p24 JPYC x Jarvis (PLAAS)

Following the discussion on the discord and the proposal for the pool with Handle.fi, I propose to vote on this new program as well.

JPYC Co is a Japanese entity licensed to issue prepaid payment methods; the company is issuing the JPYC, a fiat-backed Japanese Yen stablecoin.

JPYC can be used as a medium of payment in pre-paid cards and can be used to pay in some e-merchants like Rakuten (JPYC Co will sell the JPYC for JPY on the behalf of the user and send JPY to the recipient).

JPYC's liquidity is mainly on Polygon, on Quickswap. I propose to the incentivization of the 2jpy pool (jJPY and JPYC) to help JPYC with their peg and on-chain liquidity. This would ease Japanese on and off-ramp using JPYC.

I propose to target liquidity of $1M on the 2JPY with an APR of 30% for 60 days. This translates into $50k of rewards.

I propose the creation of the SES token and an SES-2jpy pool on Kyber or Uniswap v3 with a target of $200k of liquidity and 100% APR. This translates into $33k of rewards.

Altogether, the total rewards for the first 60d would be $83k, which I propose to split in $21k of UMA and $62k of JRT.

The treasury would also finance $830 for seeding the initial liquidity of the SES token.

In addition to that, I propose to seed the jJPY pool on Synthereum with $100k USDC. Jarvis LP has already deposited $20k and will ad $20k more, so I propose to become LP with 60k USDC that we would get from selling ~$40k of UMA or JRT through OTC deals, and adding from our USDC reserve ~20k USDC. By being an LP, the DAO would receive 80% of all the trading fees. Note that the DAO can lose funds by being an LP (it is a risky activity), but can also make profits of course.

To sum-up:

• sell ~40k of UMA or JRT and add ~20k USDC to become a co-LP in the jAUD liquidity pool in Synthereum.
• seed the SES-2jpy pool with $830 of 2jpy
• withdraw $21k of UMA and $62k of JRT to collateralize the new token SES