Background:
As rhino.fi moves into a multichain ecosystem, our native token should be accessible in multiple networks. This will allow a wider variety of DeFi users to be exposed to not only our token but also our community and platform.
Currently, DVF is only available for people to buy on L1 ETH and via Rhino (not including CeFi options). This proposal details plans to move a portion of the Liquidity on L1 (specifically on SushiSwap) and migrate it to new networks and projects.
There is currently 614K USD in liquidity on Sushiswap - https://etherscan.io/address/0xe93b1b5E1dAdCE8152A69470C1b31463aF260296
Proposal:
Rhino Labs propose to remove the SushiSwap pool liquidity and reallocate half of it ($300k in total, $150,000 of DVF and USDT respectively) to seed a brand new pool on SyncSwap on zkSync Era.
As suggested by our community members. Rhino Labs will also be converting the USDT into ETH to instead seed a DVF:ETH pool, rather than a DVF:USDT pool. This allows more users to swap into the pool, whilst also being easier for Liquidity Providers to provide liquidity.
Funds will be removed from Sushi to the Rhino Labs multisig (ETH address - 0x520Cf70a2D0B3dfB7386A2Bc9F800321F62a5c3a)
The remaining funds will be used to seed another liquidity pool on a different chain - chain and project to be determined in the future via another governance vote.
Why SyncSwap:
The reason for choosing SyncSwap over others is because they are the largest DEX on zkSync Era with the highest TVL and most trading volume (source - https://defillama.com/chain/zkSync%20Era?tvl=true)
SyncSwap has also been audited (source - https://syncswap.gitbook.io/syncswap/smart-contracts/security
This will not remove liquidity from L1 ETH altogether as there will still be community-owned liquidity in Uniswap Pools - (Pool 1 - https://app.uniswap.org/#/pool/80022, Pool 2 - https://app.uniswap.org/#/pool/77875)
Additional information : Twitter - https://twitter.com/syncswap dApp - https://syncswap.xyz/
Control of DAO assets on other chains:
We will submit a separate proposal to upgrade this DAO to use the Connext<>Zodiac module, allowing control of assets on zkSync, Arbitrum, Optimism, and other chains where the DAO may want to seed liquidity.
Learn more about this module here: https://blog.connext.network/crosschain-governance-a-new-integration-connext-x-zodiac-gnosis-guild-5cf119a6cf2e
View on github here: https://github.com/gnosis/zodiac-module-connext/
Off-Chain Vote
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- Author
0x341a…07Ff
- IPFS#bafkreib
- Voting Systemsingle-choice
- Start DateMay 11, 2023
- End DateMay 18, 2023
- Total Votes Cast42.78K xDVF
- Total Voters153
Discussion
Timeline
- May 11, 2023Proposal created
- May 11, 2023Proposal vote started
- May 18, 2023Proposal vote ended
- Oct 26, 2023Proposal updated