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 2022-07-30T23:00:00Z. Make sure to stake your vBNT for voting before this date to participate in the DAO decision.
We originally allocated $25k for external IL protection for PDI our leading DeFi index comprised of the top assets from within the sector.
Now that Bancor no longer mints new BNT to cover ILP it has removed the threat that new pools may impose on the BNT price. As a result, we would like to retrieve these funds so that we can put them to better use attracting new PDI holders, through either the joint rewards programme or another channel.
Reasons for removing the external IL funds:
- IL burden on the BNT price has been significantly removed/mitigated.
- PDI is made up of the top assets in defi which have all moved out of their price discovery phase so it shouldn’t be considered a “new” asset.
- External IL funds can be used to more effectively bring new PDI holders into our Bancor pool. For example, by using the funds to participate in the joint rewards programme or providing rewards for holding PDI through other channels.
- Given our company size it is important we minimise the opportunity cost of any allocated funds. The PDI attributed to the external IL fund can be re-purposed for a higher ROI without being concerned that the PDI pool is causing increased stress on the BNT price.
For: Approve repatriating the PDI funds in the external IL vault to the Phuture team
Against: Do not approve the repatriation of the PDI funds in the external IL vault to the Phuture team