The second run of NuPool is nearly done and will finish on the 16th of June 2015. We have successfully provided a fairly constant level of 40,000 NBT worth of liquidity on our two supported exchanges, Bittrex and Poloniex.
This is quite a bit short of our target of 70,000 NBT liquidity, which is a shame, but our extra NuBit community outreach has provided some very positive responses.
For the third round of NuPool liquidity provision we propose that we operate on the same exchanges, at the same rates (0.3% per day, 9% per month). The one change will be to reduce the target liquidity to 50,000 instead of the 70,000 currently set. It is hoped that the other TLLPs (LiquidBits and NuPond) will increase their targets in response now that their trial runs have proven the technology and their operators are (hopefully) feeling more confident in the operation of the pool software.
If the amount of liquidity provided through NuPool remains the same over the next few days (a confident bet given the pool history over the last thrree weeks) we will have ~3500 NBT remaining from the last custodial grant. If we could operate at full target of 50,000 NBT, that would fund the pool for 23 days (a good portion of the proposed 30 day operation). We therefore intend to continue operation with only a small break in service to upgrade the server operating system and the pool software.
We therefore seek a new custodial grant to cover the last week of the next operation as well as covering the pool fee. This comes in at a total of 1550 NBT. The custodial proposal follows
We intend to expand the community outreach to cover other communities such as Dogecoin and Litecoin. It is expected that we won’t have such a good reception due to the currency pairs that NuPool operates on, meaning that altcoin holders would need to change currency to NuBit or Bitcoin in order to participate. That said, the extra exposure of Nu’s liquidity operation is surely a positive thing.
We will provide more detail around the liquidity that was provided during the second NuPool operation when it comes to an end on the 16th.
Proposal RIPEMD160 hash: 15ac6923210d902bf1dab0775e92ef9a71debe6b
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Custodial Address: BNUPooLfaBVhQz5CmFF1XFqkQ6dfoiFwvp
Amount Requested: 1550 NBT
NuPool will operate for 30 days on both Bittrex and Poloniex.
The targeted liquidity over that period will be 50,000 NBT.
The rate of compensation offered by NuPool will be 0.3% daily which scales to 9% over the course of the operation.
Custodial funds remaining at the end of the operation will be rolled over to fund the next operation of burned in the case that the operation ceases.
The total amount sought in this grant is 1550 NBT
The tolerance paramter for this operation will remain the same at 0.0085
Duration: 30 Days
Target: 50,000 NBT
Daily Rate: 0.3%
Total Rate: 9%
Pool Fee: 500 NBT
Grant for Compensation: 1050 NBT
Total Custodial Grant: 1550 NBT
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