ParaSwap DAO

1.- Proposal Number & Name:

Project Miro - Deployment of VLR on BSC

2.- Abstract:

WIth over 6.1 Billion in onchain TVL, BSC is the second largest EVM compatible network after Ethereum Mainnet itself. Following the roadmap outlined in Project Miro, the following proposal aims to expand on cooperation with major close partners and community members following the objective given to Laita in Project Miro.

The aim of the proposal is to deploy the upcoming VLR token on BSC, as well as provide a baseline Protocol-Owned Liquidity pool of $600k USD total to allow traders to be able to interact with the token seamlessly. The PoL will still be owned by the DAO, and all operations and execution will be performed by Laita Labs.

3.- Goals & Review:

As part of the efforts outlined in Project Miro Roadmap ( https://gov.velora.xyz/t/project-miro-roadmap-a-dao-beyond-aggregation/1980), Laita Labs has been researching ways to align with the goals established in the establishd categories, and wishes to propose BSC as key step in accomplishing this goals with the VLR token.

According to DeFi Llama ( https://defillama.com/chains ) , as of the time of writing BSC has over 6.11 B in DeFi TVL, which makes it the second largest EVM-compatible chain, while having a greater total than both Optimism and Base combined. In addition, we believe that there are key partnerships and community members in BSC that focus mostly on this ecosystem, opening the VLR to new opportunities.

The goal of the following proposal is to deploy VLR with sufficient liquidity on BSC to be able to continue the aims outlined in Project Miro, with the liquidity being available immediately from the new migration release date.

4.- Means:

As this is a Project Miro related proposal, Laita Labs will use the amount already allocated in PIP-56 to cover the required VLR for bridging, liquidity and more. WIth regards to the bridging solution, we propose the implementation of the Across bridging protocol, as it is already integrated within Velora and the Laita Labs team is already familiar with the infrastructure.

For the initial liquidity, we believe the best way forward for now will be to deploy a Protocol-Owned Liquidity pool on BSC prior to exploring expansion of the staking system. To allow for sufficient liquidity after deployment , we propose a deployment of ~300k USD in stables, converted from the current treasury and deposited onto PancakeSwap.

In terms of development and coordination, Laita Labs is willing to execute the operations and deployment of the token at no additional cost to the DAO.

5.- Implementation Overview:

To implement the proposal, the following steps will be needed:

1. Deployment of the token contract on BSC
2. Bridging and swapping of assets necessary for Protocol-Owned Liquidity
3. Depositing and management of a VLR-Stable pool onto Pancakeswap

If approved, Laita Labs is willing to work on the deployment of the following operations.

6.- Time of Implementation:

Operations for the proposal will begin as soon as the vote comes to a pass. We aim for VLR to be live on BSC and with its liquidity deployed by the time the token is fully released across all chains.

7.- Budget:

As mentioned in the ‘Means’ section, the current proposal will utilise resources already allocated in PIP-56 with regards to the VLR deployment. The liquidity from the stables will be drawn from the existing DAO treasury, which will be converted to stables and deposited into this pool.

8.- Risk Assessment:

As the protocol-owned liquidity will be on a pancakeswap pool, one risk identified will be regarding the potential impermanent loss of a stable pool. However, we believe this risk to be worth assuming compared to correlating it with an unstable asset, as it will ensure greater predictability of asset value from the moment of the proposal passing to the release of the VLR token.