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Active PIVX x Armada Labs- Binance Market Making renew

Jeffrey

Administrator
Staff member
Code:
Title: PIVX x (Armada Labs- Binance Market Making renew
Name: PIVXxArmaderenew
Term: 1 Cycles
Cycle Amount: 21,862 PIVX
Total Amount:  21,862 PIVX
Author: Jeffrey
Receiver: Jeffrey
Address:  DU2942vMA8hnEQnWqy9RGmrjwzZuZ7ZwhG
Status: Active
Vote Hash:  c9013bc3eab3e9f0b18aed319958f79add229d77c694c903927f2dd8d407c4a6

1705485562096.png


Hi Pivians,

This proposal aims to renew the market making efforts as provided by Armada Labs as done so in the previous proposal here - https://forum.pivx.org/threads/pivx-x-coinalpha-armada-labs-binance-market-making.1805/
This will simply be a payment for the MM services to provide sufficient liquidity and order book management to keep our market healthy on Binance with the USDT pair. Ultimately renewing the services for an additional 3 months.

The first goal of the MM was to get the USDT pair which has now been achieved. This will now be used to manage our existing liquidity and to upkeep our order books. The aim is to go bigger and increase liquidity as well as work on the perps markets.
Our current liquidity is as follows:
1705486203146.png

In future proposals this will be increased drastically to accommodate a more aggressive market as well as the futures listing goal.



Funding required:

Monthly Fee - $2000 x 3 = $6600 (+10% due to volatility)
1705485971421.png

50 PIVX submission fees

Total = 21,862 PIVX

Voting Details:


To Vote YES for this proposal:
Code:
mnbudgetvote many c9013bc3eab3e9f0b18aed319958f79add229d77c694c903927f2dd8d407c4a6yes
To Vote NO for this proposal:
Code:
mnbudgetvote many c9013bc3eab3e9f0b18aed319958f79add229d77c694c903927f2dd8d407c4a6 no
 
Can we please get an overall report of what assets we have being used for market making and where they are deployed?
 
Can we please get an overall report of what assets we have being used for market making and where they are deployed?
hey Cryptosi I posted an image in the proposal which shows a breakdown of our assets. Which at the time last week was 41k USD which is also bare minimum and needs to be increased to 100k. Thanks to this Mm we have USDT.

Next goal is futures. I’ve reattached the breakdown
1706200097601.png
 
Is this the only one? I thought we had MM funds on other exchanges also? I meant a breakdown of all the funds we have across all the exchanges belonging to the DAO, we Also need to setup the DAO as a legal entity because currently we have 0 way of recouping these funds should anyone decide to abscond with them, having a legal entity somewhere may mitigate that risk, what do you think?
 
Oh because you replied under here I assumed you meant for this MM. Sure I can actually give access to people whom are deemed trusted to control the accounts. As for the absconding of funds. The only MM with control of the funds is the Binance one. The remainder is in our accounts.

Keep in mind these balances fluctuate based on demand and pricing

WhiteBit:
1706538144735.png

This number needs to be increased to 100K

Binance needs to increase to around 200K minimum (considering majority have 1-1 million a side)

Our MM on CoinStore has a balance of 7799 PIVX and 7202.62 USDT

GroveX will have 5000 USDT and 5000 USDT worth of PIVX at the time of sending.
 
Also opening a legal entity puts that entity in a position of being required to do reports/ taxes etc. It would also mean if the company is in the EU we cannot provide MM due to privacy coin regulation. If its in North America we cant provide MM on these exchanges and if i did it I would be personally liable for income tax based on those earnings until someone can prove with legal means that they are not my funds.

As any DAO would tell you. A DAO is the best way forward to make this 10000% easier. So IMO opening a legal entity just makes things harder and introduces way more risks it also does not provide any protection should the exchange be shut down or hacked etc. I am open to giving others access to the accounts either via API or email and PW with 2fa

Each time I renew an MM I will update the balances so thank you for asking :) will make it better to keep track
 
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During the brief time we tried to build the PIVX Foundation, it was extremely difficult to find PIVians willing to KYC to be official Directors. Basically, they would be accepting very significant responsibility and liability, with no compensation. Given PIVX has no borders, the Directors basically had to make sure donations could not be considered illegal in any country. That was years ago, and without hitting any legal issues, we failed to keep the required quorum. Given the much more restrictive regulatory environment now, I would consider it impossible for a privacy focused project to form such a legal entity. But, this is one of those times I would love to be wrong.
 
Hello, my name is Talha. I live in Bursa, Turkey.
I want to create Turkish promotional videos for the PIVX project. I would like to get feedback from you on this issue. Creating promotional and narrative videos in Turkish can make a great contribution to the ecosystem.
Idea;
Creating 30 youtube videos with all the technical details for thePIVX Project from the very beginning.
-The videos will be like a series of 4-5 minutes long on average.
-PIVX t-shirt will be worn in the videos.
-The videos will be created with independent visuals and details.
-In the videos to be made, details such as the PIVX logo and font will be emphasized.
-Once the videos are created, all rights will belong to the PIVX community/management.
-The official web address and other sources you provide will be used as the source.
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What is the benefit of the video series?

Turkey is at the forefront of cryptocurrency adoption in Europe. Therefore, I would like to emphasize that creating a series of promotional videos for the PIVX project in Turkey is both an exciting and strategic step.
This video series will be a tool to attract the attention of crypto users in Turkey and inform them about PIVX. Furthermore, Turkey's geographical location and economic potential provide an ideal environment for the adoption of cryptocurrencies. Due to the economic situation, it is obvious that there is a search for financial privacy. Therefore, this project will not only contribute to the crypto economy in Turkey, but also attract the attention of the global crypto community.

I'm ready to take the step to create high quality content while keeping costs low and maybe become part of the PIVX Community in the future. ( Community management, Turkish social media management etc.)
That's why I want to come with a much more favorable offer compared to the global markets.

Cost :

That's why I want to come with a much more favorable offer compared to global markets.
I am targeting 60 PIVX cost per video (Current Price: 9 USD)
30 Video cost: 1600 PIVX : ( Current Price : 485 USD)


I would love to invest in the future of PIVX and work to make your presence known in Turkey. You can imagine that Turkey is looking for privacy due to its potential and economic conditions. Any feedback will be addressed. Thank you.
 
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