SIP#24 - Stargate MM
Background Stargate’s token, STG, is traded both on decentralized exchanges (DEXs) and centralized exchanges (CEXs). STG is listed on centralized exchanges such as Coinbase, Binance, Kraken, Huobi and Kucoin among others.
Proposal As background, market makers can provide robust liquidity for digital assets on exchanges, depending on the quote width and depth the market maker provides. A market maker appointment would allow for a better functioning STG market on centralized exchanges to compliment the robust liquidity the protocol owns on decentralized exchanges.
Execution STG would be made available to a suitable and qualified market maker for STG under terms that do not exceed a loan of 8,000,000 STG for a 24 month period. After the term, STG would be returned to or an equivalent amount of USDC at a price of $0.80 or above per STG.
Success If successful, liquidity will be deeper across all centralized exchanges allowing for market participants to buy and/or sell STG more easily.
Summary The Stargate DAO shall loan up 8,000,000 STG for a term of not more than 24 month to a qualified market maker to maintain liquidity for STG token. This will create more robust centralized exchange liquidity and allow for a better functioning STG market both on and off chain. Stargate Foundation shall secure the aforementioned requirements on behalf of Stargate DAO.
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0xCff5...998D6e | 1.247M | Yes |
 0xd007...13cBB6 | 1.046M | No |
 0x63e1...5090E0 | 172,411 | No |
 0xe0dE...518357 | 158,123 | No |
 0xe0B2...F3ACAd | 102,125 | Yes |
VOTE POWER
Proposal Status
- Thu December 22 2022, 08:37 pmVoting Period Starts
- Sun December 25 2022, 08:37 pmEnd Voting Period
Current Results
1-Yes
3.097M
2-No
1.91M
3-Abstain
50,018.716