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Launch liquidity auction for INV #11

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ghost opened this issue May 3, 2021 · 0 comments
Open

Launch liquidity auction for INV #11

ghost opened this issue May 3, 2021 · 0 comments

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@ghost
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ghost commented May 3, 2021

We want to maintain liquidity in the sushiswap INV/ETH pair. The rationale for this initiative is to have a sustainable liquidity pool for the xINV oracle.
In light of the above we want to trial auctioning off treasury held INV allowing bids with INV/ETH SLP tokens.
We have identified the mechanism for the auction in the Gnosis auction platform

We would start with an amount of around 300 INV.

The draft proposal would be:

// Approve auction contract
0x41d5d79431a913c4ae7d69a668ecdfe5ff9dfb68.approve(0x0b7fFc1f4AD541A4Ed16b40D8c37f0929158D101, 300*10^18)

// Start auction 
0x0b7fFc1f4AD541A4Ed16b40D8c37f0929158D101.initiateAuction(
        0x41d5d79431a913c4ae7d69a668ecdfe5ff9dfb68,                    // Auctioning INV
        0x328dfd0139e26cb0fef7b0742b49b0fe4325f821,                    // Bidding with LP 
        0,                                                             // No cancellation grace period
        uint256 auctionEndDate,                                        // TBD
        300*10^18,                                                     // Quantity to sell
        uint96 _minBuyAmount,                                          // TBD based on market conditions
        1*10^18,                                                       // Minimum bid to reduce gas settlement cost
        0,                                                             // We can partially sell
        true,                                                          // Allow final bid after end to incentivise settlement cost 
        0x0000000000000000000000000000000000000000,                    // No access control
        0x                                                             // No access control
    )
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