Good Afternoon $Coop holders and Non $Coop holders. I’m here to write a proposal on $Coop and the store of value it brings to Algorand Wallets all around the world. $Coop isn’t just a token its the people’s champ. What makes $Coop is not only its tokenomics but its unbiased release and has single handily united the Algorand blockchain, just like Wrapped $Pepe did. But that’s another proposal
Back to $Coop being generational wealth. We need a mascot, someone everyone likes and doesn’t have a weird back story from 3 years ago and that is Coop. If Folks really wants to grow, it can choose to grow slowly YOUR WAY with some of the community or fast the COOP WAY with all the community. $Coop and Coop can easily be a staple with platforms supporting the people pushing for higher standards and creating Algorand content. LITERALLY EVERYONE WINS. In a time where the Bear Market is shaken out loose ends in the community, I hope Folks Finance can start tying up loose ends in the community we call #algofam.
$COOP has pretty much established itself as the THE community token on the Algorand blockchain. The community has donated almost 2.5% of the token (501k $COOP) to crv.coop.algo which is in a multi sig and the CRV voting platform is being worked on. Getting added to Folks will help establish legitimacy and I also believe it will help drive transactions to Folks!!!
the volatility of COOP is quite high which could wreck people borrowing COOP and getting liquidated quite easily
there is no way to use off-chain pricing which means its absolutely dependent on DEX liquidity which can be manipulated relatively easy
allowing it as collateral would lead to seriously risks for the protocol, in particular bad debt which means everyone using the protocol would be at risk even if they dont wanna have sth to do with COOP
You just proved why $Coop should be on Folks Finance
Off-Chain pricing and dependance on DEX liquidity mean nothing as Wrapped Ether, Wrapped BTC are liable assets that are listed on the exchange using 3rd partys to regulate balance. We have seen how awesome bridges have been so far.
Allowing $Algo and its continued dropping of price over the last 18 months is a serious risk for the protocol, in particular bad debt which means everyone using the protocol would be at risk even if they dont wanna have sth to do with $Algo. (Check 18 month chart
Allowing $Opul and its continued dropping of price over the last 18 months is a serious risk for the protocol, in particular bad debt which means everyone using the protocol would be at risk even if they dont wanna have sth to do with $Opul. (Check 18 month chart)
Should I copy pasta $Gards risk as well, please check the chart.
If your worried about manipulation then why is Algo on the list? Should we jump into security risk with the wrapped BTC/ETH on there as well?
I think these are valid concerns that could be addressed with some strict limits. Just talking out loud, could these stipulations make it more viable?
don’t allow coop to be used as collateral
the community rewards vehicle can supply a large amount of coop on the lending side and commit it for a substantial period (if approved by community of course)
the problem is what happens if COOP moons and liquidators need to get COOP somewhere to repay the loan? it might be more important that the CRV would be able to absorb this by selling their COOP at a discount so liquidators can use this to liquidate the undercollateralized loan
No one is looking for a quick pump from $Coop. There is long term value. Its funny how all these claims you have but these same rules apply to all these tokens already on the platform. I get it, you hate $Coop and you only comment to shit on it.
i dont hate it at all but i dont like it when stuff like this could affect users that dont want to deal with it and get forced to accept the risks it has because its on the same protocol where each asset on it affects all users
