[Draft] Sell side Nubot gateway on Bittrex @zoro

NuShares Grants
#1

I will propose to operate a sell side gateway in Bittrex.
The gateway can be used by any T4 party, FLOT or JL
with any amount they see fit.

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Bittrex NBT Entry Gateway
Intro
@zoro - below called “the operator” - will run a single sided NuBot on Bittrex. The liquidity is being broadcast using a custodial address to allow tracking the liquidity situation of the bot. The operator promises to send all funds to a FLOT multisig address upon request of a majority of the FLOT members or by a passed NSR holder motion.

Spread: 1%

Availability: The operator offers to check for NuBot’s operation on a daily bases. This translates in a response time of at least 24 hours worst case.

Begin of operation:
Operation begins on the day NuBot puts the first NBT deposit of funds by FLOT on the Bittrex order book

End of operation:
Operation is ceased by request of withdrawal of all funds or if operator sends all funds to FLOT multisig address(es). The remaining grant fees will be burned or send to a FLOT’s NBT address. If for any reason the operator has to stop NuBot for a period of time or permanently before the end of the contract, it will be communicated at least 7 days in advance.

Modes of withdrawal:
NSR holders can request withdrawal by motion.FLOT members can request withdrawal to a FLOT multisig address for which they are signer by posting in the forum.The number of FLOT members to request a deposit to a FLOT multisig address equals the number of FLOT members to execute transactions from this address.Once a week the operator may withdraw BTC to a FLOT multisig address,usually during weekends.
Compensation: The operator charges 99 NBT for 60 days of operation. To be paid at the end of the period.

Reasoning for compensation:
NuBot will be running on a private windows server. The compensation is mainly for the weekly manual withdrawals and general monitoring of operations.

Premature activation:
If the FLOT deposits funds at the operator’s exchange account, they will be used by the operator as if this motion already passed.

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2 Likes
#2

It only begs the question why single-sided? Bittrex is our second largest exchange. I think that should warrant a double-sided bot. Anyway good to see a second proposal for a NU funded liquidity bot on Bittrex besides mine and I would therefore support this.

#3

I think bittrex is not large enough to be able to break the peg. A lot of times i see its walls nearly empty but there was no problem at all. On the contrary, only polo has lost the peg sometimes (lets keep it between us) :slight_smile:

#4

Looking at the volume Bittrex is a minor exchange.
Sell side bots need to suffice in a future liquidity privision scheme in which dual side operations are limited to a few exchanges.
This focussed operation model reduces the costs and increases the reliability of Nu’s products.

Imagine a future with much more than “only” US-NBT: X-NBT, CN-NBT, EU-NBT and B&C Exchange.

Have you considered the load from operating BCE that will be put in this community?
A lot of those who will support BCE are already (trying to) support(ing) Nu.

It will be impossible to handle that without starting to focus activities…

2 Likes
#5

Looks reasonable.