“This proposal is expected to appear on Snapshot for voting on 2023-04-19T22:00:00Z”
We should decide what to do with the BNT amount we captured from the B3 vortex.
This amount currently sits at exactly 1,998,118.99429 and can be found via this link ( Select value 9).
As we are phasing out vBNT, so will the vortex function change with it. Exchanging BNT to vBNT is thus a meaningless action, which thus lets us decide what to do with all these captured BNT.
That’s why I propose to burn the total available BNT in the contract when it reaches exactly 2,000,420.69, in the spirit of the national holiday of Degens. As it stands, this BNT won’t be used for anything and it’s basically burned already in a sense, but it doesn’t reflect in the official numbers, like on etherscan shown here below. That’s why we need to officially burn it to make this transparent for the community. How this burning will be managed? That I will leave to the devs, the only thing that’s important is that it happens safely and is reflected in the contract.
TL;DR:
Vote FOR to officially burn the total available BNT in the B3 vortex once it reaches 2,000,420.69 Vote AGAINST leaving the BNT as it is.
Looks good to me and I support this proposal to burn this ~2m BNT amount which the Bancor v3 vortex has essentially bought back from the markets.
In v3, as part of every swap that occurs there is an atomic operations that happens where a portion (90%) of the fees (paid in the destination token) are converted to BNT (if the destination token is not BNT). These currently sit in the network wallet and need to be burned manually. The last time we burned this collected BNT was as part of the following proposal:
and the corresponding transaction showing this burn is the following:
great suggestion @AnimaDunk
just 1 thing, not sure dev can time the burn to the specific amount, so i would adjust the vote to say
“When it reaches 2,000,420.69, burn the total available at the time of transaction”
Is it a problem to burn a specific amount?
If yes, then I’ll change the proposal according to @teamAsaf 's advice and change it to burn the total available in the contract at the specified amount.
as far as i know and what i’ve seen happening on the last burn, the function is simply taking the full available amount and burns it.
given that logic, i assume that changing the process to burn a specific amount would require code and therefore dev work (which i believe we want to avoid here).
So If we end up inflating the supply of Bnt for the potential vbnt/bnt redemption program being discussed, why not just keep this for now as it would represent roughly 9% of the supply that is being suggested to buyback the outstanding vbnt.
I had asked for this on some Telegram groups before posting the vBNT phase out.
Even if this passes and is burnt, BNT will still be accumulating back over the time it takes to fully design the vBNT phase out so not the end of the world. I’ll be attempting to run some rough numbers on amount of BNT required and inflation to help support the phase out. Are you saying 9% assuming all 26M vBNT are burnt/redeemed?
Proposal was voted an approved. There is currently ~142,851 BNT that has accumulated so far since the last burned that occurred as part of this proposal.
