We are going to support RAID liquidity with ~$30k of WETH (10 WETH) on honeyswap.
This will involve 4 separate proposals, which we’ll stack on top of each other to save time. All told, this process will take a little over 5 days.
- Move WETH to the RAID Vault Minion
- Approve honeyswap to transferFrom our WETH
- Approve honeyswap to transferFrom our RAID
- Create a new pool on honeyswap by depositing 10 WETH and 1M RAID
honeyswap router contract:
The plan is to pool 10 WETH and 1,000,000 RAID. This will result in the following:
- A total circulating supply of ~71M RAID (estimated)
- A RAID price of $0.032 (at current WETH price of $3,200)
- A RAID market cap of ~$2.2M
There is a lot of uncertainty in how the market will value RAID. Therefore, we are choosing a small and conservative approach to start. Once we learn more about how the market is valuing RAID, we can take more aggressive LPing steps as we deem appropriate.
- 1M RAID is only 0.77% of our the DAO’s remaining RAID treasury