CRYO-15: CRYO Allocation for BIO Genesis Event

Submitted by: CryoCore Team Members: CryoCore

Problem

The upcoming BIO Genesis Event on the Ethereum mainnet may increase demand for CRYO. To enable a better experience and reduce slippage for users wanting to participate with larger amounts, CryoDAO plans to add liquidity to a v3 pool during the Genesis Event.

What is the BIO Genesis Event?

bio.xyz is conducting its Genesis Event and will release the BIO token in June 2024 to seed the network. Participants must already hold a token from a BioDAO, such as CRYO, to join the Genesis Event. The way for participants to seed the network and receive BIO is by locking their BioDAO tokens in the BIO protocol and getting BIO tokens in return.

The Genesis Event is expected to start on May 28th and will run until mid-June. Participants need to buy or already own a BioDAO token (e.g., CRYO) to participate and get BIO.

Solution

CryoDAO requests to move up to 5% of the supply of CRYO (221,134 CRYO) from our treasury to a single sided Uniswap v3 pool to improve liquidity for this event.

Post-auction, we will replenish our CRYO in the treasury by minting new CRYO equal to the amount locked in the bio.xyz treasury after the Genesis Event and adding it back to the treasury.

Budget

A budget of 221,134 CRYO is requested for this proposal.

Timeline

This proposal should be carried out on or before May 28, 2024.