bitsong

Prop 35: Funding BTSG/ARCH Pool on Astrovault DEX

We, the BitSong Team, hereby present a formal proposal to the BitSong Network Governance for the creation of a new liquidity pool on Astrovault DEX, named ARCH/BTSG. This proposal seeks to leverage the strengths of our community and enhance the liquidity and accessibility of BitSong's native token, BTSG, through collaborative efforts.

Overview

The purpose of this proposal is to establish a new liquidity pool on Astrovault DEX in collaboration with the Archway Team and Astrovault Team. This pool will pair BTSG with ARCH, the native token of the Archway Foundation, thereby providing users with additional trading options and liquidity. To facilitate this initiative, we are requesting 2 million BTSG from the Community Pool.

Team that will manage the funds

  • Angelo Recca / Co-Founder and main developer at BitSong
  • Iulian Anghelin / Co-Founder and GM at BitSong
  • Jad - Archway Foundation
  • Ethan Illingworth - Archway Liquidity Council
  • Eric Waisanen | Astrovault representative

The funds will be allocated into the BitSong Team wallet 1st, and then will be moved to the Archway multisig.

The wallet to be funded is

bitsong166d42nyufxrh3jps5wx3egdkmvvg7jl6k33yut

The multisig wallet to be used for the pool is

archway16j6sx4kpyn5d2jmpaxlj4k0hhytqm28c93pnvdynmapks29m0l9sdju2py

Benefits of Creating the ARCH/BTSG Pool

  • Increased Liquidity: By creating a pool on Astrovault DEX, we aim to significantly increase the liquidity of BTSG, thereby enhancing the trading experience for our community members. Increased liquidity can lead to reduced slippage and improved price stability, ultimately benefiting all participants in the ecosystem.
  • Perpetual Incentives: gives the opportunity for BTSG holders to participate in DeFi and earn yield while keeping tokens liquid.
  • Diversification of Market Presence: Establishing a presence on Astrovault DEX diversifies our market exposure and reduces reliance on any single exchange. This also increases visibility and accessibility for traders across different platforms.
  • Collaborative Efforts: This initiative represents a collaborative effort between BitSong and the Archway Team and Astrovault Team, showcasing our commitment to fostering cooperation within the blockchain ecosystem. By pooling our resources and expertise, we can achieve shared goals and unlock new opportunities for growth and innovation.

Structure of the Liquidity Pool

The liquidity for the ARCH - BTSG pool will be provided in equal parts by the BitSong Team and the Archway Team, totaling 2 million BTSG on our side and the respective collateral, approximately 170,000 ARCH (at april 5th, 2024) on the Archway team side. These funds will be sourced from the Community Pool, and their usage will be subject to approval by the BitSong Network Governance through a voting process.

The liquidity will be held in a 3/5 multi-signature wallet, ensuring security and decentralization. The wallet will have the following signer structure:

  • 1 signer from the Archway Foundation
  • 1 community signer from the Archway Liquidity Council
  • 1 signer from the Astrovault Team
  • 2 signers from the BitSong Team

This multi-signature setup ensures that no single entity has control over the entire liquidity pool, promoting decentralization and security.

  • Voting YES: you agree with funding the BitSong Team with 2,000,000 BTSG from the community pool for the aforementioned purpose.
  • Voting NO: you disagree with funding the BitSong Team with 2,000,000 BTSG from the community pool.
  • Voting NOWITHVETO: you express that you consider this proposal malicious or harmful and would like to see depositors penalized by revocation of the deposit, which contributes towards an automatic ⅓ veto threshold.
  • ABSTAIN: you formally decline to vote either for or against the proposal but want to contribute to the quorum.