Proposal: Disable deposits on SPELL

This proposal is expected to appear on Snapshot for voting on February 20, 2022 . Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.

To pass, this proposal needs a quorum of 35% and 66.7% FOR votes.

TL;DR

  • I think Bancor should support all tokens that want to be part of the protocol unless there are serious risks.
  • In my judgement, SIFU holding the funds, with the teams knowledge for at least a month, is disqualifying.
  • Bancor’s IL insurance means the protocol is on the hook if $SPELL crashes. Accordingly, I want to disable deposits.

Voting Instructions

  • To disable deposits permanently on SPELL, vote FOR this proposal.
  • To allow the SPELL pool to continue accepting liquidity, vote AGAINST.
  • You may ABSTAIN to help reach quorum, without making a decision one way or another.

Why disable?

Instead of posting a bunch of links to Twitter and CoinDesk, I’ll just suggest you google SIFU, Daniele, Wonderland, MIM and Tetranode.

1 Like

I understand the concern with Sifu but that’s pretty much only a TIME problem since he’s not involved with abracadabra.