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.
Proposals
- 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: 0x1C232F01118CB8B424793ae03F870aa7D0ac7f77
RAID contract: 0x18E9262e68Cc6c6004dB93105cc7c001BB103e49
WETH contract: 0x6A023CCd1ff6F2045C3309768eAd9E68F978f6e1
Economics
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
Rationale
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