This proposal is expected to appear on Snapshot for voting on 2021-12-26T17:00:00Z. Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.
TL;DR
- BBS is a new project aimed at creating a “decentralized reddit” in which the ad revenue is fairly distributed between the people who make the message board great.
- This means we are building a consumer application for the mass market, with blockchain sitting under the hood, and with Bancor being the chief source of liquidity and volume.
- We will run a staking rewards campaign, rewarding stakers with more BBS tokens.
- We will supply all the initial liquidity in BBS tokens.
- Once Bancor releases a standard mechanism for externally covering IL protection costs, we will adopt it, covering BBS’s IL with a pool of tokens specifically allocated for this purpose.
- We are asking for the token to be whitelisted with an initial co-investment of 100,000 BNT from a very early stage.
Token Contract: BBSToken | 0xFe459828c90c0BA4bC8b42F5C5D44F316700B430
Project Website: https://www.bbsnetwork.io/
Token Security
The token contract is a very basic OpenZeppelin ERC20 contract with OpenZeppelin’s implementation of the permit mechanism. It has no burn or pause capabilities.
Project
The BBS project is aimed at correcting this historical injustice of ad revenue distribution on social network applications. It can be thought of as a decentralized reddit, where everypost is a revenue generating NFT, and the revenue gets automatically distributed between the actors that make the revenue flow - writers, moderators, operators, and so forth.
Tokenomics
The BBS token is the native currency of the BBS network, so the fundamental model is as follows:
- Advertisers use BBS to purchase highly segmented ad space
- Royalties from this purchase are divided between the creators
- Creators sell BBS tokens to cash-out their earnings
In addition:
- Token holders can lock their tokens in a staking contract, earning further rewards
- Long term token stakers can vote on governance proposals concerning funds allocation, upgrades, standards and integrations - enabling all BBSs to function as a single network
As a mass market, consumer facing product, it will require a lot of liquidity. To provide this liquidity is a costly business because of the so-called “impermanent loss” (which, in this case, can be quite permanent), and it is very clear why the Bancor network will be hesitant to undertake it alone, and it makes a lot of sense for the BBS project itself to shoulder a significant part of this cost.
It is therefore that we are more than happy to adopt Bancor’s new model of handling IL protection, and to allocate a large pool of tokens specifically for this purpose.
Until this option becomes available, the DAO will handle and fund the liquidity pool on the Bancor network, burning all BNTs gained from IL protection.
Community and Communication
Homepage: https://bbsnetwork.io
Live Product: https://bbs.market
Twitter: @BBSnetworkIO
Telegram: @BBSnet
Top currently active message boards (14k new users in the past month)
Available Audits
Benefits to Bancor
- Mass market consumer product with liquidity handled by Bancor, leading to a dominant share of the global trading volume
- Liquidity entirely covered and managed by the DAO, which is committed to burning all BNT tokens gained from IL protection
- Early adoption of externally supplied IL protection when available
- Low risk of IL protection costs due to the two above clauses
Vote For: To whitelist BBS with a co investment of 100,000 BNT
Vote Against: To not whitelist BBS
This proposal is expected to appear on Snapshot for voting on December 26, 2021