Funded [Exchange Working Group-1] Uniswap pool liquidity

Grant round: Grant Round 2021-03

Estimated FCT Available: 300,000.00

Votes

Standing Party Approve Abstain Score
Yes No 5.00
Yes No 5.00
Yes No 5.00
Yes No 5.00
Yes No 4.00
No Yes 5.00
Yes No 5.00
Yes No 6.00
Yes No 5.00
Yes No 5.00
Yes No 3.00
Yes No 1.00
Status
Not open for further replies.
Executive Summary
Exchange WG seeks for the non-liquidation grant to seed the liquidity into WFCT-USDC pool on Uniswap.

ANO / Committee
Group: Exchange Working Group
FCT address: FA2KfBT5kVd9PgecJmaowtLfoYwWx8pWC3SwvVAcPykigyGBsvNW
FCT: 125000

Total FCT Requested
125000

Start Date
2021-09-01

Completion Date
2021-09-14

Project Description
Exchange WG wants to launch Uniswap pool for WFCT-USDC pair.
Uniswap (v2) pool requires 50/50 ratio of tokens value in the pool in USD.

The size of pool we want to launch will be 125,000 FCT + 150,000 USDC (approximately at the current FCT price) and we are looking for 125,000 FCT grant. The remaining funds for the Uniswap pair — USDC — are available from the previous grants, which were going to be used for mid-tier exchange listing, but this never happened.

None of 125,000 FCT from this grant will be liquidated on the markets.

Problem Statement
The FCT token has long suffered from the limited number of exchanges that are available to token holders. Uniswap pool is decentralized way to trade FCT, that is available for everyone, including the US holders.

Goals and Objectives
Setup Uniswap pool within 2 weeks after grant payout.

Success Criteria
Uniswap pool launched.

Timelines and Milestones
The Uniswap pool will be launched until September 14 (probably even earlier).

Budget
125,000 FCT

Assumed Price Per FCT
$0

Competition
N/A

Additional Information
Uniswap is an automated liquidity protocol powered by a constant product formula and implemented in a system of non-upgradeable smart contracts on the Ethereum blockchain. It obviates the need for trusted intermediaries, prioritizing decentralization, censorship resistance, and security. Uniswap is open-source software licensed under the GPL.

 

Chappie

Factomize Bot
The Forum Q/A process has now started. The community may ask questions until Aug 6, 2021 at 23:59 UTC.

Other important dates:
  • After the question period ends on Aug 6, 2021 at 23:59 UTC, you may continue to answer last minute questions until Aug 7, 2021 at 23:59 UTC
  • Once the answer period ends, voting will start one minute later on Aug 8, 2021 at 00:00 UTC
  • Voting will be closed on Aug 10, 2021 at 23:59 UTC and the final results will immediately become available.
 
Good to see this push ahead. Who is working on the grant?
There is not a lot of "work" to launch Uniswap pool – generally, there are no coding required.
Exchange Committee member will setup segregated account, transfer funds there and start Uniswap pool – it's completely transparent process as all txs and the Ethereum account, that will be used to launch the pool, are publicly visible on the blockchain.
 
The remaining funds for the Uniswap pair — USDC — are available from the previous grants
FCT from previous grants were liquidated in 2020 because the mid-tier exchange, that we wanted to get listed on, asked for the listing fee in USDT. This listing never happened, so Exchange WG has this funds.
 
There is not a lot of "work" to launch Uniswap pool – generally, there are no coding required.
Exchange Committee member will setup segregated account, transfer funds there and start Uniswap pool – it's completely transparent process as all txs and the Ethereum account, that will be used to launch the pool, are publicly visible on the blockchain.
Sure, I’ve launched several.

I mean, who are you working with on the bigger picture here? What is the bigger picture? FF still on?
 
Sure, I’ve launched several.

I mean, who are you working with on the bigger picture here? What is the bigger picture? FF still on?
Factom Finance would be good to have, although no team (that I know) has started the development yet.

The first step, anyway, is Uniswap pool, which opens back the arbitrage for FCT against Bittrex, let the US investors to trade FCT without OTC and let the US ANOs to sell tokens easier.

All of the above is good, and if someone builds FF on top of LP pool, it will be even better.

The bigger picture is https://wfct.network/#roadmap
 
Factom Finance would be good to have, although no team (that I know) has started the development yet.

The first step, anyway, is Uniswap pool, which opens back the arbitrage for FCT against Bittrex, let the US investors to trade FCT without OTC and let the US ANOs to sell tokens easier.

All of the above is good, and if someone builds FF on top of LP pool, it will be even better.

The bigger picture is https://wfct.network/#roadmap
It may not be relevant, but as a liquidity provider, what will be done with the Exchange WG earnings from the pool?

Note: IRT Factom Finance (FF), as some might be tracking Kompendium has done some foundational work for a DeFi platform atop of Factom, but it is different than the Factom Finance idea.
 
It may not be relevant, but as a liquidity provider, what will be done with the Exchange WG earnings from the pool?

Note: IRT Factom Finance (FF), as some might be tracking Kompendium has done some foundational work for a DeFi platform atop of Factom, but it is different than the Factom Finance idea.
Earnings from providing liquidity will be accumulating and auto-compounding into the pool — it's happening automatically due to the design of Uniswap v2.

From Uniswap docs:
There is a 0.3% fee for swapping tokens. This fee is split by liquidity providers proportional to their contribution to liquidity reserves.

Swapping fees are immediately deposited into liquidity reserves. This increases the value of liquidity tokens, functioning as a payout to all liquidity providers proportional to their share of the pool. Fees are collected by burning liquidity tokens to remove a proportional share of the underlying reserves.

Since fees are added to liquidity pools, the invariant increases at the end of every trade. Within a single transaction, the invariant represents token0_pool / token1_pool at the end of the previous transaction.
 

Chappie

Factomize Bot
This is a final warning that the community has just 24 hours from now to ask any last minute questions.

Other important dates:
  • After the question period ends on Aug 6, 2021 at 23:59 UTC, you may continue to answer last minute questions until Aug 7, 2021 at 23:59 UTC
  • Once the answer period ends, voting will start one minute later on Aug 8, 2021 at 00:00 UTC
  • Voting will be closed on Aug 10, 2021 at 23:59 UTC and the results will immediately become available.
 

Chappie

Factomize Bot
The Forum Question Period has now ended. Teams will have until Aug 7, 2021 at 23:59 UTC to answer any last-minute questions.

Other important dates:
  • Once the answer period ends, voting will start one minute later on Aug 8, 2021 at 00:00 UTC
  • Voting will be closed on Aug 10, 2021 at 23:59 UTC and the results will immediately become available.
 

Chappie

Factomize Bot
The Answer Period has now ended and Standing Parties may now vote.

Voting will be closed on Aug 10, 2021 at 23:59 UTC and the final results will immediately become available.

Instructions for Standing Parties:
  • You may vote in any thread or on this page. The ranks are mirrored once you save.
  • Drag and drop using the three-lined icon at the left of the grant proposal and hit "Save" when done.
  • If you change rankings and leave the page without saving, those changes will be reversed and not count.
  • You may change your vote as many times as you like prior to the vote being closed.
  • If you "Abstain" that means your vote won't be counted no matter what you ranked that proposal.
  • If you deselect "Approve" how you rank the grant matters, but 60% of voters must approve the grant for it to be funded.
 
Status
Not open for further replies.
Top