I would like to submit an AZ to request liquidity to market make on Stex in the USDT/ZNN and USDT/QSR pairs.
My goal is to request 5000 ZNN and 50,000 QSR. I would request initial funding of half initially (2500 ZNN / 25,000 QSR) and pair that with 10,000 USDT that I provide myself. Stex is building a Hummingbot connector for Stex. That will allow us to programmatically market make.
I do not expect to make any money market making. In fact, I expect to lose money and I expect this to take a lot of my time. Market making in a thinly traded project like NoM is very volatile. In addition, there will be tax consequences for me that I honestly want to avoid, but will take on in an effort to help the project. I probably need to setup an LLC to track and report this separately.
I would also support someone else if they want to take on this market making roll and apply for the AZ. But they would need to come up with the 10,000 USDT. I would be happy to work with someone to learn hummingbot and help set it up and test.
If this turns out to be something that does make money, I’m happy to turn it over to someone else to run. The goal is to prove out Stex, generate real volume, increase ownership of the token, and expand to more CEXs where others can market make. If we need to wind this down for any reason, I will retain enough ZNN/QSR to cover my costs and taxes, and return the balance to AZ.
Before requesting funding we need a working Hummingbot Connector to Stex and I would need to fund $10,000 into Stex. I’m currently doing this manually with $5,000.
Please let me know your thoughts.
- Yes I support this
- No I do NOT support this