Crypto Family DEX by the Crypto Family
The projects white paper provides a clear view of the project, contracts, protocols, and importance to Harmony.
Note: the 0.01% liquidity fee in the expanding liquidity protocol might be changed to 0.05% before mainnet release.
Any questions aroused but not answered in there please drop in the comments.
$500k distributed as such:
- $100k in ONE
- $100k in LINK
- $100k in BTC
- $100k in ETH
- $100k in a stable coin of the team and communities choosing
It would also be helpful if the grant could cover auditing expenses.
This grant is to provide the DEX with liquidity of the essential cryptos on Harmony on release.
This grant is not to be given to the Crypto Family, but provided by the Harmony team directly to the DEX, without any control or allowance for the Crypto Family to access it.
The Crypto Family will provide the Harmony team with 500k CFC to use with the cryptos of the grant to be provided as liquidity on the DEX (ONE-CFC 100k, LINK-CFC 100K, BTC-CFC 100K, ETH-CFC 100K, USD-CFC 100K), with the launch value of CFC being 1$.
The Crypto Family will not have access to those 500k CFC once transferred to the Harmony team.
Since the Crypto Family Bridge isn’t out yet, we leave it up to the team and community to decided which wrapped versions of ETH and BTC are best to use.
Please note that the 5 selected cryptos of this grant are from our assumption that they are essential first cryptos to the DEX, if the team or community thinks there are cryptos that are better fit for that role or cryptos that should be added as 6th or 7th, please let us know in the comments of this proposal and a change can be made.
If the Harmony team sees a need to increase grant request or tokens on launch please also let us know.
The Crypto Family will follow the tokenomics set for CFC on the webpage, with a few edits in the future such as removal of IDO and adjustment of nodes presale to better suit the flow of events with the Crypto Family projects, this might also result in burning of some of the CFC originally allocated for IDO. By those tokenomics the Crypto Family own 15% of the CFC total supply on Harmony, which is 3,750,000 CFC, and if this grant is to be accepted we are not to be allowed to use those CFC as we please as they may affect the DEX negatively and with it affect this grant, and as such we saw that it would be logical to set terms to our control and usage of those CFC.
The Crypto Family would be allowed to use a max of 20k CFC per month, distributed as such:
10k CFC allocated to pay team members, freelancers and cover other expenses.
In the first month of accepting this grant the team would be allowed 4k CFC only, this amount increases 2k per month until it reaches 10k after 3 months.
10k CFC allocated to DEX liquidity redistribution (e.x: Buying with 5k CFC ONE and adding it with the other 5k as liquidity to ONE-CFC, used to support high trading tokens with low liquidity)
The Crypto Family is to provide a monthly report on both these expenses with their transactions on the blockchain.
These limits are subject to change in the future if agreed on by the Harmony team and community.
Note: If the Crypto Family wishes to add liquidity to any of the prime cryptos on the DEX (ONE, BTC, ETH, LINK, Stable coin), it is allowed to do so as long as no CFC selling is included.
Example: For this example we will assume both CFC and ONE are 1$. If the Crypto Family owns 100k ONE and wants to add it to liquidity on the DEX, it is free to use 100k CFC from its own supply to provide 100k ONE-CFC liquidity.
This exception applies only to the prime cryptos on the DEX and already well known cryptos with significant market caps, as applying it on new tokens could be utilized by the Crypto Family to break the 20k CFC per month limit and cheat the terms.
The Crypto Family is also to provide an instant report in case of such usage.
Monthly and instant reports are to be submitted on the Crypto Family discord server, telegram announcements channel, twitter, and a dedicated page on the Crypto Family website.
Some other terms that should also be set is ownership over the CFC contract. The CFC contract has certain functions that allows minting and burning by smart contracts assigned as apps on the contract, these functions are meant to be used by the Beacon contract of the Crypto Family Bridge and Multichain. But until the release of those projects the DEX will be the only project using it.
Once the CF Bridge is released the ownership will be assigned to a smart contract where nodes of the Bridge decide by voting (80% needed) what new contracts can be assigned as apps on the CFC contract. But until then the Crypto Family would still have ownership over the CFC contract and the ability to link new smart contracts to it, and as such we understand if the Harmony team asks us to lock this ownership in a contract until the release of the CF Bridge.
This lock contract will allow only the Harmony team to unlock ownership and allow us to use it to link the Bridge once released, and not a moment before.
After release of the DEX and acceptance of this grant, the Harmony team would have full access to all the liquidity provided by them to the DEX plus the 500k CFC provided for liquidity.
If the Crypto Family is to break any of the terms above, the Harmony team is free to punish us and the project as they see fit, whether that be by a warning, withdrawal of some of the liquidity or all the liquidity, cancelling of grants for some of our other projects such as the Crypto Family Bridge, or others.
- Fully functional contract (done) and DAPP, with swap, add liquidity and remove liquidity functional (in progress)
- Audit stating the DEX is secure, bug free, and implements no backdoors
We invite you all to test the DEX with us on testnet, here.