Hey Octonauts,
As you know, the core team has paid most of the expenses ourselves (Audit, Development, Bounties, Infrastructure..) and will continue doing so.
As we are looking to further decentralize the project, there will be at some point a multisignature council to handle project funds and allocate funding to governance proposals. That's why we believe it is necessary to increase funds in our stable reserves, to make the project more agile and resistant to volatility.
At time of writing, our project reserves contain 33,468 USDC, which we propose increasing to 50,000 USDC over the next 2 months.
Our plan is to slowly liquidate some OCTO from project reserve over the next 60 days, in a transparent and controlled manner, to make it irrelevant in the eyes of the market.
Proposed plan:
- Liquidating up to 420 OCTO in the next 60 days
- Limit the total daily liquidations to 8 OCTO
- Only liquidate if the price is over $40 (Uniswap)
- Transparency report will cover all transactions
- All trades executed by deployer wallet (transparent)
Cost: 420 OCTO
Wallet: https://etherscan.io/address/0xd06777d9b02f677214073cc3c5338904cba7894a
Question: Do you like the idea of increasing the stable project reserve?
You can also suggest different ideas on our corresponding governance discussion: (include specific den.octo.fi link)
We will include them in another OIP round if required.
Best wishes,
Dr Octavius.
Vote Options:
- Yes, we need more USDC reserves
- No, please keep that OCTO
- I don't care, do whatever is the best for the project
Vote here: https://app.octo.fi/#/tools/governance/octofi/proposal/QmSoPMJr2j2oP4p8qnZCz1mLPsbs4BeQPw1XEgpKbEmfR5
