Proponent/Paid to: 428DUjXvNQAXfXBYzrWSZQnzXZEsgjjqaQSoCmB5DaWRdpy5
Date: January 5th, 2023
Requested PHA: 909,918.11 PHA (Cutody wallet of Phala team)
Short description: for liquidity provision to increase $PHA’s DeFi use cases on Astar, facilitate the liquidity demand and maximize the synergies between Polkadot parachains via XCM.
Increasing PHA utilization in DeFi and the velocity of PHA is important and beneficial to all Phala community members.
Astar Network is one of the leading parachains on the Polkadot with a vibrant DeFi ecosystem. By providing liquidity to Astar DeFi ecosystem, it helps to facilitate the liquidity demand, bootstrap PHA’s use cases in DeFi, and maximize the synergies between Polkadot parachains via XCM.
Thus, we’d like to ask for PHA holders to approve 909,918.11 PHA from the Treasury to be used as liquidity to bootstrap $PHA’s use cases in DeFi on Astar. And at the same time, the Astar team will also provide 60K USD worth of ASTR assets to increase the liquidity of the ASTR-PHA pair on ArthSwap.
All assets and yield rewards with the potential impermanent loss deducted will be returned to Phala Treasury after the 1 year period.