This proposal is expected to appear on Snapshot for voting on 2021-10-10T12:00:00Z. Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.
Proposal to Whitelist Auctus Token (AUC)
TL;DR
- Proposal to whitelist AUC.
- Proposed co-investment is 100,000 BNT.
- There are no apparent security concerns that would prohibit whitelist status.
- There is no reason to doubt the legitimacy of the Auctus project.
- The benefit to Bancor is clear.
AUC token address: 0xc12d099be31567add4e4e4d0d45691c3f58f5663
Project Website: https://auctus.org/
Token Security
AUC does not have an elastic supply, or rebase mechanism. The Auctus contracts do not have permissions that grant administrators unrestricted mint/burn capabilities. The AUC token supply is fixed at 65,829,630, of which 35,456,754 are in current circulation. The contracts and addresses with the highest concentration of AUC tokens are predominantly the contracts with options mining liquidity program rewards, Reserve and team’s wallets, and an Uniswap V3 pool.
Project
Auctus started as an early mover in the DeFi space aiming to innovate the pension/retirement space in 2018. Despite shipping several products in the niche (Auctus Experts, Auctus Terminal, and Auctus Mobile), the team noticed that the world of DeFi and retirement planning did not provide a suitable product market fit. Through their early work in the DeFi space the team discovered both the opportunity and implementation of on-chain options, making them one of the first movers in the on-chain derivatives space. From there things started quickly picking up.
In May of 2020 the Auctus options protocol went live making it the first American-Style options protocol, and the second on-chain options protocol in the world (only pre-ceded by Opyn). Four months later it surpassed $1mm in TVL. While DeFi summer cooled down, Auctus saw renewed interest from the community, securing an activist investment from Hartmann Capital. In Q3/4 2020, Auctus went on to launch its options AMM, the first options Vaults, released its new token model, and became the first options protocol to launch options OTC allowing anyone to create any ERC-20 options they want.
With a near complete suite of options products the team is looking to improve liquidity, collateral capital efficiency, and data visualization in 2021, as well as integrate Auctus options into the wider DeFi ecosystem in 2021 and beyond.
Tokenomics
AUC is a value accrual token that is tied to the value generated by the options network. When options traders engage with the Auctus protocol by buying, selling, writing and exercising options, or using the options vaults, fees accrued are sent to the Black Hole address which uses the accrued fees to provide liquidity for AUC on decentralized exchanges. This provides both an instant buying pressure, as well as permanent price support. Unlike the Buy & Burn Model, the Blackhole Model creates a token sink with the side benefit of providing deep liquidity over time and a minimum intrinsic network value based on the reserve assets (ETH, USDC, WBTC) deposited into the blackhole.
Community and Communication
Auctus is active o Telegram, Discord. The Auctus team also operates official Twitter accounts. Activity on GitHub is frequent, with new updates appearing every month. The development team and advisors are presented in the team section on the Auctus website. The Auctus website includes a contact email for general inquiries: [email protected]
Available Audits
Auctus core protocol has been audited by OpenZeppelin.
Market and Trading Data
- Auctus’ price at the time of writing is $0.080563
- All-time high: $1.09 (May 06, 2018)
- All-time low: $0.00097544 (Nov 18, 2019)
- Price 90 days ago: $0.080250
- 35,456,754 tokens in circulation
- 65,829,630 maximum supply.
- The current market capitalization is $3,589,285
- The Auctus token is available on multiple exchanges, including Sushiswap, Uniswap, PancakeSwap, HitBTC, Hoo, Balancer.
- Deepest AMM pool is UniswapV3 with ~$350k in liquidity.
- The daily spot volume avg is ~$25,000
Benefits for Bancor:
Auctus users trade mainly using DEX exchanges and are very active on DeFi space, which means a high percentage of the community will try and join the Bancor ecosystem. In addition to this, the team will actively promote Bancor DEX whenever users ask where they should trade, since Bancor will become the most liquid dex venue for trading AUC.
