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The motion of the updated terms between the Nu Lagoon and Nu shareholders
This motion will become effective after the first NuLagoon accounting day on the day this motion passes, and will nullify motion b5e709a59226b979e4cb59e6d3a3e06b506e3761 and ae07a18b22e20e38d6bf7559e320c1728d7a62dc
The manager(s) of The Nu Lagoon manage fund provided by pools participants, run the NuBots to support NBT peg at $1 on up to 4 exchanges or pairs, and report the status of the pool at least once a month.
If buy side or sell side of fund in exchange has less than 25% of total fund in exchange, the manager will balance it by transfer fund between exchange and local wallet once every working day. If either NBT or BTC in local wallet is not enough for the need of balance or withdraw, the manager will convert fund from other LPC and exchange.
Nu shareholders approve the daily custodian fee rate is 0.34%. The maximum of custodian fee is 5,000 NBT per 30 days.
The custodian fee will be accumulated in every month. The manager will submit a custodian fee grant request once a month. Nu shareholders promise to pass the custodian fee grant in 10 days. The custodian fee granted will be added to the pool. The Custodian Fee wait to be granted will be calculated as:
Total asset = Holding of NBT + Holding of BTC * BTC price at 10:00 AM GMT accounting day.
Custodian Fee wait to be granted = Custodian Fee wait to be granted in previous accounting day + Total Asset times custodian fee rate times the number of days between previous and this accounting day.
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Verify. Use everything between and including the <motionhash></motionhash> tags.
Edit: replace * with times in the custodian fee formula, because * can’t display rightly.
Like the continuation of this including the balancing which is valuable
But something appears to be missing. Can you please clarify what the management fee is, if any? I can’t find a reference in this motion as you nullify the previous motion. Is that now part of the custodian fee of 0.34% and therefore capped to 5000 NBT of total monthly costs to the network? If it is part of that can you specify the percentage or fixed amount in this motion please?
It really surprises me that a financially savvy professional like you running a liquidity pool smoothly wouldn’t include some basic terms like fees in the contract/motion with Shareholders. In my area of work (contracting developers, staff and vendors for projects) I would be fired for leaving out such basics. I’m having a really hard time to vote for this incomplete motion and I don’t know why we should accept this because we are in the crypto business. Do we really have such low professional standards? Or are we so desperate? I’m not sure…
I really hope you will take an adviser aboard who can provide you with some tips how to provide with a minimum of effort a legally sound contract for a relatively simple activity as this. I would almost offer you to pay for one to get you one and help you out to continue to provide the service.
Will keep your motion on hold till someone can provide me with a solid argument why I should still vote for an incomplete motion. I sincerely struggle…