Proposal for Bancor 3 to use 100% of fees for BNT market buy back

DAO Archive (SUBMITTED)
1

Expected on Snapshot on October 8, 2023

This proposal is split from the discussion that has happened in this thread

and Bancorians should read that post to have an understanding about this proposal

TL;DR

100% of fees in Bancor 3 to be used for BNT market buy

Summary

Bancorians and LPs staked in Bancor 3 get small yield benefit from 10% of fees accumulating in their LP tokens. Instead of 90% of fees in Bancor 3 to be used for buying BNT from the market this proposal will move this to 100%.

Why? ALL BNT holders are treated the same and benefit equally no matter where you are stake. Token LPs in Bancor 3 do not care about the negligible 10% fees that they are receiving and would prefer for their positions to be in surplus. This proposal seeks to further help with deficit reduction efforts.

How will 100% of fees in Bancor 3 to be used for BNT market buy? That I will leave to the devs, the only thing that’s important is that it happens safe manner.

For
100% of fees in Bancor 3 to be used for BNT market buy

Against
Do nothing.

6 Likes
2

Seems fairly simple:

  • Set the network fee to 100%
  • Then burn the collected token
2 Likes
3

Hey,

Technically it’s possible but if v3 is updated to burn BNT automatically, it would increase gas costs for trade.
An alternative is to expose a public function that burn the accumulated BNT but it needs to have an incentive (0.2%?) similar to the v2.1 vortex etc.

6 Likes
4

I will update the proposal so that the existing process is kept. It doesn’t make sense to increase the gas costs for trade.

5 Likes
5

foxsteven yudi richardsonmark

This proposal has now passed. Can you provide any updates to the community about its implementation?

2 Likes
6

This has now been done

3 Likes