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", which suggested the following three steps to ensure the liquidity balance of CYBER between Ethereum, Optimism and BNB Chain networks. 1. First, the foundation deployed CYBER-ETH, CYBER-BSC, and CYBER-OP bridges powered by LayerZero’s ProxyOFT. 2. Secondly, CYBER unlocked by the Cyber ​​DAO 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 keep 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 bridge service. Providing bridging services will not affect CYBER's total supply. 3. Third, when CYBER liquidity is imbalanced between networks, the Foundation will need to burn and mint CYBER to restore the balance of CYBER within 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 an equal amount of CYBER-ETH . At present, the proposal has been supported by 61,000 CYBER votes, and the support votes account for 99.99% of the total votes. Improving cross-chain liquidity issues means that the price difference of CYBER between trading platforms may be gradually "evened" by those who move it. 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, approximately US$31.16, with the premium rate rising to 150%.