Stargate Community Approves GSR as Market Maker for STG with European Option Agreement
On February 20, the snapshot page showed that the vote on the proposal of \”hiring GSR as the market maker of STG in the centralized exchange\” initiated by the …
On February 20, the snapshot page showed that the vote on the proposal of “hiring GSR as the market maker of STG in the centralized exchange” initiated by the Stargate community of the cross-chain bridging agreement had ended and was approved with 98.2% support. According to the proposal, Stargate will provide GSR with 8 million STG European options, on the condition that the average price of STG exceeds $1.15 after 24 months. Stargate said that in order to protect the market, it would not disclose the specific price required.
The proposal of Stargate community to hire GSR as a market maker was approved
Interpretation of the news:
The Stargate community, a cross-chain bridging agreement, has approved the proposal of hiring GSR as the market maker for STG in the centralized exchange with an overwhelming 98.2% support. The decision was reached on February 20, as confirmed by the snapshot page. The proposal outlined that Stargate would provide GSR with 8 million STG European options, under the condition that the average price of STG exceeds $1.15 over the next 24 months. However, Stargate also noted that the specific price required to trigger this agreement would not be disclosed.
This approval means that GSR will now be responsible for ensuring liquidity and maintaining an orderly market for the STG token. As a market maker, GSR will facilitate trading opportunities by providing bids and offers, thereby creating a market for buyers and sellers to interact. This move is expected to bolster the fundamental value of STG by increasing its visibility and accessibility to the trading community. Furthermore, the addition of a market maker is likely to increase trading volumes and reduce bid-ask spreads, leading to increased efficiency in the market.
The decision by the Stargate community to include an agreement featuring European options is an interesting development. European options differ from traditional options in that they can only be exercised at expiration. This means that they offer protection to the issuer from the possibility of early exercise, reducing the risk of sudden spikes in supply. Additionally, European options can be used to create customized derivatives, which can further boost liquidity in the market.
In summary, the Stargate community’s decision to appoint GSR as the market maker for STG, with an agreement featuring European options signals a positive development for the cryptocurrency market. This move is expected to enhance liquidity, increase trading volumes, reduce bid-ask spreads and create customized derivatives, leading to a more efficient market.
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