p33 Handle.fi x Jarvis (PLAAS)

I invite the governance to vote on the following proposal to start working with Handle.fi.

Handle.fi allows to borrow (self-minting) various synthetic fiat against various collateral type.

A partnership with them would lead to the creation of multiple fxToken - jFIAT pool to help their fxToken with their peg and on-chain liquidity.

They are building a network of fiat on/off-ramp which could also be beneficial for us.

Since one can borrow fxToken, it would also allow borrowing jFIAT through the pools we would create with them.

I propose the creation of 2 pools:

• 2aud with fxAUD and jAUD
• fx5eur with fxEUR and 4eur

We would target $1M of liquidity for each pool, with a targeted APR of 30% and a duration of 90d. This translates into a reward of $150k.

We also would need to launch two pools for the reward token fxSES:

• fxSES-USDC pool
• fxSES-2aud pool

We would target $200k of liquidity for each pool, with a targeted APR of 100% for a duration of 90d. This translates into a reward of $100k.

Handle.fi will bring 50% of the rewards, and our treasury will bring the other 50%. Altogether, for 90d it is a budget of $250k that I suggest to split as follow: $25k of UMA + $75k of JRT + $125k of FOREX.

The treasury would also finance $2500 for seeding the initial liquidity of the fxSES token.

I also propose for the DAO to become co-LP in the jAUD liquidity pool with Jarvis LP, and to add 80k USDC to it (Jarvis LP already has deposited 20k). The 80k USDC would be acquired by selling ~$4k of KNC, ~$23k UMA tokens, and by removing our liquidity from the 90/10 Balancer pool (~40k USDC in the pool) + utilizing ~3k 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 ~$4k KNC, ~$23k UMA, withdraw our liquidity + utilize our USDC to become LP in the jAUD pool with $80k USDC; if possible, organize OTC deal for JRT <> USDC.
• Withdraw $25k of UMA and $75k of JRT to collateralize the new token fxSES token.
• Seed the fxSES-USDC and fxSES-2aud pool with 0.5 fxSES and $1250 for each pool.