Proposal: Whitelist Sandclock (QUARTZ) + 125K Trading Liquidity / Treasury Match
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 REDACTED. Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.
TLDR;
- This proposal seeks to whitelist the QUARTZ token.
- Requested Trading Liquidity of 125K BNT
- Sandclock Team will match with 15K Quartz (Valued at roughly 300K USD)
- There is no Reason to doubt the legitimacy of the project/team.
- SandClock is a unique type of Yield Aggregator so further integrations with Bancor are very plausible.
Contract Address: 0xba8a621b4a54e61c442f5ec623687e2a942225ef
Project Website: https://www.sandclock.org/
Project
Sandclock’s Mission
Gone are the days of crypto existing only as an exclusive club with a steep barrier to entry. Crypto-natives will always be out there making moves, but now, Sandclock is opening a door to the rest of the world too. We will bridge the deep divide between crypto-natives and those who can just about navigate a computer. We say the more the merrier.
This space is riddled with barriers to adoption — legal yes, but also exacerbated by subpar UX. The latter is within our control and Sandclock aims to correct this issue by providing a clean experience with an elegant and intuitive interface. For those who are not native to this space, Sandclock is creating and integrating the chain agnostic tools to onboard and automate the UX — it is the perfect testbed for them.
There has been little altruistic innovation in DeFi, so we decided to use our expertise and develop the next generation of crosschain yield optimizers with the option to donate your yields to causes that are important to you. Leveraging this, we created a system that not only amplifies donations, but does so without ever emptying your pockets. That means more money for causes that are close to your heart at no actual cost to you. A zero-loss donation & perpetual endowments. Does it sound too good to be true? It’s not. Check out Our Vaults below to learn how we do it. In the meantime, we’ll paint you more of our vision.
The Rationale
The charity market in the US alone is worth $400 billion a year. And the inheritance market is worth another $700 billion a year. Those are some big numbers. We will reach out to worthy organizations and charities to ensure that our message spreads far and wide. Of course you can still use Sandclock as a “normal” crosschain yield optimizer that is fully insured — it is a novel product on its own — but that is precisely why we baked governance into our mission. We want to incentivize users who are charitable. So, in order to participate in governance, there are two routes you can take: you either buy our token, or donate some or all of your yield. You can even donate both the principal and yield to maximize your donation. The greater the impact of your donation, the greater your voice and your share of the protocol, for as long as your deposit lasts. As innovative as Sandclock is, we are not simply creating our own tools from scratch. We are taking existing products and integrating them into our platform. But we give back. Every product that we integrate will be official partners of Sandclock and are actively collaborating with our team in order to reduce risk for our users and create a sturdier and more resilient ecosystem that will survive the test of time.
Our Vaults
Much like other yield aggregators, Sandclock is a collection of risk-adjusted vaults.
We employ true crosschain strategies across all Ethereum Virtual Machine compatible chains, as well as chains that otherwise have secure bridges to Ethereum.
Unlike other projects that boast about crosschain features, only to disappointingly have nothing more than a crosschain token that rewards activity in two or more chains, Sandclock’s strategies rely on a myriad of chains — and for that, we leverage Connext’s state channels for Layer 2 (L2) composability, and other ways to bridge the chains, such as xDAI’s OmniBridge, or Terra’s Shuttle depending on the strategy.
We have risk-adjusted vaults.
Each vault will have an arbitrary risk rating. This does not refer to the loss of principal, or even smart contract risk (as they are insured), but rather, the volatility of the underlying assets. That being said, the assets and protocols Sandclock will work with will be vetted by the team, and will only feature relatively stable assets that are unlikely to incur significant impermanent loss, if applicable to the strategy.
We are fully insured.
By the time we launch we will have undergone a full audit by a top tier auditing firm. As a result, we have partnered up with a well-known up and coming insurance protocol. This means your yield will be automatically used to pay for the small insurance premium on L2. No longer will you need to think about smart contract risk with us!
However, there’s more!
In order to ensure that the yield generated will always be enough to purchase cover against smart contract risk, our vaults will be split into two components:
- A fixed-yield component to fully insure against smart contract risk, adjusted to cover against impermanent loss when need be;
- A variable-rate strategy with a higher, but more volatile potential upside.
But there is one caveat. Because we are deploying capital using crosschain through the use of bridges, each vault will have user-adjustable time-locks — you must choose the length of your deposit from the very beginning and commit to it. It’s okay to be an ape, to swing freely from one branch to the next, but do so with conviction! 
Distribution
Team/Operations tokens will be vested linearly over three years. If at any point during our temperature checks, the community wishes for complete decentralization, we will gradually distribute our share of the tokens through liquidity provision. Initially, for the success of the project, the team will retain a significant portion of the tokens, outlined above. That being said we will refrain from voting on certain proposals with an excessive amount of tokens. For instance, when deciding which organization to donate part of the proceeds to, the team will take the median amount of $QUARTZ held by all holders and place a vote with that amount. At no point will we ever vote with everything we have.
As for the community, allocation will be as follows:
- 2% Insurance. In the event of loss of funds, 2% of the insurance fund will be distributed to the victims; Do note that this is an additional layer of protection against other risks — if everything goes accordingly, each vault will have another layer of built-in insurance. These tokens will be used to losslessly bootstrap the insurance treasury contract.
- 5% Charity. Governance decides which charity receives protocol fees; to be done quarterly; claim is on the fees generated by staking so these tokens are essentially out of circulation and permanently staked.
- 10% Liquidity Mining. To be distributed over the course of 1 year.
- 6% Sales. To be sold in 2 phases before the token and product launch; 1 fixed price public sale and 1 LBP phase II price discovery sale.
- 7% OTC Sales. Strategic round. OTC purchases will always be vested. NOT TO BE MISTAKEN FOR TOKENS ACQUIRED THROUGH PHASE I AND II OF THE INITIAL PUBLIC SALE!
- 10% Ecosystem Development. Grants program. Build your protocol on top of Sandclock’s super programmatic money vaults and get a stake in the protocol.
- 10% Treasury.
- 30% Charity Mining. Make a donation through one of our various vaults on our supported L1s, $QUARTZ gets auto-staked on Polygon, as per our previous article.
So, to summarize,
Trading Liquidity Reasoning
Sandclock currently has around 4.5 Million Dollars worth of liquidity on Sushi, with a good chunk being protocol owned through the use of Olympus Pro Bonds.
The Sandclock team has graciously agreed to match a huge majority of all the Bancor Trading Liquidity that would be enabled by this proposal (15,000 Quartz) which will allow us to catch incoming trades from aggregators. Aside from this huge plus we can also see by Sushiswap’s volume that this is an extremely lucrative pair for Bancor.
The 125,000 BNT will allow for the full amount of 15,000 QUARTZ from Sandclock to be deposited and leave a decent amount of space for community deposits which can be used to gauge interest for future increases.
Audits
Price & Stats
QUARTZ Price and Market Stats
| QUARTZ Price | $18.94 |
|---|---|
| Market Cap | $55,289,836 |
| Market Cap Dominance | 0.00% |
| Trading Volume | $2,750,651 |
Community and Communication
Twitter: https://twitter.com/SandclockOrg
Telegram: https://t.me/sandclockorg
Discord: https://discord.gg/KsGxRspajU
Medium: https://medium.com/sandclock