[Passed] Multisig Liquidity Operations grant of 50 million US NuBits

The latest grant of 3 million USNBT passed less than 4 hours ago. The funds only lasted about 2 hours, and are now completely gone. Once again, the USNBT price is above $1. In the last seven days, Liquidity Operations has received 3 grants totaling 7 million USNBT. After each grant, all USNBT were purchased and the price drifted upward.

So, to recap, the circulating USNBT supply just one week ago was approximately 4 million. It has nearly tripled to above 11 million in just a week, and the price is above $1 even after all that new supply. There are a total of 9 million in grants already proposed that are on their way to passage in about 2 and 4 days. This would not even accomodate a growth rate that is half of what we have observed this last week. Therefore, Liquidity Operations needs more funds granted than we received this last week. Breaking the peg is bad for our reputation, for customer experience, and it chases would be customers away. We need to get ahead of the steep growth.

To ensure we have sufficient NuBits to meet market demand, the team had a discussion about what amount we should ask for next, and there was a good consensus around 50 million. That is what I am asking for. The grant uses a 2 of 4 multisig address, with signers being @woolly_sammoth, @jooize, @Cybnate and myself.

Let’s keep the peg!

Custodial Grant Address: BpDJpPxgHbEkNmeivsLu4RqBPCaBsjsqCB
Custodial Grant Amount: 50000000 (50 million)


This looks reasonable. I am supporting this grant.


This passed.