- It has come to light that the previously agreed terms for market making with FalconX are unfavourable
- Discussions / negotiations are underway investigating how we want to go about market making moving forward
- This proposal is a simple one invalidating the results of the FalconX market making v2 proposal, to un-muddy the waters and give us time to discuss properly
- Following this there will be another proposal with an improved market making deal, which may be with Wintermute, FalconX, or indeed another market maker
It has come to light that the previously agreed terms for market making with FalconX are unfavourable:
The management board are renegotiating with FalconX:
Meanwhile Wintermute have submitted a market making proposal with more favourable terms:
And the management board are looking into other market making options:
I propose to invalidate the outcome of the previous market making proposals
Option 1: Invalidate results of FalconX proposal
Option 2: Proceed with FalconX with the existing terms
Option 1 outcome
Invalidate the results of the “FALCONX MARKET-MAKING PROPOSAL v2”
After this proposal passes Powerpool will have no obligations to any market maker.
A subsequent proposal will create a new agreement with the market maker we decide to proceed with, if any. This may be Wintermute or could be another FalconX proposal, or indeed a different market maker entirely.
Option 2 outcome
We proceed with FalconX with the previously agreed (now believe to be unfavourable) terms, no other market makers are involved.