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Motion to approve the operation of the Nu Lagoon
- The manager(s) of The Nu Lagoon manage fund provided by pools participants, run the Nubots to support NBT peg at $1 on up to 2 exchanges, and report the status of the pool at least once a month.
- If buy side or sell side of fund in exchange has less than 25% of total fund in exchange, the manager will balance it by transfer fund between exchange and local wallet once every working day. If either NBT or BTC in local wallet is not enough for the need of balance or withdraw, the manager will convert fund from other LPC and exchange.
- Nu shareholders approve the daily custodian fee rate is 0.34%. When the total liquidity in buy side of Nu network is greater than 110% of the total liquidity in sell side for 7 consecutive days, the daily custodian fee rate will be decreased by 10% at next accounting period.
- When the total liquidity in buy side of Nu network is not greater than 90% of the total liquidity in sell side for 7 consecutive days, the daily custodian fee rate will be increased by 10% until it reaches 0.34%, the maximum of daily custodian fee rate, at next accounting period.
- The custodian fee will be accumulated in every month. The manager will submit a custodian fee grant request once a month. Nu shareholders promise to pass the custodian fee grant in 10 days. The custodian fee granted will be added to the pool. The Custodian Fee wait to be granted will be calculated as:
Total asset = Holding of NBT + Holding of BTC times BTC price at 10:00 AM GMT accounting day - Total asset in previous accounting day times manage fee rate.
Custodian Fee wait to be granted = Custodian Fee wait to be granted in previous accounting day + Total Asset times Custodian fee rate times Days between previous and this accounting day.
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