JP-24: Open a XAVA-AVAX Market
Proposed in discord by EdgeDegen, temperature check 26 votes in favour and one against.
Summary:
XAVA (Avalaunch) is the leading IDO platform on Avalanche which allows users access early token sales for projects.
High Level:
Avalaunch functions as a launchpad for Avalanche projects to secure some funding from users, in return for them staking the native token XAVA.
The current liquidty for the XAVA-AVAX pair is still within a 0.3% V1 pool. Due to a significant amount of the supply being staked or locked to pariticpate in these IDOs it has meant that there is a lack of liquidity for the pair ($400k). This has resulted in a 10 AVAX buy leading to a 0.1% price impact and a 100 AVAX buy having a 1% price impact. Currently more than $10m of the $14m MC is locked in the platforms staking or locking mechanisms.
These types of buys are trivial in the grand scheme of the markets and making XAVA a quote asset will aid in reducing price impact and slippage of buys. Ensuring that liquidity is more efficient for this longstanding Avalanche protocol that supports builders.
Solution:
Allow for XAVA to be a quote asset and launch the XAVA-AVAX market to ensure that the liquidity that is present can be used more efficiently.
Info:
https://avalaunch.app/ Token Address: 0xd1c3f94DE7e5B45fa4eDBBA472491a9f4B166FC4
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0xC2f7...eF6638 | 210,001 | For |
 0xA242...43895F | 161,003 | For |
 0x5A41...cEDbA5 | 39,793 | For |
 0x06f7...097F9f | 27,985 | For |
 0x7B9A...1Bd8eC | 21,046 | For |
VOTE POWER
Proposal Status
- Wed May 10 2023, 08:25 pmVoting Period Starts
- Sun May 14 2023, 08:25 pmEnd Voting Period
Current Results
1-For
673,402.265
2-Abstain
2,122.145
3-Against
1,421.35