Proposal discussion: Market-Making Initiative from Kronos Research

That’s a good idea (ama), and by that the wider communities can be more alerted about them and who they are and what they do.

Also medium reports are always published thereafter all AMA’s, so perhaps including more languages can reach even more folks and educating us.

I’ll be voting yes anyways.

For me having a reputable & professional MM entity is all good, hindsight knowing that the team will be liaising with them anyways, which will/should include all questions raised already. :muscle:

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I will vote yes. Would be crazy if voting no

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That’s the only thing I needed : team support.
Will vote yes then…

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I am voting yes but i have many question. AMA is good to here something.
Another option is BINANCE what about it ?

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Voted “yes”

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YES! Much needed to have a healthy trading activities & liquidity … Get it up soon :stuck_out_tongue:

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Let’s get it moving; voted yes!

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Voted “Yes”.

This is big. Also, I think it would be nice if Validators commented on this proposal. So, there could be a clear nod to go ahead as potential accumulated delegated votes could be measured.

However, if the company supports this proposal, Kronos Research should not waste any more time and put the proposal up for voting as it will most certainly pass.

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Liquidity is secret to success….nice to see KuCoin added,
Don’t know giving outside companies control is wise
Proposal should state 6mm spread whose getting What
What control we maintain in decision process over that year
Proposal should also explain What are our options at years end
Looking forward to see proposal SO YES LETS LOOK AT PROPOSAL

Naturally a big YES from me too :-)) I’m so happy to know this post was beneficial !

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Interesting to see some liquidity on pancakeswap as well.

Thanks Kronos team for adding Kucoin based on community’s feedback.

Personally, i am really excited about this. Looking forward to the AMA.

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This is what we actually needed for fx :white_check_mark::white_check_mark:

Looking forward for AMA :+1:t3: it’s good choice.

With company, community supporting this proposal and we at DAOverse also support the idea so we will definitely vote yes on proposal as soon as further specifications are released.

Fly Me To The Moon :crescent_moon:,

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Yes i agree. this is what we need for FX ecosystem, thats why i already put this into our daoverse proposal aswell, but i think this proposal has far too few informations.

we need further informations about loan and working specifications. Which i asked for in this thread but was not answered yet. So we are looking forward to the AMA.

as @KuzoIV said daoverse will remain in neutral position until further specifications are released.

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Can the team also contact Litecoin foundation / Cyprus university / Blockchain Collaborative Consortium / Asosiasi Blockchain Indonesia / Scale Moment Group… to cast their votes?
@zaccheah @DavidK @BlueStitch or other teammembers.

The sooner the better :slight_smile:

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Hi !

Here’s my 2-cents on the evaluation of this proposal.

0–Introduction
Proposal #9 was activated on 12/FEB/2022 02:44:27Z and will finish on 26/FEB/2022 02:44:27Z.
The objective is to fund Kronos Research to provide liquidity on centralized exchanges using automated Market-Making algorithms, without influencing the direction of the market, by fulfilling automatically orders in both directions. This is approximately the same as providing a liquidity pool on decentralized exchanges. It should indeed help price discovery on FX pairs.

1-- Legitimacy
Kronos Research is a legitimate company of automatic market-making trading. Based in Taiwan, they have many skilled employees (software, trading, …). I couldn’t check whether the people asking for the money are “real”, i.e. are from the real company : so, I’ll assume that if @zaccheah support the proposal and confirmed a potential contract setup with Kronos Research, the “In-Real-Life” steps were already verified.

2–Amount
The amount requested by itself is not shocking, even if it’s really high (6.8M $FX).
Overall, 6.8M $FX represent approx. 5 current days of volume on Bithumb, Coinbase, Kucoin and Upbit.

3–Proposal deposits
An initial 10k FX deposit was made from FxCore address fx1l6suag4xa7gdxrzf6xd6gtu6hk8wtx6thnr8vz.
This deposit can be traced back to the FxCore pre-launch staking team address on ERC-20.
Why is it linked to a team address ? Is the team driving this proposal ? Transparency must be given in that sense. This needs clarification before the proposal ends (Question 1).

4–If proposal passes
The 6.8M $FX would be transferred from Community Spend Pool to the following FxCore address fx1e2xjrsa0peksu66dhn5kvma7y8hdyz4zsjlxgn. This seems to be a pretty new address that we will monitor in the future if the proposal succeeds. We assume the funds would go back to an ERC-20 address to find their way to each of the centralized exchanges listed : Upbit, Bithumb, Coinbase and Kucoin.
Also, 6.8M $FX would leave the bonded delegated tokens, thus increase APY at some point, and maybe come back later on from centralized exchanges. We assume that it would contribute to dilute teams’ tokens (especially if taken from the EGF and not from the CSP) and increase public voting power, which is an extremely good point.

5–Governance
Our analysis of the blockchain tells us that, once again, public validators are far from having enough power to allow quorum reaching. Only team addresses and team validators would allow that. This doesn’t go into a sense of real DAO-governance. Thus, what is the point in voting ? This needs clarification before the proposal ends (Question 2).

6–Other

  • It was our understanding that the funds were to be provided by the Ecosystem Genesis Fund, and not by the Community Spend Pool : but the proposal says the contrary (result of the fxcored query gov proposal 9 ==> '@type': /cosmos.distribution.v1beta1.CommunityPoolSpendProposal). This is really disturbing because it was never stated (nor seen in the blockchain) that the Ecosystem Genesis Fund (controlled by the team) would fund the Community Spend Pool (controlled by the staking delegators – mainly by the team for now-). We didn’t see a transaction in that sense, neither did we see a proposal from the team to fund the Community Spend Pool with 6.8M from the EGF. There’s a clear lack of transparency on this matter in general. This needs clarification before the proposal ends (Question 3).
  • A big missing point in the proposal is the description of how the company will report to the users how which part of the funds are being used on each centralized exchanges, how (and how much) the company will remunerate from this funding. This needs clarification before the proposal ends (Question 4).
  • Is the team going to contact associative validators ? This needs clarification before the proposal ends (Question 5).

Conclusion
Even though @FrenchXCore validator is really into this proposal (in favor of a YES), we would very much appreciate more transparency about this proposal, actually not from Kronos Research but from the team !
An answer to below questions would be much appreciated:

  • Question 1: Has the team funded this proposal deposit on behalf of Kronos Research ?
  • Question 2: Since public validators and delegators do not own enough to reach quorum, is the public vote required to get an overall public feeling ? How will the team contribute to reach quorum this time ?
  • Question 3: Will the team fund back the Community Spend Pool with 6.8M $FX from the EGF addresses if proposal passes ?
  • Question 4: Can we have more information about how Kronos Research will report back the use of the funds regularly to the community ?
  • Question 5: Is the team going to contact the associative validators or vote on their behalf ?

Thanks a lot for that.
@FrenchXCore

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I would like to see that all Validators have placed a notice; just in regards to your final decision Voted on, in all social media.

this will help the Delegators in their decisions when waiting on undecided Validators, because if a validator votes abstain we as delegators can vote Yes or No to our preference, it’s pointless for individual’s to vote if the Validator your on vote’s Yes or No; this leaves us in the hands of Validators, Delegators attention may be lost if Validators take to long to make a decision & leave your delegators questioning why they back you, Validators should already be on top of things & decided by the time a proposal is launched in my view; lag on your side will reflect the confidence of delegators especially if a proposal is rejected & the unknown majority wanted it.

I also would like to know if there is a system or if a system can be put in place; your delegators votes can have a way to signal each validator individually their vote position in a %, so a Validator knows if their undecided their decision maybe better to abstain ASAP to allow your delegation to have the deciding vote result. this would make it viable for a Delegator to vote straight away to signal a validator their preference; then a Validator can say I’m undecided vote and show me your decision

Hey Bob,

All validators votes will be viewable soon. Its already on the testnet.

My vote today bumped it up to 5m fx votes today, which is what I have delegated (1.58% voting power).

Am not sure if I understood correctly what you meant on the last point, but hopefully the above paragraph helps. Your delegated contribution of fx is the power. A private percentage given will be neat though for individual delegators.

my 2nd paragraph is about a Validator being able to read or get a reading of the choice / wishes of their delegates, Your delegates need way to communicate their wishes to their validators as well, also should be with in a validators interest to know how their delegator’s favor your decisions, that can be done if a % meter is on each validator of vote positions made from their delegates.

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Hi !

Actually, DAO governance, as implemented in Cosmos-based blockchains like FxCore or PundiXChain, is pretty complex.
Even though the vote result is available live, it is recomputed until the last minute depending on which validators have your delegations at the last second of the proposal period.
It is important to note that a delegator’s vote will always take precedence on its validators.
But of course, it would help to know what each validator voted.
On another hand, important questions are still unanswered, and we must give some time for the team and the proposer to answer them. We still have 13 days available for that.

Regards,
@FrenchXCore