The DAO to fund a small BOND loan to DeversiFi to test the BOND/ETH Layer 2 AMM
DeversiFi, the Layer 2 exchange built on the StarkWare Validium technology, has recently launched V1 of it’s Layer 2 AMMs. DVF token holders voted BOND to be one of the first projects to launch on DeversiFi using an AMM pool, enabling BOND to be traded gas-free and in complete privacy on a high speed DEX.
The DeversiFi AMMs launched last week in ‘testing mode’, with a single LP (DeversiFi Labs), to enable the developers to monitor and optimize for a period of time. Upon successful completion of the testing period, the pools will be opened up to external LPs and a substantial liquidity mining program will start. This ‘phased rollout’ approach has been followed out of an abundance of caution to ensure that user’s funds are safe when the pools open up to external LPs in a few weeks time.
In order for a BOND pool to be opened on DeversiFi as quickly as possible, the DeversiFi developers (DeversiFi Labs) would like to request a small token loan of approximately $100k BOND so that they can open a BOND/ETH pool. If the DAO grants the loan, the pool can be opened immediately, instead of having to wait for the DeversiFi AMM pools to be opened up to external (all) LPs in a few weeks time after the period of testing is completed.
When the DeversiFi AMMs open up to external LPs, the BOND loan will either be returned or converted into a fast-withdrawal-pool - enabling traders to quickly move BOND between the DeversiFi Layer 2 and mainnet Ethereum without having to wait for a rollup proof/batch to be submitted on-chain (every 24 hours).
DVF token holder vote to list BOND as one of the first launch pools:
DeversiFi AMM pools
DeversiFi AMM launch announcement: