A post surfaced in the past about retiring vBNT and Bancorians should read that proposal to get an understanding about this thread
I have taken that thread and turned it into a set of proposals to get the DAO moving forward on this process.
While creating proposals to sunset Bancor 3 for different tokens I skipped vBNT as it is different than the others.
Now that Carbon is out on Ethereum, the discussion can continue on how to sunset vBNT. I think we will need these proposals to make this a possibility
- BNT to become a governance token
Bancor 3 is a protocol in the process of being sunset and to be shutdown. Bancorians should NOT have any dependency on Bancor 3. This proposal is to have BNT be added as a governance token in addition to vBNT.
Bancorians should be able to stake BNT ANYWHERE on the Bancor site and be able get voting power in governance. This proposal is NOT looking to remove vBNT as a voting token and it will continue for now. The Bancor developers to advise the community on how BNT is to be made a governance token like vBNT.
- The Bancor v2.1 vortex to use 100% of fees to burn BNT
this should need no explanations, look at this photograph
the reduction in BNT supply is the most important number. This affects deficits as burned BNT is bought from the markets first. It becomes clear to outsiders that BNT is a deflationary token.
- Bancor 3 to use 100% of fees for BNT market buy back and burn
Bancorians and LPs staked in Bancor 3 get small yield benefit from 10% of fees accumulating in their LP tokens. Instead of 90% of fees in Bancor 3 to be used for buying BNT from the market this proposal will move this to 100%. Why? ALL BNT holders are treated the same and benefit equally no matter where you are stake. Token LPs in Bancor 3 do not care about the negligible 10% fees that they are receiving and would prefer for their positions to be in surplus. This proposal seeks to further help with deficit reduction efforts.
- Bancor 3 vBNT pool to be disabled when it is in surplus
Proposal will happen at the end after 1-3 are implemented if the DAO moves forward with the previous proposals. Proposal goes in tandem with proposal 5 and both are a 2 for 1 package.
- BNT deposits to NOT be allowed in Bancor 3
BNT should NO longer be staked into a protocol that is in the process of sunset and to be shutdown. BNT can be staked in the new site that lets Bancorians have voting power via BNT instead. No more vBNT or bnBNT to be created.
I do not support printing ANY BNT going forward and much less for those looking to get out of vBNT leverage position. There is a pool that can be use to swap for this purpose and Carbon where these tokens can be made available for sale. Any vBNT holder can get their BNT back from Bancor 3 or 2.1 as long as they have a position in v2.1 or the required bnBNT in Bancor 3.
I will put up proposals 1 and 2 after sufficient discussion has occurred or in 3 to 4 weeks.