A proposal is put forward for the establishment of a SubDAO within the Cryptex protocol, with the aim of managing liquidity provision. This initiative is designed to ensure the protocol remains decentralized and responsive to the needs of its users.
SubDAO Structure
Separation from Core Team:
The SubDAO will operate independently from the core development team.
Multisig Management:
A multisig wallet with 3 to 5 signers from the community will be established to manage the liquidity provision process. These signers will collectively manage the process.
Community Voting:
Decisions related to liquidity allocation, token pairings, and adjustments will be put to community votes.
Decentralized decision-making leads to better outcomes for all stakeholders.
Liquidity Provision Process
TCAP Liquidity:
As previously voted by the community, the PYTH airdrop funds will be used to add TCAP liquidity to Cryptex Pi. The SubDAO’s multisig will manage the liquidity provision for TCAP. This includes adding liquidity to the Cryptex protocol.
CTX Pool on Uniswap:
In addition, many community members requested a new CTX trading pool on DEXes. A proposal has been made to set up a new CTX pool on Uniswap within the Base network.
A portion of CTX from the treasury will be programmatically sold for USDC. After the DAO has enough USDC, it will use more CTX from the treasury to seed both sides of the pool (CTX and USDC).
The community-owned multisig will oversee this pool, ensuring CTX holders have ample liquidity for trading.
Governance by CTX Holders
The SubDAO will indeed be governed by CTX holders. Their active participation in voting and decision-making will shape the protocol’s future. It is encouraged for all CTX holders to engage in the governance process and contribute to the protocol’s success.
Call to Action
The community is invited to express their interest in becoming multisig signers for the SubDAO. If you believe in the power of decentralized governance and want to actively contribute to Cryptex’s success, please step forward.
Together, the community can build a stronger, more resilient protocol that serves the interests of all stakeholders. Let us embrace decentralization and shape the future of Cryptex.
After a period of 20 days multiple people have showed interest in participating for the SubDAO.
Here are the Candidates for Multisig Signers:
0xDonnie (Gabriel): A dedicated community member for two years with a strong belief in the project and a transparent background.
Sai: A Cloud Engineer with a background in Computer Science/Engineering, dedicated to making a positive impact for DAOs.
Um Lord PuG: An active contributor to Single Sided Staking and snapshot voting, with a belief in the future of DAOs.
ClownBaby: An experienced crypto enthusiast since 2015/2016 with a passion for unique utility tokens and a strong understanding of their potential.
Michael (ifun): A DAO Operations expert with experience contributing to leading protocols in the space, dedicated to decentralization.
dnkta.eth: A long-term investor since 2017 with a focus on decentralized indexes and a commitment to the protocol’s growth and success.
Read their full statements here:
Together, the community can build a stronger, more resilient protocol that serves the interests of all stakeholders. Let us embrace decentralization and shape the future of Cryptex.
Thank you for your attention and participation in this important initiative.
The snapshot vote to select candidates for the SubDAO multisig has concluded. Based on the results, 0xDonnie, dnkta, and ClownBaby received approximately 70% of the votes.
The SubDAO multisig will begin with 3 signers, and on a quarterly, bi-annual, or annual basis, we can vote on adding more contributors to the SubDAO.
The multisig has been created and is ready to use, see below:
The transferred USDC will be used to add liquidity for TCAP as voted by the community.
After this initial step, we will proceed with a second on-chain vote by the end of June to manage the CTX transfers for the CTX pool on Base.
Your participation in these on-chain votes is crucial for the continued success and growth of our DAO. Please review the information provided and cast your vote. Your support and dedication are greatly appreciated.