(BIP) Increase Vortex Burner to 20% - Active Immediately

[BurnVictim]

It is and has been there since inception of the post

[BurnVictim]

@mbr

• However,
• that does not mean the proposal is void

Also quite discomforting to see you attempting to exercise some sort of control over the “DAO.”

Votes matter - nothing more. This proposal does not cause direct economic harm to any party and fits firmly within all ethical boundaries.

[tfns]

@BurnVictim

Happy to consider your statistics if you remove the disingenuous “projected” metrics. Use a geometric mean - the last 10 days of volume are entirely irrelevant and growth will not sustain.

A comment was made about the unsustainably recent volume growth due to volatility on that post. Would be happy to have done such an analysis and that was my initial approach but unfortunately, data on Dune Analytics only provided monthly volume or daily volume per token - with an incomplete list - and I don’t have the time to process the latter. I might have missed a formatted daily total volume table, so if someone cares to provide one, I’ll redo the analysis.

@BurnVictim

Side note: your data design + presentation would be a great addition to a startup looking to pick up some prime VC capital at unrealistic and elevated valuations. Consider that career switch

Appreciate the comment.

[mbr]

I’ll move it to the top for you

[mbr]

Calm down. I said that the proposal is fine, albeit a bit extreme.

Also, be midful of your glass house, Sam. It doesn’t suit you to be throwing accusations of DAO manipulation.

[BurnVictim]

Sam?

There is nothing manipulative about on chain voting.
The only manipulation that can occur would be done by gate keepers trying to approve/disapprove proposals prematurely, or worse, inhibit users from freely proposing them.

As previously stated - you are either “For” the health of the network via this increased burn - or against it because of some personal vendetta. This vote is that simple.

[DarkKnight]

Yes, methinks this is instead a VERY self-serving proposal

^ is he a victim too?

[mbr]

Please calm down? No one has done anything to inhibit you.

[BurnVictim]

Perfectly calm - a bit excited to see you participate.

[tenzent]

Mark is the guy that’s going to do the work that goes into actually putting proposals up for voting. He’s got to be the biggest supporter of the DAO operations., if you don’t want his help you can always put the proposal up yourself only takes 25K vBNT.

[TheOneJM]

It causes direct economic harm to non-BNT LPs.

@BurnVictim

Votes matter - nothing more. This proposal does not cause direct economic harm to any party and fits firmly within all ethical boundaries.

[BurnVictim]

I have educated myself and am fully prepared to put the proposal up on my own - although help would be nice - and wasn’t granted when I initially reached out for it.

[mbr]

For what it is worth, I think a 20% burn rate is a good target. I am just worried we might be jumping the gun a little. But as you rightfully point out - it is up to the DAO to judge.

[mbr]

I have prepared a thread re: how to put stuff on Snapshot. Let me know if you need any assistance.
Instructions are in here:

A Guide to BancorDAO Due Process

This document covers: The creation and publication of new proposals. Submitting proposals to a vote on Snapshot. Obligations to the Bancor DAO Anyone can create a new proposal for consideration by the Bancor DAO; there is no requirement to hold BNT or vBNT. The guidelines for proposal creation are obligatory, and were written into DAO law with the passing of BIP3 on 24 October 2020. These guidelines have since been updated to reflect the DAO decision making process on Snapshot, and were acce…

[BurnVictim]

I have been following this guide:

A Guide to BancorDAO Due Process

A few suggestions:

1. Remind proposers that they will be hit with 24h limits to required replies on their thread.
2. Update it to point out that level 1, and advancement to level 2 is required in the discussion forum before posting to snapshot.

[mbr]

Yeah, I need to update it. Thanks for the reminder, I’ll get on it soon.

[BurnVictim]

The time for overshooting is with LM active - not after.

With just 24 weeks left in LM - its heavily disappointing to see blanket “12 week extensions” on all major pools

LP’s are going to be in for a massive shock when they are hit with the eventual drop to 0.

Would have loved to see more data and a slow decrease as we enter the final 6 months.

[TheOneJM]

What if APYs are too low after LM Rewards finish creating a wave of loss of liquidity?

That would certainly hurt the protocol and BNT holders in the long term.

[mbr]

LM is a big issue, for sure. And the Vortex was developed partially to counteract its effects.

[Jefe-fintechv1]

First, thank you @tfns for the time and effort to compile the analysis, always impressive work!

@tfns

We experienced substantial volatility in the month of May, which may not be observed in the coming months. Therefore, any analysis or conclusions on the increase of the vBNT burn shouldn’t take for granted that volume and especially APRs will keep rising at this month’s pace.

This point should cannot be stressed enough. As volatility wanes, trading volumes will revert to the mean and APRs will normalize.

@BurnVictim

The pools are FUCKING FULL. 24/7. People use bots, alerts, etc to get in.

This is misleading. Numerous high yielding LPs have space available.

@tfns

Puts a fair vBNT burn of 10.11% if projected volume is to be taken into account solely.

@mbr

Short version: we can increase the burn rate to 10% right away, without a vote. Maybe we should exercise that option before we get carried away with a further increase.

I’m relatively new to the Bancor ecosystem, and thus far my experience with the community has been enjoyable. I appreciate the civil and courteous discourse. This is the the first contentious and borderline hostile thread I’ve read on Bancor’s Discourse. While I don’t like the tactics used to present this BIP to the DAO, I do think an increase the vortex burner rate is supported by the data that Tiago was gracious enough to prepare. However, any increase should be gradual given the high probability that the swap fees will decline significantly in the comings months compared with May. In addition, on several community calls the team has mentioned that LM Rewards will begin to wind down soon, which will also have a significant impact which is unknown at this time.

For full disclosure, I voted FOR a 10% increase in the poll posted above.