This is a text proposal to signal the intention of the MantaDAO community to execute a token swap with the Stargaze community for building STARS/MNTA PoL.
Previously, members of the MantaDAO community represented by Pragmatic Monkey, C3drik and Vladimir GG held preliminary consultations with the Stargaze core team on this issue and got their support on performing the token swap.
The parameters and mechanics of the token swap are proposed as follows:
1. MantaDAO community (represented by Ian) is preparing the draft proposal for the Stargaze community on Agora forum, assuming the exchange of $50K worth MNTA for $50K worth STARS.
2. MantaDAO community launches and votes on a proposal to use the Mike's address (https://finder.kujira.network/kaiyo-1/address/kujira1ay2e2mgmdzkcp7we97v2aarjdh30nz4kuygghk ) as the intermediary one on the part of MantaDAO. MantaDAO community sends $100K worth MNTA to this intermediary address. $50K of this amount will be used for direct exchange with Stargaze community, and the remaining $50K MNTA will be used for LP matching with $50K STARS received from the Stargaze community.
3. MantaDAO community launches treasure spend proposal to the Stargaze community to transfer $50K worth STARS to the intermediary address (tbd which one, but preferably the core operational address of the Stargaze team). If the proposal passes, the Stargaze team (tbd) executes the IBC transfer of $50K worth STARS to the intermediate Mike's address (https://finder.kujira.network/kaiyo-1/address/kujira1ay2e2mgmdzkcp7we97v2aarjdh30nz4kuygghk )
4. Mike sends $50K worth MNTA to the Stargaze community pool and matches the received $50K worth STARS with the remaining $50K worth MNTA. Then he sends LP tokens to the MantaDAO multisig address.
As a result:
- MantaDAO community has $100K PoL of STARS/MNTA.
- The Stargaze community receives $50K worth of MNTA, which is also highly recommended to match in BOW from their side, which is to be discussed on Agora among other things.