Proposal to extend LiquidBits.net TLLP services
After a somewhat rough start things have stabilised and the pool pays out everyday without problems. Therefore I like to propose to continue the TLLP service when there shareholders support me with providing the means.
The main changes are the reduced rates for the CCEDK fiat pairs NBT/EUR and NBT/USD from 0.33%/day to 0.25%/day. Given the low or zero volatility risk and the low trade volumes I think this is still a very attractive rate.
I’ve reduced the NBT/USD pair from 10,000 to 7,500 on CCEDK not being that popular and increased the NBT/BTC pair on Bitcoin.co.id from 2,500 to 5,000 as this exchange is becoming more popular. I’ve left the CCEDK NBT/EUR pair the same at 2,500 NBT maximum paid liquidity aiming for an increase in popularity.
Here is the resulting draft custodial grant:
=##=##=##=##=##=## Custodian Hash starts with this line ##=##=##=##=##=##=
Custodial Address: xxx
Amount Requested: 245 NBT
Custiodial grant request to continue to operate Liquidbits.net, a liquidity pool for NuBits.
@cybnate continues the independent trustless liquidity pool (TLLP) to provide liquidity on the EUR/NBT, USD/NBT and BTC/NBT markets. A target of 7,500 NBT on the bid and ask side of the order books will be provided by the pool split over 3 currency pairs, resulting in a total maximum liquidity of 15,000 NBT. The operation will end after thirty (30) days when a motion to continue operations haven’t passed before.
Liquidity provided by users will be compensated as follows:
with up to 7.5% per month (0.25% per day) on CCEDK’s EUR/NBT pair on both sell and buy side to a maximum of 2,500 NBT ( max pay-out 187.50 NBT/30days)
with up to 7.5% per month (0.25% per day) on CCEDK’s USD/NBT pair on both sell and buy side to a maximum of 7,500 NBT (max pay-out 562.50 NBT/30 days)
with on average 10% per month (0.33% per day) per month on Bitcoin.co.id BTC/NBT pair to a maximum of 5000 NBT in total but split as follows:
0.38% per day up to 2500 NBT on sell side ( max pay-out 285 NBT/30 days)
0.28% per day up to 2500 NBT on buy side ( max pay-out 210 NBT/30 days)
using the pool’s calculations based on the Dutch auction model to allow a fair distribution of returns amongst liquidity providers. 1245 NBT of the requested amount in this grant will be held as reserve to make pay-outs to connected users.
The current grant has 1245 NBT left to date with about 9 days to go at a current payout rate of just under 10 NBT on average. Allowing for a minor increase there will be approx. 1100 NBT left.
Total required 1245 - 1100 = 145 NBT.
Terms and conditions
Pay-outs take place every 24 hours. The minimum pay-out is 1 NBT. The spread continues to be 0.04 with 0.075 tolerance on both exchanges. Operations and pay-outs will start within 3 days after the custodial grant has passed successfully. The pool will continue to operate under the name Liquidbits.net. Remaining funds will be settled with future grants or when the pool is discontinued, burned.
The pool fee is a one-off 100 NBT and serves as a contribution for the effort of supporting the pool, the website, reporting, supporting the users and the monthly costs of operating the server.
Instructions on how to participate in the pool can be found here: http://cybnate.github.io/index-liquidbits.html
Work is underway to improve the website.
=##=##=##=##=##=## Custodian Hash ends with this line ##=##=##=##=##=##=
Please your feedback in the next few days to ensure the continuation of the service. Aiming to post a final version shortly after 30 June (23:59 UTC). The current pool ends in approx. 9 days.