we as DAOverse Validator have made our decision… we voted “yes” for the Kronos proposal,
every Delegator who does not want to vote yes on this please cast your own vote to overrule the voting to your favor.
Let’s build this world. Together.
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Hi everyone !
I’d just like to remind one thing to everyone : public validators only represent 27% out of the total voting power, which is not enough to reach the 40% quorum. Here, I’m not talking about a YES vote but just to vote YES/NO/ABSTAIN/NO-WITH-VETO, which counts into quorum reaching.
This means an effort must be made toward all delegators staking with FX team and institutional validators.
We definitely can’t afford to see a team-approved proposal not going thru !
I’m also engaging the team to vote : not through team validators, as already told, but using team’s personal FX delegator addresses ==> @zaccheah @DavidK
Have a nice day !!! And thanks again for this instructive AMA.
Regards,
@FrenchXCore (7 associates : 6 male, 1 female 
)
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Thank you DAOverse (@Alchimist), @FrenchXCore and the rest for the vocal support.
PS: @FrenchXCore your real identity revealed yesterday 
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We need this proposal to go through. 
As @FrenchXCore already mentioned, the public validator holding only 26%. @zaccheah @DavidK we need the company validator to fill up or by redelegation to public validators who already voted yes. In my opinion filling the quorum with company validator is the better solution.
If the 3-person committee appointed by the foundation all approves this, they will get another ~15% voting power. @benyorke.eth should be working with @Danny and @Richard to have Kronos vetted by our team. We will chose a very technically strong committee for vetting.
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Would be the committee be ready to vote on proposal 9?
Just wanted to update that we have filled out the pull request on Github so that our proposal is now formally stored. Since the vote was already active, it probably wasn’t 100% necessary, but we wanted to follow all the guidelines in the spirit of transparency and decentralization:
https://github.com/FunctionX/FunctionX-EGF/blob/main/applications/kronos_research.md
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Hi Function X community,
Wanted to continue giving regular updates from Kronos Research.
We received the loan and bridged it this week: https://etherscan.io/address/0x6c0b942146f1518de0a461f5be6855c4d52346e8#tokentx
We are already beginning to trade on Coinbase. I’ll give an update on when we ramp up there and begin on other platforms soon.
For those who like details and transparency, here are the numbers regarding the token option:
The average market price was calculated using a 7 day average prior to beginning market making (based on the Coinbase FX/USDT hourly close between 2022/3/4 0:00 to 2022/3/11 0:00 UTC). According to the calculation, the average price was $0.50.
The token option for the borrowed 6.8m FX tokens has three tranches:
A. 2,266,667 at $0.55 (Average price * 1.10)
B. 2,266,667 at $0.67 (Average price * 1.35)
C. 2,266,667 at $0.74 (Average price * 1.50)
At the end of the 12 month agreement, Kronos Research can purchase the tokens according to the above terms (in stablecoins), or choose to return the FX tokens to the Foundation.
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wish I really understood what this means for us, less than a few months ago our value average was around .90 - 1.25
are you able to give an idea of what happens in the scenario where FX was to run up to say $100 at some point, how dose this adjust with the arrangement, like do you now work the market range around stabilising the market then around that price level
This has nothing to do with the market making. It’s just the terms of the loan deal. Market making is putting equal amounts of liquidity on either side of the midpoint, allowing people to enter or exit more efficiently.
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This seems perfectly fair.
I wonder now how volume will be affected by this action.
Keep us apprised, please…
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Congrats on the Huobi listing, FX community.
This is a top 10 exchange globally, and in order to expand market-making there and provide sufficient liquidity the Kronos market-making team would need an additional 800,000 FX tokens (currently, we’ve borrowed 6.8m FX tokens to market make on Coinbase, UpBit, KuCoin, and Bithumb).
For reference:
- The KPI would be identical to KuCoin
- Kronos would have an option to return or buy tokens according to the terms of the previous loan.
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Nice to see Kronos wanting to provide more liquidity!
But just wondering, currently the liquidity has been deployed on Coinbase only right? Are there any updates on other platforms?
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My assumptions:
-The recent spike in trading volume which was over $100m (according to coingecko) was possible because of the presence of market makers.
-The liquidity of KuCoin, BitThumb, Coinbase and Upbit seems to have considerably increased based on coinmarketcap ratings.
-The speed at which trades are happening does show rising confidence among traders as FX now has better liquidity among major exchanges.
Just my opinion:
-Why don’t we instead allocate up to 5m FX for market makers to the foundation who would serve as the custodian
-They would have the power to give it to any market maker proposing to them that they feel are worthy
-This would greatly speed up the process and reduce any delays
-Would also ensure that the listing on any big exchanges would immediately be on ‘high performance mode’
-At the current rate of rise in volumes, Binance listing does not seem to be far away. And we surely do not want to wait 14+ days to get high liquidity on top exchanges. The hype might be over by then.
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I’d tend to allow a special fund which purpose would be to fund MM on any exchange, and unblocked step by step as listings happen.
However, i’m still eager to see this being funded by the EGF and not by the Community Spend pool (CSP).
I didn’t check if the EGF refunded the CSP after last proposal succeeded.
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coinbase and kucoin for now.
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The reports will be shared monthly, the first month should end on April 10!
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I like this type of proposal. Decentralize the broader decisions, but allow a small centralized committee (such as the foundation) to execute more detailed actions in a relatively quick style (in a transparent way of course).
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