruition, RSC needs to be listed on Coingecko in order to provide an accurate price source. To be approved for listing on Coingecko, currently RSC liquidity and volume are too low. In order to ameliorate this issue, we propose to seed RSC/ETH liquidity with ResearchHub Foundation’s Gitcoin Grants Matching funds to establish a base level of liquidity sufficient to be listed on Coingecko. This in turn will allow us to deploy on Bond Protocol, according to RIP-5, to help bootstrap a more substantial amount of liquidity.

PROPOSAL: According to the Gitcoin GR15 Matching Round, the ResearchHub Foundation received $6,145.77 in the stablecoin DAI. Together with the $66.5 DAI already in the ResearchHub Foundation Multisig (0xc4cfa2bdae08416312faa0b72758e1f3750f81e3) we propose to swap all 6212.27 DAI into ETH and provide RSC/ETH liquidity. Based on the budget allocated for liquidity (RIP-2 and RIP-4), up to 1.25M RSC can be used for the otherside of the liquidity pairing.

ACTION: We will swap all current DAI ($6,212.27) in the ResearchHub Foundation Multisig into ETH. Only this swapped ETH (excluding the current ETH in the ResearchHub Foundation Multisig) will be used to provide RSC/ETH liquidity onto Uniswap V3. Subsequently, an application will be re-submitted to list RSC onto Coingecko and Coinmarketcap. Following successful listing on either Coingecko or Coinmarketcap, we can proceed with the commitment to bootstrap a more substantial amount of liquidity via the RIP-5 proposal.