Proposal: Onboard PHTR token with 100k BNT Trading Liquidity

Proposal: Whitelist PHTR token with 100k BNT co-investment

For this proposal to pass, it requires a 35% quorum and 66.7% supermajority.

This proposal is expected to appear on Snapshot for voting on Sunday 23rd January 2022


  • Proposal to whitelist PHTR (Phuture token)
  • Phuture is a decentralised asset management protocol focused on delivering quality index products to retail and institutions
  • The proposed initial co-investment limit is 100k BNT
  • There are no apparent security concerns that would prohibit whitelist status
  • Whitelist approval will set us up to bring our liquidity mining programme to Bancor v3
  • PHTR is listed on, coingecko, coinmarketcap and verified on etherscan.



Phuture is a decentralised asset management protocol allowing for the creation and investment of index products.

  • Earlier this year we raised $2.75mm in seed funding to enable us to launch our protocol and interface to the market.
  • We are in the final stages of development and our product launch is targeted for Q1 2022.
  • The protocol automatically rebalances and updates portfolios of assets to track a specific strategy set by the index manager.
  • Our end goal is to build index products that are easily accessible by the masses and help bring over the next wave of people into crypto.

Current Liquidity

The PHTR token currently has two main pools on Sushiswap, which are USDC/PHTR and ETH/PHTR which collectively have circa $700k in liquidity. We are proposing that we whitelist the PHTR token with a co-investment limit of 100k BNT which would enable the Bancor pool to become the largest and most liquid pool, attracting the lion’s share of the trade volume due to improved execution. We are confident that opening up one sided staking for PHTR token holders would attract a meaningful share of liquidity from our current ePHTR staking programme. This programme has around 2mm PHTR tokens staked. Thus we expect to use up the 100k BNT limit reasonably quickly.

We are currently running a liquidity mining programme for our USDC/PHTR pool on Sushiswap. Another reason for our proposal is to allow us to execute our liquidity mining programme directly on Bancor v3 by dropping PHTR rewards to participants of this pool. This would effectively act as an additional incentive to bring liquidity from the sushiswap pools over to Bancor. We expect that this would allow us to surpass $1mm of liquidity in our Bancor pool.

Additionally, our ePHTR staking programme would be the perfect destination for excess tokens in our Bancor v3 pool that are not matched with any BNT, allowing for further yield optimisation.

The ETH/PHTR pool is currently incentivised via Harvest Finance and there are no immediate plans to change this.

The PHTR token

PHTR is the governance token of the Phuture protocol and it allows its holder to participate in governance and share in the protocol’s growth both via dividends and capital appreciation. As the protocol evolves more use cases for PHTR will come to fruition and its pervasiveness within the platform will rise.

  • 100mm initial max supply
  • Minter role is governed by the DAO multi-sig. The minter role only exists to continue incentivising and growing the Phuture ecosystem, should the initial 100mm max supply fail to get us to self-sustainability.
  • Minting is restricted
  • Pauser role has been deactivated
  • Non upgradeable contract
  • Contract uses standard OZ contracts
  • No rebasing or elastic supply

Token metrics and statistics can be found on our Dune analytics page: Dune Analytics



In summary, we see the whitelisting of PHTR as the start of a long working relationship with Bancor, which can not only grow as Bancor 3 is launched but also allows us to explore other areas of collaboration with our index products in the future.

FOR - Approve Whitelist + Trading Liquidity + IL protection

AGAINST - Do Nothing


@Oliver - are you part of the PHTR team?


Yes, I am a cofounder and head up product development.


Awesome! Good to know you are involved. I support this.


@Oliver can you please include the token address and links to cmc or coingecko and the likes?


Added etherscan, coingecko and CMC


As a PHTR holder, I’m definitely interested in migrating my Sushi PHTR/USDC LP value liquidity into a PHTR/BNT pool for PHTR and also stake PHTR for BNT. To be honest I’ve haven’t used Bancor… :flushed: Uni and Sushi have been the go to AMM, but I am super interested in the IL protection/lower gas fees (I’ve spent 35eth in gas fees over two wallets last 4 years(!)).

PHTR has huge potential to 10-20x and whilst single side offers a clear mitigation against IL, staking LP (which tends to get the higher yield, which is what we all want) concerns me re: PHTR holding IL. When the price gained 500% last year, on paper, I lost a significant share of my PHTR, even accounting for USDC gain protection against that would be a) awesome and b) allow me to make more educated and less panicked decisions :pinched_fingers:.


Amazing feedback @dgen.eth and welcome to the Bancor governance forum!

You might be curious to try out, it’s a tool developed by APY.Vision with Bancor’s support that shows you your accrued IL. It supports both Uniswap and Sushiswap.


I like what I see, the only concern I have is the lack of audits. I would prefer to have at least the audit of the token contract completed, even if other elements of the platform aren’t ready yet.

Hi @CoinAnole, thanks for your comment. Our token has not undergone any audits due to the fact that we only used Open Zeppelin contracts, which have been throughly audited and tested by default. Any remaining admin functions are controlled by a multi-sig (with restrictions) and our token contract has been live for over 6 months.


Hi Oliver,

Thanks for putting up this proposal in our governance. I fully support the whitelisting and also appreciate the willingness of the Phuture team to move the liquidity to Bancor in addition to also incentivizing this pool in the future:

I also would like to point out the following synergies to fellow community members that could exist between both our protocols if for example Phuture uses some of our single sided IL protected tokens as part of their index in the future:

Any chance you can talk about the top three holders?

I think two of these are gnosis wallet and the last one is a vesting contract? Thanks!

1 Like

Thanks Glenn, echo and support everything you said about the potential of this whitelisting.

Here is the breakdown of the top 3 addresses:

  1. DAO
  2. Unvested investor tokens + future adviser and employee allocation
  3. Core team vesting contract