ProxySwap DAO created the ProxySwap protocol, a fork of Uniswap V3, along with the web application interface, deployed on the DegenChain Layer-3 blockchain.  The ProxySwap DAO is a joint venture of Proxy Studio (fc: /openventures) and Farcaster Builders of India (fc: /fbi). Project development was led by @proxystudio.eth and @saxenasaheb.eth

$PROXY is the native governance token of ProxySwap DAO.

Currently there two primary decentralized exchanges  live on Degen Layer3: ProxySwap and Degenswap. Degenswap is a fork of Uniswap V2 protocol and communicates via the @swapdegen account and /degenswap channel on Farcaster. 

ProxySwap is entirely bootstrapped, with no grant funding from the Degen team  or Syndicate (the creators of DegenChain Layer-3), no presale, no venture backing, and is entirely community-owned and governed. Funding for the protocol and web application interface development came from @proxystudio.eth’s Hypersub subscription revenue and daily Degen Tip allocation from March - April. 

In addition to being contributors to DegenDAO, @proxystudio.eth and @Saumya Saxena believe there is significant alignment between ProxySwap DAO and Degen DAO: both DAOs share a common goal of proliferating $DEGEN, supporting community projects, and growing the Layer-3, driving value back to $DEGEN holders. There is also significant overlap in membership between the groups, creating further positive alignment.

Proposal: OTC Token Swap of 5,000,000 (Five Million) $DEGEN for 30,000 (Thirty Thousand) $PROXY tokens from the Proxyswap DAO treasury. 

As ProxySwap is entirely bootstrapped and launched without a presale, our DAO treasury holds only $PROXY tokens. 5M $DEGEN tokens would provide additional liquidity, funding for high-impact development, and could be used as an incentive to bring the Degen community from Base to Degen Layer 3.

This token swap would help us to continue expanding ProxySwap, to incentivize teams and individuals to bridge to DegenChain Layer-3 and to launch projects incorporating concentrated liquidity. Fueling the longterm growth of the Degen ecosystem.

In exchange for 5M $DEGEN tokens, ProxySwap DAO will provide 3% of its token supply to Degen DAO, or 30,000 (Thirty Thousand) $PROXY tokens at a 50% discount. Unlike a grant, Degen DAO would gain significant upside exposure to the growth of Proxyswap, Degen Layer3, and any future projects that might be governed by $PROXY.

30,000 $PROXY tokens would be vested linearly for 12 (twelve) months with a 6-month cliff, in a vesting contract provided by ProxySwap devs. 

• Proxy