Proposal: Whitelist PHTR token with 100k BNT co-investment
For this proposal to pass, it requires a 35% quorum and 66.7% supermajority.
This proposal is expected to appear on Snapshot for voting on Sunday 23rd January 2022
TL;DR
- Proposal to whitelist PHTR (Phuture token)
- Phuture is a decentralised asset management protocol focused on delivering quality index products to retail and institutions
- The proposed initial co-investment limit is 100k BNT
- There are no apparent security concerns that would prohibit whitelist status
- Whitelist approval will set us up to bring our liquidity mining programme to Bancor v3
- PHTR is listed on gate.io, coingecko, coinmarketcap and verified on etherscan.
Justification
Overview
Phuture is a decentralised asset management protocol allowing for the creation and investment of index products.
- Earlier this year we raised $2.75mm in seed funding to enable us to launch our protocol and interface to the market.
- We are in the final stages of development and our product launch is targeted for Q1 2022.
- The protocol automatically rebalances and updates portfolios of assets to track a specific strategy set by the index manager.
- Our end goal is to build index products that are easily accessible by the masses and help bring over the next wave of people into crypto.
Current Liquidity
The PHTR token currently has two main pools on Sushiswap, which are USDC/PHTR and ETH/PHTR which collectively have circa $700k in liquidity. We are proposing that we whitelist the PHTR token with a co-investment limit of 100k BNT which would enable the Bancor pool to become the largest and most liquid pool, attracting the lion’s share of the trade volume due to improved execution. We are confident that opening up one sided staking for PHTR token holders would attract a meaningful share of liquidity from our current ePHTR staking programme. This programme has around 2mm PHTR tokens staked. Thus we expect to use up the 100k BNT limit reasonably quickly.
We are currently running a liquidity mining programme for our USDC/PHTR pool on Sushiswap. Another reason for our proposal is to allow us to execute our liquidity mining programme directly on Bancor v3 by dropping PHTR rewards to participants of this pool. This would effectively act as an additional incentive to bring liquidity from the sushiswap pools over to Bancor. We expect that this would allow us to surpass $1mm of liquidity in our Bancor pool.
Additionally, our ePHTR staking programme would be the perfect destination for excess tokens in our Bancor v3 pool that are not matched with any BNT, allowing for further yield optimisation.
The ETH/PHTR pool is currently incentivised via Harvest Finance and there are no immediate plans to change this.
The PHTR token
PHTR is the governance token of the Phuture protocol and it allows its holder to participate in governance and share in the protocol’s growth both via dividends and capital appreciation. As the protocol evolves more use cases for PHTR will come to fruition and its pervasiveness within the platform will rise.
- 100mm initial max supply
- Minter role is governed by the DAO multi-sig. The minter role only exists to continue incentivising and growing the Phuture ecosystem, should the initial 100mm max supply fail to get us to self-sustainability.
- Minting is restricted
- Pauser role has been deactivated
- Non upgradeable contract
- Contract uses standard OZ contracts
- No rebasing or elastic supply
Token metrics and statistics can be found on our Dune analytics page: Dune Analytics
Summary
In summary, we see the whitelisting of PHTR as the start of a long working relationship with Bancor, which can not only grow as Bancor 3 is launched but also allows us to explore other areas of collaboration with our index products in the future.
FOR - Approve Whitelist + Trading Liquidity + IL protection
AGAINST - Do Nothing
Uni and Sushi have been the go to AMM, but I am super interested in the IL protection/lower gas fees (I’ve spent 35eth in gas fees over two wallets last 4 years(!)).
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