CyberConnect Takes Swift Action To Optimize CYBER Liquidity
- CyberConnect’s emergency proposal aims to optimize CYBER token liquidity across ETH, BSC, and Optimism networks through bridge deployment and liquidity provisions.
- The proposal received overwhelming community support with a 99.99% approval rate, while CYBER token’s value surged on South Korea’s Upbit, trading at a 75% premium.
In a bid to bolster CYBER token liquidity across various networks, CyberConnect has unveiled an emergency proposal that promises to reshape the token’s ecosystem.
This groundbreaking initiative, as disclosed on the Snapshot voting page, encompasses a series of strategic moves aimed at optimizing CYBER liquidity on Ethereum (ETH), Binance Smart Chain (BSC), and the Optimism network (OP).
The first component of this proposal involves the deployment of CYBER-ETH, CYBER-BSC, and CYBER-OP Bridges powered by LayerZero’s ProxyOFT. This means that users can seamlessly bridge CYBER tokens between different chains using the Stargate platform.
To ensure sufficient liquidity for these bridges, CyberConnect intends to leverage the Internet Community Treasury’s unlocking network. The foundation plans to reserve substantial quantities of CYBER tokens for each bridge, with 25,000 CYBER-ETH, 25,000 CYBER-BSC, and 25,000 CYBER-OP tokens earmarked for this purpose. This effort is further supported by the availability of 7 million CYBER-BSC and 3,888,000 CYBER-ETH tokens to maintain liquidity.
In a move to maintain a balanced CYBER token supply across all networks, the foundation also has provisions for minting and destroying CYBER tokens if the need arises. This dynamic approach ensures that the overall supply of CYBER remains constant at 100 million tokens.
The emergency proposal reached an overwhelming approval rate of 99.99% within a short voting window, which ended at 4:19 pm today. This resounding consensus showcases the strong backing for CyberConnect’s strategic vision within the community.
In related news, Scopescan data highlights a significant increase in CYBER holdings on Upbit, reaching 3.8 million tokens. Remarkably, CYBER is currently trading at approximately $15.8 on South Korea’s CEX, representing a substantial premium of approximately 75% compared to the global market.