Proposal: Whitelist Auctus Token (AUC) with 100k Co-investment

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: contact@auctus.org

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.

7 Likes

Big fan of the Auctus platform and glad to see it up for voting here on Bancor, looking forward to voting in favor FOR this whitelisting. Well done!

Really happy to see this pool alone will have the deepest AUC liquidity on Ethereum.

4 Likes

Auctus is a hardworking, committed, and open-minded team, with years in the industry. As a current Bancor user, I look forward to voting in favor of this whitelisting.

3 Likes

Nice, would like to see Bancor add this.

2 Likes

yup, i agree with you.

2 Likes

Awesome idea! Can only support this proposal.

1 Like

Deepest Auctus pool is AUC/WETH on SushiSwap, with $1,674,643.57. With the proposed 100k BNT co-investment, the pool can accomodate around $800k liquidity [1].

Once the space is occupied, and if volume justifies, we can consider increasing the co-investment to make this the deepest Auctus DEX pool.

[1] Auction-WETH | SushiSwap Analytics

1 Like

The sushiswap pool is for auction-WETH which is another token that is not AUC.

image

It looks like this token has very little liquidity otherwise on uniswap/balancer. Roughly ~75K combine from what I can tell.

1 Like

That’s right, my bad, the liquidity is quite small.

There’s a Uniswap v3 pool with $130k liquidity.

https://info.uniswap.org/#/pools/0x46c765610786d4ffcb0487203783e6f74a1823a2

A 100k BNT co-investment allows us to have the deepest DEX liquidity pool from the looks of it.

2 Likes