I am writing to propose the allocation of a portion of our treasury funds towards an initiative to buy back VVXTNLP tokens. VVXTNLP is a LP token for vested accounts on vires.finance, which allows holders to receive XTN over a 500 day period by staking it. Currently, the VVXTNLP token is being traded on WX at approximately a 20% discount. By purchasing it and staking it back to Vires.finance, we can generate a 20% arbitrage profit over time in XTN. The same can be done with USDT/С Vires LP tokens, with an additional step of converting them to VVXTNLP.
The primary goal of this proposal is to increase the value of our XTN treasury by leveraging a simple arbitrage strategy. Additionally, this initiative will provide an opportunity for vested accounts on Vires to exit their positions if they so choose.
To execute the buyback, we will utilize a bot that will purchase VVXTNLP at market prices on WX and stake it back to Vires.finance. All XTN released from vesting will be sent to the Waves DAO treasury, allowing us to further grow our treasury.
We believe that this initiative presents a unique opportunity to increase the value of our XTN treasury while providing a beneficial solution for vested accounts on Vires. We kindly request your consideration and support for this proposal.
I suggest to allocate 1 million XTN for this proposal
And if the community wants to spend that money on something else, then what? In the telegram you mentioned that there will be a proposal to share the profit from the Vires protocol to finally give some payouts to the old markets, what about this?
They give POWER to those who have the money to buy it, to decide the future of those who have all their funds locked up in WX and VIRES (those who supported the platform), with their funds at risk. All Vires loans and -WXG token owners and those who have their transfers on hold must have the power to decide their own future.
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