Approved Snapshot Proposal: https://gov.indexed.finance/#/ndx.eth/proposal/QmfSyayr2KDGKk4i1FTopk4qCCKUrDvpLAHsTXXqcPhUxa
Discussion Thread: https://forum.indexed.finance/t/proposal-market-making-proposal-from-wintermute-trading/596
Authored and submitted by Dillon Kellar on behalf of Wintermute Trading
Summary
Wintermute Trading has requested a loan in the amount of 150,000 NDX for the purpose of market making. A Snapshot proposal was created to signal acceptance or rejection of this offer. It received 562.89k votes in favor of accepting and 0 against.
Wintermute has produced a contract for the DAO to formally accept via transfer of tokens. It has been signed by Evgeny Gaevoy, the founder and CEO.
Contract
The contract can be viewed at the following URLs:
Direct IPFS Link: ipfs://QmUNeb7VP7PabZR9U9NxvKAzZ8fgfxRkbaiCLo4fqDT8J9
Pinata Gateway Link: https://gateway.pinata.cloud/ipfs/QmUNeb7VP7PabZR9U9NxvKAzZ8fgfxRkbaiCLo4fqDT8J9
Terms
Note: This is merely a summary created with the intent to inform non-participants in governance. Prior to voting on this proposal, NDX holders should read the full contract linked above.
Wintermute Trading will receive a loan of 150,000 NDX and become the official market maker for Indexed Finance.
One year from the date of the transfer, Wintermute will repay the loan to the treasury without interest, with the option to purchase the borrowed NDX at a price of $8, payable in DAI/USDT/USDC or an equivalent stablecoin pegged to the US Dollar.
Wintermute will provide the following services:
- Make a "commercially reasonable effort" to increase the number of exchanges on which NDX and index tokens created by Indexed Finance are listed.
- Quote NDX and any index tokens created by Indexed Finance on each applicable exchange* on which they are listed, with a bid/offer spread of no more than 75 basis points, at least 90% of the time.
- Maintain at least 10% of the AUM of any index token created by Indexed Finance which is listed on an applicable exchange - subject to a $500,000 minimum per index and $20,000,000 maximum in total.
- Submit daily reports with summaries and statistics of market activity for NDX and the index tokens.
The contract lists the following applicable exchanges:
Okcoin, Binance, Coinbase, Kraken, Huobi, OKex.
The contract also lists a number of "exchanges of interest":
BinanceUS, Bitcoin.com, Bitfinex, Bitmax, Bitstamp, Coinlistpro, FTX, Liquid, Blockchain.com exchange, HitBTC.
