Proposal for BNT to become an official governance token

Information and Templates
1

Expected on Snapshot on October 1, 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

  • BNT to become an official governance token of the Bancor network
  • vBNT to remain as a governance token of Bancor

Summary

This is a fairly simple and straight forward proposal. Bancor 3 is a protocol in the process of being sunset and to be shutdown. Bancorians should NOT have any dependency on Bancor 3. This proposal wants to have BNT be added as a governance token in addition to vBNT.

Bancorians should be able to stake BNT ANYWHERE on the Bancor site and be able get voting power in governance. This proposal is NOT looking to remove vBNT as a voting token and it will continue for now. How will BNT be made into a governance token? That I will leave to the devs, the only thing that’s important is that it happens safe manner.

For

Make BNT a governance token of Bancor

Against

Do nothing.

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Just wanted to add a note that if people can vote with BNT, there might be a lot of BNT unstaked from B3 (as some might have BNT staked only to participate in governance) which will cause the supply of BNT to rise.

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foxsteven

What is the current amount of staked BNT in bancor3 that belongs to user?

I have doubts about bancorians unstaking from b3 since there is no benefit to locking bnt somewhere else for voting. It is a waste of gas and provides zero benefits.

The benefit is a more streamlined staking process for NEW tokens holders that don’t have to learn about vBNT or a deprecated protocol.

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You can see the amount of bnBNT to get a decent approximation.

I’m not saying this is a reason to not do it, I simply don’t want people surprised or confused if this is a consequence of the proposal passing.

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How much of the bnBNT is owned by the users vs the Bancor 3 protocol? Can the DAO get some exact numbers?

There is no benefit for existing Bancorians to migrate and it will be a waste of gas. I only see new BNT holders locking via the new process as it is easier. I don’t think it is much of a concern.

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Hey,

The bnBNT amount held by the protocol is in the BNTPool -

So I took the total bnBNT supply and deducted the total owned by the protocol, then multiplied by the bnBNT/BNT ratio and the result is ~21,234,373 BNT - this is the amount currently held by all BNT LPs.

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so now that this is live for voting on snapshot (Snapshot), I am curious:

what is the purpose of having governance at all if forum proposals are being deleted without even the opportunity for discussion? See Reevaluate the thread deletion process

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I am reporting this post as it has nothing to do with my proposal. This topic is to discuss BNT becoming a governance token not to discuss rules around posts in governance.

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respectfully it has everything to do with the proposal.

this proposal could have an impact on vBNT, and if attempts at governance by token holders are immediately deleted then it is unclear what benefit making BNT a governance token would have.

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You can reply in the thread that you linked for changing the rules in the governance forums and create a proposal for it.

This proposal has nothing to do with your topic of reevaluating the deletion process.

Based on the current results, this proposal is going to pass in 12 hours.

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foxsteven yudi richardsonmark

Can you provide any updates to the community about timelines for this proposal?

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This is being work on now.

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foxsteven yudi richardsonmark

how long will it take to get implemented?

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hey @alphavalion it’s already in process - the new gov contract for BNT is already deployed and the rest is on its way.
snapshot needs to be updated as well as the app to allow staking/unstaking in governance.
probably about a week until everything is live.

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foxsteven yudi richardsonmark

Can you provide the Bancor DAO with an address for the new governance contract?

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Hey,

Here’s the contract -

Still under testing though so FYI.

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Hey everyone, staking/voting with BNT is now supported in the contract and on snapshot.
So technically it’s now possible to stake in the new BNT gov contract available here -

and it will allow you to vote on snapshot.

The app still doesn’t support staking/unstaking BNT for gov - this will take a few more days - will update.

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Now supported in the app

app.bancor.network/vote

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