BSL DAO to grant liquidity for the BankSocial exchange

This is a proposal for BSL DAO to grant a portion of the SLP for Fivancial to provide liquidity for the BankSocial exchange.

This initial proposal is for four months (calculated 30 days per month) and starts on the day liquidity is transferred to the exchange. At least one month before the four months pass, both parties have to evaluate if they’d like to continue or cancel this cooperation, and if they’d like to adjust the numbers. An open ended contract can be established later.

We propose BSL DAO grants the following SLP funds to be a liquidity provider for the Banksocial Exchange and/or Fivancial.

The following terms are proposed:

Initial liquidity provided: $25,000 USD

No more than $100,000 USD of the total funds in the SLP can be used to provide liquidity to the exchange unless the BSL DAO votes to increase the amount.

The delegates alone can vote to increase this by granting access to the CEX in $25,000 USD increments as more liquidity is needed by the exchange. Majority rules apply, meaning, 3 out of 5 delegates must approve/deny the vote. The delegates must always notify the community of such a vote and the result. The reason behind this is to be able to move quickly in case of need, without a 2 week long full voting process. This will only happen if the volume requires it, or there is some other similar reason.

The community (as always) has the power to override the delegate decision and ask the granted extra (or all) money to be moved back into the SLP, in which case Fivancial must pay it back within one month (30 days). This grant period is so they can look for other funding as a replacement.

Fivancial guarantees to always use the SLP granted liquidity first (BSL DAO has first right of refusal). What that means is: They have the right to acquire additional liquidity funding from other sources, but they will always use the SLP granted funds first (thus giving stakers the highest possible return for their investment).

Estimated SLP USD value at the time of this proposal: ~$300,000 USD combined (eth+bnb).

In exchange for granting liquidity, stakers receive part of the exchange fees in crypto, in the following manner: For granting LP to the CEX, Fivancial gives back 10BPS (Basis Points) for the SLP from every sell transaction.

** This proposal is for ONLY buys on the exchange

For the sake of transparency towards the community, Fivancial agrees to the following: They will host an open github repository, under an MIT open source licence (The MIT License | Open Source Initiative 1). This repository will contain this license, and a file, which contains a file with up-to-date information regarding the CEX wallets (past and present). In the long run, the goal is to have a simple, community (BSL DAO) managed website that can follow these wallets and show calculations automatically and publicly. The repository will also contain an easy to understand, step-by-step documentation for everyone who wishes to host this website locally to make sure no tampering is possible whatsoever. PR merge and admin rights to this repository is to be granted to community members later via a separate vote.
The actual numbers, worked out:

For a $100 USD sell, we get $0.10 USD worth of crypto at the time of the transaction.

The reason behind these numbers (and why can’t they be higher) is because there are costs on Fivancial’s side. Profitability and more importantly, sustainability directives must be met.

Important notices:

All of these will be in crypto, at the time of the transaction, not a fixed dollar amount. So, as the price moves, so will the benefits.

After this proposal is passed, there will be a next proposal for staking and payout rules. In the meantime, we are working on that proposal for the community to review.

Voted, thanks for posting on temp :+1:t2:


Voted and excited for this one.


Voted! Thanks for putting this on Zimmy!


Great stuff!!! Thanks for this, looking forward to it!


Voted! Excited for this next step!


Voted. Let’s get this up and running!


No brainer, this is a great step towards the exciting future we have as holders!


Voted :clap:t4: Let’s get this going


Excited to get this up, voted!


Exciting times, LFG with this and move it to fast forward!! :star_struck:


Woohoo! That was fast. Lets get this on chain. More utility here we come. Excited for the future of BSL.