DAO PROPOSAL #1: GOLD
GOLD HEDGING SWAP
This post begins a seven-days period of open discussion regarding the first vote to be considered within our DAO!
DAO PROPOSAL #1: GOLD HEDGING SWAP!
As we know $XMT is the governance token of MetalSwap and whoever holds it has the right to vote and be part of the future development decisions.
This is the official proposal which will insert GOLD as the new digital asset on MetalSwap ‘s dApp:
The choice of Gold as an Asset to be used in the MetalSwap dApp is almost a foregone conclusion, as it is the most widely used asset to stabilise volatility in a wide variety of portfolios. Allowing Swappers to use this tokenized asset will give to them and newcomers a better view of the whole tool.
The PROPOSAL voting will be open for 3 days, from 07/12 to 10/12 and the QUORUM of 20M $XMT must be reached in order for the vote to be valid.
It’s essential to activate the Self Delegate button before the proposal goes Live (make sure to use the same address as the one you will use for voting in upcoming proposals. See below for more details).
Should MetalSwap integrate a Gold Asset based on $PAXG ?
One of the biggest GOLD synthetic tokens on the market is PAX GOLD ($PAXG by Paxos).
Its main strengths, if compared with other “gold tokens”, are its good liquidity reserves on the decentralized finance ecosystem and a strong presence on the main oracle price feeds.
The development team chose to use PAX GOLD $PAXG as a synthetic representation of Gold for the following reasons:
— The necessary liquidity is available on the main DeFi protocols, and can be accessed by the users in an easy and disintermediated manner.
— Having the presence of the Oracles, used to guarantee the accuracy of price feed of the asset, allows MetalSwap ‘s protocol to operate optimally.
However, at the same time, a new challenge arose due to the transaction fees applied by PAXOS to the Pax Gold token ($PAXG):
PAXG is a fee-transfer token.
For each PAXG on-chain transaction, PAXOS charges an additional fee of the amount of PAXG sent.
MetalSwap’s Hedging Swap tool and relative Smart Contracts were not designed to be used with fee-transfer tokens.
In order to solve this issue, the proposal is to create a WRAPPED ERC20 token from PAXG, called WPAXG. This allows $PAXG holders to lock them into the Smart Contract to mint and use $WPAXG.
So, to be able to use $PAXG , we need a Wrapped version of it.
-$WPAXG holders will be able to unwrap them through the appropriate function of the smart contract and get back the original $PAXG.
-$WPAXG tokens are not subject to any transaction percentage charges as they are for PAXG, and for this reason they are compatible with the Hedging Swaps Smart Contract system of MetalSwap.
-$WPAXG tokens will be used to create the liquidity pool needed for the Hedging Swap tool
-WPAXG/USDT will be introduced as a new Hedging Swap pair
This proposal has no on-chain functionality other than polling all MetalSwap holders. The minimum quorum to be a successful proposal is 20M $XMT !
Let’s now dive in to a practical example:
The swapper uses the MetalSwap webapp to wrap 10 of their PAXG tokens, in order to get $WPAXG needed to hedge swaps on gold.
The user will receive in their own wallet 9.998 $WPAXG.
If they were to de-wrap them via the MetalSwap webapp, their WPAXGs will be burned and they will receive 9.9960004 $PAXG again.
>The reduction of the quantity during the exchange are justified only by the expense imposed and taken by Paxos Gold, equal to 0.02% of your token per single transaction, as you can see on the blockchain.
How to vote
First of all, make sure you have some ETH for the transition gas fees.
In order to be eligible to vote, you must have $XMT in your wallet or on Official MetalSwap ’s Ethereum Mainchain Active Pools before the proposal goes live;
Which means, everybody with:
and have also clicked the Self Delegate button, will have the opportunity to vote on future proposals. Remember you MUST click the Self Delegate button before future proposals are live for the chance to vote.
You can check your voting power in the Governance section.
Log in in the MetalSwap dApp and connect your wallet.
Once connected, click on Governance , then will appear a message from MetalSwap prompting you to Self Delegate.
Once the “Self Delegate” has been approved previously, you can proceed to read and vote on the future proposals, so it’s very important to click it before the proposal goes live.
Join MetalSwap’s discord to be a part of the discussion!
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Stay tuned, dear Swappers! More great news are on the way!
What a time to be in DeFi!
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To the MetalSwap!
… and beyond
-The DeFi Foundation
✎ What is MetalSwap?
MetalSwap is a decentralized platform that allows hedging swaps on financial markets with the aim of providing a coverage to those who work with commodities and an investment opportunity for those who contribute to increase the shared liquidity of the project. Allowing the protection for an increasing number of operators.
With MetalSwap we enable hedge swap transactions through the use of Smart Contracts, AMM style.
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