Bancor-hosted Chainlink Staking Concept

Bancor running nodes + facilitating staking, with VBNT as an allowance token:

Imagine the virtuous cycle for Bancor + users:

  1. A newfound demand for VBNT pushes it closer to 1:1 peg, vortexing countless LPs, locking up BNT forever

  2. New LPs rush to stake BNT to acquire for LINK staking allowance, deepening pools + increasing TVL

  3. Bancor sells their trade volume, price, participation data etc into the chainlink ecosystem, generating a newfound profit stream for Bancor and their LPs, BNT / VBNT get brought to the mainstream, providing yet another benefit over DEX “competition”

  4. As a pre-staking investment, BNT provides substantially higher reward APR than LPL tokens; the sole competition in the publicly-facilitated LINK staking space.

  5. Etc, etc, etc.

Mark Richardson has expressed interest in this idea, but is extremely busy with everything else currently in development for Bancor.

I will be on #BasedSpace one night this week (5/10-5/16) to discuss the concept, talking technical details + flushing out issues/concerns with community feedback. Please share thoughts here. If you would love to see Bancor operate nodes and facilitate a publicly accessible staking option via VBNT, let me and the team know! Find me on Twitter at @crypto_jiminy.

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This is an interesting concept. Looking forward to the discussion on Based Space.

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This is a great Idea. Obviously the team is doing a lot but enabling BNT to also function as a chainlink oracle would be very based indeed.

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Can you expand upon everything, and specifically the role of an allowance token and vbnt’s purpose? Definitely intrigued!

I am drafting a lengthy proposal this week to share with the team and the community.

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Hey @Jiminy, how is the proposal going?

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Hey @tfns, my presentation is complete + has been shared to Nate and Mark directly. They are completely slammed with current developments, but have communicated well and assure me they are interested and want to spend time pursuing it. I want their feedback before I share it widely, if they have any reservations about compeititve advantages etc. Thanks for the support though, maybe bump your interest to the team! I’m sure they’ll be reviewing it once they have some time and mindspace.

-Jiminy

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This is a good idea, and a proposal for it would have my support.
It would serve to provide a stream of income for the DAO, which never hurts, and we provide a public service, which is good.

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Nice to have your support. I’m trying to keep the idea fresh and get some community support in the meantime while the team reviews it. I’m thinking I’ll share it to community members soon.

Thanks for the update Jiminy. Keep us posted please. If you want to debate with the community, feel free to post your ideas, concept or presentation here.

I assume we’re waiting on V3 before pushing a proposal as the team is very busy right now like you said.

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I think the community, or at-least myself, would all support this concept since we are marine rich here. V3 just on the cusp rn but this should be easy to get support for/pass a vote when the devs have free time.
This is basically the bancor counter to vitalik’s proposal to make uni a oracle token (lol still no utility)

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I plan to share my presentation publicly by the end of the weekend. It doesn’t seem like I can share a slide deck here. Maybe via Twitter. The team is too busy for it despite their interest, which I can understand. But I want to get momentum going for it, rather than letting it slip into hindsight.

-Jiminy

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I upped your permissions should be able to do anything allowed by the forums if that was the issue. I look forward to it !

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Here is my full concept in presentation form. If you are interested, let this begin a dialogue within the community to enhance the concept and help the team bring it to life. DM me at @crypto_jiminy or comment here.

Bancor-Facilitated Chainlink Staking Concept Presentation

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Thanks. Just shared it in its entirety.

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