Defend Sparta

Disclaimer! As not to mislead, this is an unofficial snapshot.

This vote is not through the official spa snapshot page and there is no obligation for the dev team to respect the outcome of the vote. This vote is merely here to show that there is demand for this proposal and the suggestions within it.

Further to proposal made by Pilezitin, which can be found at https://medium.com/@pilezitin01/sparta-defend-a3a79aeb8593 we propose the following to defends token-holder value:

We propose that the liquidity held within Spookyswap be reduced from its current level of $21m down to $3m and have the remaining SPA from the removed liquidity burnt. $3m being chose as it would make the LP roughly 10% of market cap which is the common benchmark level for similar protocols and will balance liquidity depth with expected price movement.

In order to protect holders using Spartacadabra from an oracle attack, we propose that setting a price floor starting at $16 and gradually moving upwards over time until a discount of 20% to NAV is reached. Dev team to decide on technicalities behind this.

To fund the work on the proposal above, 1000 SPA will be transferred from the DAO to the development wallet. 1000 SPA is approximately $30k at current prices and $70k at RFV.