Bancorians for a stronger BNT

I saw that and it was a discussion that started in early April before Carbon was out. Enough time has passed for the DAO to consider changes.

Sylent also came up with a proposal for a vBNT buyback in the last 2 or 3 weeks and it didn’t have any support from reading the comments.

The most recent one was for a portion of the fees to be allocated to vbnt buybacks and the rest for bnt.

  1. Yudi mentioned that its an all or nothing contract, that its couldn’t be partial vbnt buys and bnt burn.
  2. The slippage would make a vbnt burn not worth it
  3. A poster mentioned that buying vbnt now would cause LP’s in the vbnt pool to go into deficit.
  4. I dont think the last post sylent made had much to do about a buyback

The long term goal for BNT is a discussion for another thread as this is NOT the goal of my proposals. The main benefit for BNT holders is a deflationary token that captures value from the current Bancor protocols. EVERYONE including LPs in v2.1 and v3 that are NOT BNT holders benefit from a down only supply BNT token as the goal is to close all pools in surplus and BNT buyback help with the deficit.

My proposals all target the current situation which I think is a top priority for ALL Bancorians and further add strength for BNT. I think they also make BNT a better value buy for anyone looking at defi tokens for investing.

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The fees in v3 are all in BNT and sylent proposal was to buy vBNT with those BNT.

How is that not considered a buyback?

I added a comment in that proposal as to why I do not support buying vBNT. If you want Bancorians to buy vBNT then it should be a separate thread that the Bancor DAO can then vote on.

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It doesn’t. This is a trade scenario.
The first post he brought up (the one I linked to, is a pure buyback without slippage.) is at a set ratio.
1.2 bnt per vbnt etc

I see another option that I had not consider but this what I had originally:

  1. vBNT can stay as it is now and if Bancorians have it staked in governance via Bancor 3 then their voting power will still be available on snapshot.

  2. BNT to be made available for staking directly in governance for Bancorians to receive voting power on snapshot. This is similar to how vBNT functions right now except BNT will be the voting token.

New:

  1. Carbon strategy NFTs that contain BNT should provide LPs voting power on snapshot

Is this even possible? Can a Carbon LP stake their Carbon BNT NFT in governance similar to how vBNT is staked in governance and receive voting power on snapshot?

I support this idea as some Bancorians will have BNT strategies on Carbon and they might also want to participate in governance.

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?

  1. The DAO can buy back vBNT with BNT using the v3 vbnt-bnt pool at the price of the pool
  2. The DAO can buy back vBNT with BNT at a set ratio instead of the price of the pool

I don’t see a difference besides the ratio and they appear to me as vBNT buyback.

Exactly the price of the pool. So, slippage exists.
Whereas, a buyback would not include slippage.

Either way, this isn’t the crux of my initial gripe with your idea.
You are stripping away the usecase of vbnt, and giving bnt it’s use and therefore stripping away value from vbnt.

I see both buybacks at the pool price or some other ratio as leading to more BNT inflation which does not help with reducing BNT supply.

Please vote against the proposal that strips away the value of vBNT. vBNT is still going to be a governance token for Bancor.

I’m not sure either, but it would made sense if this can work easily with the snapshot system.

Can stick with what you first suggested to keep things quick and simple. vBNT and BNT.

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A major key in why anyone would boost up a vBNT postion is because of its exclusivity in governance. Changing this crashes the whole vBNT\BNT trading dynamic. Is this fair to those traders?

To be clearer. Some traders have been hodling extra vBNT because of key features that are now being diluted away. Isnt it fair to give them a clean swap back into 1:1 BNT because of these changes?

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The proposal is not looking to remove vBNT as a governance token. If traders have extra vBNT they can already swap back to BNT via the existing liquidity pools that exist. Bancorians should do what is best for the protocol and all users.

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It has been some weeks and it is time for Bancorians to make their voices heard. There are two proposals that will be voted by the DAO to start this process

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How is this not cratering the value of vbnt and the holders of vbnt?

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This proposal not, but it’s first step to remove vBNT.

Both proposals are going to past and Bancorians seem to be voting in favor of these changes. vBNT holders are also BNT holders and a strong BNT is beneficial to ALL bancorians.

It is not about vBNT vs. BNT, it is about what is best for Bancor protocol, Carbon, Token LPs, BNT LPs, and all users of Bancor.

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The previous two proposals have now passed

and I have another proposal in governance

that will use 100% of v3 fees for BNT buyback

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https://vote.bancor.network/#/proposal/0x74917631a57cfbd39b06f25473941a993cdf1e57f2873bfe46a9f62bfee5e8f4

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The initial three proposals have passed. A fourth proposal has been submitted to the Bancor DAO.

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