Gm GEAR gigachads, eager to hear your opinion on the following proposal.
I’m COO at EXMO (https://exmo.com/). We are a regulated crypto exchange founded in 2014. The company is based in the UK, Ukraine, Poland, and Lithuania. The EXMO spot trading platform has more than 6,000 active monthly traders, 166 trading pairs, an exchange token EXMO Coin (EXM) and operates with 4 fiat currencies. The average daily trading volume is ≈$100 million. Apart from standard operations, the exchange offers OTC trading, API, a mobile app, and staking.
Allocate up to $30k in GEAR tokens for June 2023 to incentivize users of EXMO to supply assets to Gearbox passive pools.
EXMO launches an earn interface and collects deposits from the users that are interested to participate in the earn program. EXMO clearly states the risks associated with such investment (smart contract risk, oracle risk, etc). EXMO accepts only stablecoins (USDT, USDC & DAI). EXMO commits to aggregate at least $500k to supply to Gearbox passive pools. Otherwise, the proposal will be dismissed.
Accumulating and supplying assets
EXMO adds the front-end ability to supply USDC, DAI and USDT. EXMO pools the assets and keeps records of users’ deposits. The assets will be transferred from EXMO wallet via Ledger Vault or Fireblocks. To entice new users EXMO promises 150% APR for the first 7 days which will be effectively subsidized by GEAR tokens. In case EXMO aggregates $1mln of assets, the 7 days reward amount will be ≈$29k which I’m requesting in GEAR.
Withdrawing assets & distributing rewards
After the 7 days yield farming period is over the users are eligible to withdraw. If a user doesn’t withdraw, the assets remain in the GEAR passive pool, earning a market yield and are available for withdrawal after a “cooldown” period.
1/ EXMO will host an AMA with a member of Gearbox DAO & prepare infographics re the risks & benefits of aping into Gearbox passive pools;
2/ EXMO will send emails & push notification to its 1mln+ users re this opportunity.
Value for the Gearbox protocol
1/ Awareness. The normies that trade on EXMO will get to know the Gearbox, and how lending & borrowing works in DeFi;
2/ Increasing Gearbox TVL. Though I can’t promise you a skyhigh increase in supplied assets, I’m eager to help Gearbox grow and support its ecosystem.
1/ Adding GEAR/USDT pair on the spot exchange;
2/ Introducing GEAR-ETH liquidity provision to users of EXMO.