Proposal for the Bancor v2.1 vortex to use 100% of fees to burn BNT

[alphavalion]

Expected on Snapshot on October 1, 2023

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

Bancorians for a stronger BNT

A post surfaced in the past about retiring vBNT and Bancorians should read that proposal to get an understanding about this thread I have taken that thread and turned it into a set of proposals to get the DAO moving forward on this process. While creating proposals to sunset Bancor 3 for different tokens I skipped vBNT as it is different than the others. Now that Carbon is out on Ethereum, the discussion can continue on how to sunset vBNT. I think we will need these proposals to make this a…

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

TL;DR

• The Bancor v2.1 vortex to use 100% of fees to burn BNT
• The Bancor v2.1 vortex will not burn vBNT any longer

Summary

The reduction in BNT supply is the most important number for all Bancor v2.1 and Bancor 3 LPs. This affects the pool deficits as burned BNT is bought from the markets first. It is important for any outsiders that is looking at BNT to know that it is deflationary.

How will the Bancor v2.1 vortex be made to burn BNT? That I will leave to the devs, the only thing that’s important is that it happens a safe manner.

For

The Bancor v2.1 vortex to use 100% of fees to burn BNT

Against

Do nothing.

[Otto]

Millions of BNT were/are being burnt, many at a deep discount of 50% or more. Isnt that a good narrative explaining BNTs deflationary properties?

[alphavalion]

BNT is not being burned by v2.1. Only vBNT burning is happening in v2.1 and it does not affect the BNT circulating supply. BNT is the token that is available on ALL exchanges and what matters to any outsider looking to take a position on the Bancor protocol.

A constant reduction of the BNT circulating supply that is visible to any outsider is beneficial to all BNT holders.

t

[alphavalion]

foxsteven yudi richardsonmark

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

[foxsteven]

This is being worked on now.

Keep in mind there are a few moving parts so these require a process.

[alphavalion]

foxsteven yudi richardsonmark

can bancorians get an estimated time and date for when this is going to be ready?

[yudi]

hey @alphavalion - I want to say about a week, give or take.

[yudi]

hey everyone, I want to update the change was made.
fees on v2.1 now go directly to Carbon vortex which in turn allows anyone to trigger a trade to BNT and burn.