The next Community Call will be held on July 10, 2022 at 11AM EST and will be used as a means to update the community/DAO on the current health of the protocol, deficit status, recent governance proposals, and the significance of each. In addition, the discussion will address some community/DAO member questions. Please post questions below to potentially be addressed on the call.
Everyone has the same question: what is the plan to make LPs whole?
That’s the only question anyone wants answered.
what is the timeline for ILP looking like? will we see the return of a v2.1-style of ILP? will LPs need to migrate to a new contract?
I would like to suggest that deposits be re-enabled ASAP. A proper cautionary warning could be implemented to bring naïve depositors up to speed regarding the current unique risks, recent protocol changes, potential for long term lockup etc etc. If it’s not to early to comment on this I would love to hear what you guys think.
Is there any plan to fill the LP deficit? A lot of large holders may be waiting to cash out and could take the remaining LP of link and eth on the protocol with them once ILP is turned back on.
Edit: I understand if the team doesn’t want to give away certain details at this time for whatever reason, really just looking for confirmation on whether or not it’s being addressed so I don’t get anymore grey hairs worrying about it lol
It would be nice to hear a status update on the ILP situation and steps being taken to rectify it from the CEO/management team of Bancor and/or potentially people running the foundation as well.
While many of us are hopeful about the future of Bancor’s protocol, it does feel like there is a lack of communication from leadership regarding the existing ILP pausing situation.
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dont give us answers without a timeframe. its ok to say no we wont make it until X we will need y more days/weeks. it must be possible to determine how long things will take.
Some people decided to withdraw their assets during ILP was turned off. Many lost 40% or more of their assets. On Twitter/Telegram there has been lots of speculation about the Bancor Foundation using their funds to make everybody whole again.
What’s the official take from Bancor on this? Can we get an official statement to either confirm a bailout for everyone? This speculation will keep continuing as long as there’s no official statement from the team.
What is the role that the Bancor Foundation is playing into this? As a Foundation with the mission of promoting the development of the Bancor Protocol, I believe recent events certainly call for a statement by the Foundation.
I want my money immediately. 19.04 ETH. Simple.
Why is the Foundation skirting assistance and affiliation with the protocol when it farmed there, voted to continue rewards, has employees in both organizations, received 400,000 Eth at $350/Eth and is in the best position to fund the gap? Does the Foundation acknowledge that no trust can be restored without funding the gap and without trust no solution, even if handcrafted by God, can fix this issue?
Who made the determination that the Foundation shouldn’t be involved? Is that coming from the foundation itself? Bancor’s lawyers?
Please ask Mark what their plan is if a TKN significantly appreciates in value vs BNT (ETH merge, LINK ccip, staking etc), causing a larger, potentially insurmountable deficit.
We understand the team needs time to implement a solution but many are impatient as these major TKN milestones are fast approaching for Bancors largest pools. Many LPs idly waiting in the protocol feel like it’s a ticking time bomb situation. This is the main concern for existing LPs.
As the Market rebounds, it looks like the protocol deficit is increasing. What measures are being put in place to put a handle on the deficit from rising TKN values?
I cannot withdraw any of my ETH. What is going on? When will we be able to withdraw?
What is the token utility for BNT right now when the pools are all paused for deposits? Apart from burning vBNT, what are other potential solutions to support the price of BNT?
What are the potential options that you have considered to reduce the deficit of the protocol (currently at $35.8M)? Is bringing a White Knight in a potential solution? Any ongoing talks or disclosable info?
What development is taking place to ensure V3 makes best use of DEX aggregators? To increase fees as much as possible we should be looking into alternative ways of generating these beyond people coming to the platform.
Has the foundation considered buy backs of BNT? This is something commonly done by public companies to increase share value, it’s not a novel idea. This would increase BNT value while also allowing the foundation to still “support the development of the protocol” without the perception that they’re bailing out/insuring users in a direct way. What better way to show confidence in the platform and BNT token than to use funds to reverse much of the damaging LMRs felt over the last year and a half.
The protocol only generates less than $1m a month as a trading fee. Is there any other revenue stream that can help resume the ILP?