Feedback Request: V3 Vortex - Burn The Collected BNT or Wait

TL;DR

Options

  1. Wait for the DAO to decide on the updated model for the protocol, than build the V3 vortex and only then convert to vBNT and burn
  2. Burn the BNT directly now

While there are other things that can be done, at this stage, in my personal opinion, we should do nothing that would potentially result in these being sold. This would undermine the the recovery plan and the original reason these BNT were collected.

Thoughts?

burn them BNTs.

lets use this to evaluate the impact of BNT burning.

4 Likes

I think we should sit on them until the V3 vortex is live and then use them in the vortex (whether that vortex will burn them or swap and burn vBNT is fine).

The protocol should be making full use of its most robust features and we should be waiting to use resources until those features are fully implemented.

4 Likes

To add here, these BNT tokens that are sitting have already being bought from the market. This means that TKNs have already been swapped for this BNT and the last leg of swapping for vBNT to burn has not happened yet due to the vortex not being implemented in Bancor 3 yet.

3 Likes

Since many things are being changed right now, to reduce risk from frequent code changes, I would suggest to not make any changes until the DAO decided on the best path forward.

3 Likes

Strong agree.

Someone will, in the coming weeks, make a proposal for the DAO to vote on. It would be a massive misuse of dev time to start trying to work on a series of these in a piece-meal fashion.

2 Likes

There is now well over 200K BNT sitting there.

Do you guys really think market dumping them for vBNT is a good idea???

Not talking about the vortex in general, just this case of collected BNT in the V3 wallet.

1 Like

Vbnt buys and burns are good for BNT price by arb pressure of bnt buys and locking vbnt in the pool. 200k should be done in phases but it should be done as the Vortex is designed

The protocol should not be market selling 200k BNT right now. The future of the vortex should, almost certainly, be used to lock up vBNT until it is no longer ‘efficient’ to do so.

As for the BNT the protocol already has: it would be unwise to market dump this.

2 Likes

So I have definitely changed my position on the issue of “what do we do with the approx 200k BNT the protocol has?”

A market dump of this BNT would be a mistake, but using the B3 vortex to make swaps with BNT after the B3 vortex is made is still the right choice.

We should use the BNT burn as a tool for marketing as suggested @ashachaf

2 Likes

not sure marketing alone is a strong financial model.
but i do support testing with v3 vortex and burn bnt instead of vbnt.