Dear Genesis League Sports (GLS) community,
We are excited to propose a collaboration with Terablock to enhance the accessibility and liquidity of the Genesis League Sports ecosystem. Terablock aims to establish a bridge on the Binance Smart Chain (BSC), and we believe this partnership will bring significant advantages to the ecosystem.
Proposal Details:
We propose that the Genesis League Sports DAO provides the liquidity for the bridge to BSC created by Terablock. The DAO commitment would include sending the following tokens to the terablock-bsc HIVE wallet.
- 20,000 (20K) GLUSD
- 10,000,000 (10M) GLX - approx ~ 23,000$ at current price
20,000 GLUSD and 10,000,000 GLX will be minted on BSC and deposited into the following contracts owned by Terablock to support liquidity on BSC side of the bridge.
0x143a19743eea818d90b2AB496e56d65d4891fd3E GLX contract
0x1bb2eDA3889F565682E9F095Fa7fB2456756443c GLUSD contract
This liquidity will facilitate the smooth operation of the bridge for both tokens and support the GLS ecosystem by connecting it with the BSC chain.
Furthermore DAO will also allocate 10,000 (10K) GLUSD & 5,000,000 (5M) GLX additional funds to initialize the liquidity pools on the BSC chain. DAO will initialize the GLX pair with BNB & GLUSD pair with USDC. Please note that DAO will be only providing one side of the liquidity (GLX & GLUSD) in the pool and doesn;t need BNB & USDC for pool activation.
So for making bridge operational & initializing LPs, in total DAO will be providing 30K GLUSD & 15M GLX.
The current balances of gls.dao can be found at https://validator.genesisleaguesports.com/balances?account=gls.dao
Current GLX balance is: 50,080,761.588
Current GLUSD balance is: 42,098.894
Benefits to the Community:
This collaboration is expected to offer various benefits to the GLS community:
- Seamless Asset Transfer: The BSC bridge will enable users to effortlessly transfer assets between BSC and the Genesis League Sports ecosystem, enhancing accessibility and utility for our community members.
- Enhanced Liquidity: The provision of liquidity ensures that users can efficiently swap between GLUSD and GLX within the BSC ecosystem, further strengthening the liquidity pool.
- Easier onramp for users to bring funds into our ecosystem from BSC or metamask wallets.
Final Remarks:
If this proposal is approved, the DAO will commit to providing 30,000 GLUSD and 15,000,000 GLX to support Terablock's BSC bridge and two liquidity pools on the BSC chain.
For some clarification about how we would set this up. If approved gls.dao will send 20k GLUSD to terablock-bsc and DAO would mint 20K on BSC side and send to terablock BSC wallet.
Then the DAO would send 10k to a gls.dao.cold wallet on HIVE and mint 10k GLUSD on BSC chain in their own wallet and put that 10k into an LP.
It's crucial to emphasize that this proposal will not expedite the GLX airdrop for liquidity pools, which is a separate development effort planned for a later date. The Genesis League Sports team will contribute minimal development work to this initiative, primarily focusing on integrating the necessary functionalities within the GLS ecosystem to support the liquidity provision.
We encourage all members of the GLS community to review and vote on this proposal. Your engagement and participation are essential in shaping the future of the Genesis League Sports ecosystem.
Thank you for your continued support and involvement in our vibrant community.