CyberConnect issued an emergency proposal to unlock 10.88 million CYBER to solve the problem of multi-chain liquidity balance

Odaily Planet Daily News CyberConnect issued an emergency proposal "CP-1". The proposal proposes to take the following three steps to ensure the liquidity balance of CYBER between Ethereum, Optimism and BNB Chain networks. 1. First, the Foundation deployed the CYBER-ETH, CYBER-BSC, and CYBER-OP bridges powered by LayerZero’s ProxyOFT. 2. Second, the CYBER unlocked by CyberDAO and its treasury will be used to provide liquidity for such bridges. In order to avoid excessive risks brought by any bridge, we plan to reserve 25,000 CYBER-ETH, 25,000 CYBER-BSC, and 25,000 CYBER-OP in the bridge from the beginning, and dynamically change the provided liquidity. All unlocked CYBER in the vault, a total of 7,000,000 CYBER-BSC and 3,888,000 CYBER-ETH, can be used to maintain the liquidity of the bridging service. Providing bridge services will not affect the total supply of CYBER. 3. Third, when the CYBER liquidity among the various networks is out of balance, the foundation will need to burn and mint CYBER to restore the balance of CYBER in the vault. For example, if within the Ministry of Finance, CYBER-ETH is depleted, and CYBER-BSC and CYBER-OP have a total of 10,888,00 CYBER, the foundation will destroy some CYBER-BSC and CYBER-OP to mint the same amount of CYBER-ETH . At present, the proposal has been voted for by 61,000 CYBER, and support votes accounted for 99.99% of the total votes. The improvement of cross-chain liquidity means that the CYBER price difference between trading platforms may be gradually "flattened" by brick movers. The team explained that this proposal vote is a one-time exception, and considering the interests and urgency of time, this proposal will not comply with the DAO 7-day voting period policy, and the voting will end at 16:19 pm today. As of press time, the price of CYBER on the Binance platform is temporarily reported at 12.96 USDT, and the price of CYBER on the Upbit platform is temporarily reported at 0.00123000 BTC, which is about 31.16 US dollars, and the premium rate has risen to 150%.