For this proposal to pass, it requires 35% quorum and 66.7% supermajority.
This proposal is expected to appear on Snapshot for voting on TBD. Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.
- Change the Vortex Burner rate to 100% for a period of 24 hours.
- This event shall be called “Burn Day”.
- This event’s goal is to bring awareness to Bancor’s Vortex. The number of vBNT burnt in that day is a number that we can advertise and use for Marketing.
- This event is mainly for Marketing purposes. “Bancor is having a Burn day” sounds a lot like what other protocols do when they buyback some of their tokens to burn them and advertise it. We can advertise the number of vBNT burnt in that day and equivalent BNT value locked forever in the protocol.
- Changing the burn to 100% for one day will cost the protocol almost nothing (just the gas costs of adjusting the rate), and the impact of the vBNT burnt in that day won’t be significant enough that we should worry about it.
- This is an experiment to bring awareness to Bancor’s innovative Vortex solution. However, the DAO can choose to reimplement this day, or make it a recurring event (once a week, fortnight, month, …).
- It’s ultimately a fun event that we can meme about to raise awareness on Social Media. It could be coupled with meme competitions in the future if that DAO chooses to expand on this day.
- We’ve had days with roughly 10k vBNT burnt recently. In this case, there would be around 66.6k vBNT burnt at 100%, or 136k BNT locked forever in the platform at 0.49 ratio. That’s $451k locked forever in the platform.