tl,dr: users demand cheaper ways to participate in Vita, and governance. I propose that we experimentally explore bridging some small amount of $Vita owned by the DAO to most used side-chains and layer 2s. Starting with Polygon and GnosisChain due to highest adoption, and later potentially Arbitrum, Optimism, Zksync and others.
To ensure enough liquidity i’d propose budgeting $250k worth of $Vita and $250k worth of ETH to start with, to basically have one https://balancer.exchange/ pool on Polygon with $300k in total liquidity, and one https://sushi.com/ pool on Gnosis Chain with $200k in liquidity.
To ensure that the price of $vita is similar on Polygon and Gnosis Chain compared to Ethereum I’d propose additional $50k worth of Vita+ETH on Polygon and Gnosis Chain each, controlled by the VitaDAO multi-sig with a bot buying or selling to ensure the prices are synchronized.
Implementation: Transferring total of 600k worth Vita/ETH ($300k in Vita, $300k in ETH) to Polygon/GnosisChain
- Transferring 350k worth of Vita/ETH (50-50) to VitaDAOs polygon multisig
- Transferring 250k worth of Vita/ETH (50-50) to VitaDAOs gnosis chain multisig
Additionally the tokenomics working group would suggest allocating $100k worth of Vita in rewards for providing liquidity on Balancer/Polygon (~$60k), and Sushi/GnosisChain (~40k) for the first year, which is fairly low considering the DAO would earn back a majority of these rewards by being a main liquidity provider.
- Agree with revisions (please comment)