DAO Proposal UIP#4 — Uniswap UBXT-ETH LP to be removed
This DAO voting proposal concerns the withdrawal of the liquidity on UNISWAP to reallocate the liquidity and the removal of the UBXT-ETH LP pool on Uniswap.
This vote is available for users who have UBXT on their hot wallet (attention, staking is not taken into account by the Snap interface).
Here is the description of the proposal
- Full withdrawal of liquidity provided by UpBots on Uniswap
- 50% of removed LP will be added to UBXT-BUSD LP pool on Pancakeswap
- 50% of removed LP will be relocated the liquidity on Centralized exchanges
- Discontinuation of the UNI LP UBXT staking pool on ETH
The need for change:
Last Friday we announced that we moved all performance fee systems to Binance Smart Chain to save our users from ETH network high gas fees. This change implies other modifications and we suggest now to push more liquidity on PancakeSwap.
Also, with high liquidity on SushiSwap, and low liquidity on Uniswap, users trade more often on Sushiswap, making the Uniswap liquidity pool unnecessary.
As many projects have decided, in order to be able to offer reduced slippage, it is more interesting to have higher liquidity on fewer exchanges (dex) than lower liquidity on many exchanges.
Thus, we think it is wise to limit to PancakeSwap and SushiSwap
With regard to the deletion of the pool, we also suggest deleting the staking pool, thereby reducing the number of tokens distributed daily and reducing the pressure to sell.
UpBots Improvement Proposal #4 Voting Process
- A proposal of removing UBXT-ETH LP pool will be shared on Snapshot.org
- We will have wallet snapshots to determine how many UBXT a user has, this snapshot is going to take place between December 10, 2021 12:00 PM UTC and December 12, 2021 12:00 PM UTC
- Voting takes place until December 12, 2021 12:00 PM UTC
- If voting in favour of changes to be applied, then all changes will be pushed on December 13, 2021.
Snapshot link to vote is below
Important Note: The weight of your vote will be determined by the amount of UBXT in your MetaMask wallet at the time of the snapshot. UBXT held in staking, farming contracts or on centralized exchanges will not count towards your voting weight.