persistence

Prop 37: Create and bootstrap PSTAKE/XPRT pool on Dexter with Persistence Community Owned Liquidity

Summary

Persistence Community Owned Liquidity (PCOL) is a new way to bootstrap liquidity on new pools on Dexter that aligns three key pillars of the Persistence Ecosystem: dApp Traction, Ecosystem Alignment, and Community Buy-in.

This proposal suggests the creation of PSTAKE/XPRT pool on Dexter and bootstrapping it with 50,000 XPRT (approx. $10,000 at the current price) from the community pool as the first experiment of PCOL system. Read more about the vision behind PCOL on the Persistence forum here.

Details

If this proposal is passed, the following actions will take place:

A. PSTAKE/XPRT pool will be created on Dexter with the following specifications:

  • Pool Type: Weighted Pool
  • Pool Weightage: 50/50
  • Pool Creation Fee: 250 XPRT
  • Swap Fees: 0.3%

B. The above PSTAKE/XPRT pool will be bootstrapped with 50,000 XPRT(approx. $10,000) from the community pool using the following ⅔ multi-sig wallet (persistence1axw5he6ktvz8rgacec3ldxmegy0urn0xevsysl7e0hx6dx90er6qlcv78s), governed by the Persistence community. The multi-sig participants include:

  1. Mikhil Pandey (Chief Strategy Officer, Persistence)
  2. Jeroen Develter (Ecosystem Director of Products, Persistence)
  3. Rajesh Iyer (Product Manager, Dexter)

The multi-sig is instructed to perform only the following actions once it receives 50,000 XPRT from the Community Pool:

  1. IBC transfer approximately half of the XPRT tokens to Osmosis and systematically swap them for PSTAKE tokens for the best possible rate
  2. IBC transfer the PSTAKE tokens back to Persistence
  3. Bootstrap the PSTAKE/XPRT pool with available PSTAKE and XPRT token balances
  4. Indefinitely bond the minted Dexter LP shares
  5. Send back all fees and rewards generated by the LP position to the Community Pool roughly every 2 months

The multi-sig will be powerless apart from the above proposed on-chain actions.

It is to be noted that any further changes to the LP position, such as removing liquidity after the initial bootstrapping phase, or compounding rewards into more liquidity, will be solely at the helm of the Persistence Community through governance.

Governance Voting

  • By voting YES, you agree with the proposed creation and bootstrapping of the PSTAKE/XPRT pool on Dexter with PCOL.
  • By voting NO, you disagree with the proposed creation and bootstrapping of the PSTAKE/XPRT pool on Dexter with PCOL.
  • By voting NO WITH VETO, you think this is a SPAM proposal, and the proposal's creator should lose their deposit.
  • By voting ABSTAIN, you choose not to participate in this proposal; however, you contribute to the quorum.