Attention Lunar DAO:.
03 Mar 2023, 17:14
Attention Lunar DAO:
The Lunar Foundation is announcing that the Directors are making an emergency decision to fund the centralized exchange wallets with 1,129,000 LNR from the Lunar Treasury, in order to complete the transition to the new market maker by the end of the day EST today.
Why?
The centralized exchange accounts are presently funded with both USDT and LNR. However, centralized exchanges lock up funds for transactions that are in process, and right now roughly 55% of our LNR is locked up in existing exchange orders. The new market maker needs unlocked LNR in order to fulfil new orders, and we need to complete this transition ASAP.
Process
We will distribute the LNR across the 5 active exchanges today.
Next Steps
We will follow up this action next week with an explainer of how the market maker works. You can also expect a LIP next week that will propose giving the Foundation broader authority to leverage Treasury assets in conjunction with the market maker, to fund the exchange accounts at the levels they've requested so as to further the financial objectives of Lunar DAO.