# Proposal: Rescue any available value from protocol owned renBTC in V3 **URL:** \ **Category:** DAO Archive (SUBMITTED)\ **Created:** [December 14, 2022, 3:39pm UTC](https://gov.bancor.network/t/proposal-rescue-any-available-value-from-protocol-owned-renbtc-in-v3/4164 "2022-12-14T15:39:32Z")\ **Posts on this page:** 11\ **Page:** 1
**Author:** ![foxsteven](https://avatars.discourse-cdn.com/v4/letter/f/838e76/32.png) [@foxsteven](https://gov.bancor.network/u/foxsteven)\ **Post date:** [December 14, 2022, 3:39pm UTC](https://gov.bancor.network/t/proposal-rescue-any-available-value-from-protocol-owned-renbtc-in-v3/4164/1 "2022-12-14T15:39:32Z")
# TL;DR - [Ren has advised holders to bridge back](https://twitter.com/renprotocol/status/1595807696296751104) as they are sunsetting this version December 20th 2022 - Bancor V3 has: - MasterVault Balance 20.37031372 renBTC - Staked Balance 0.03051750 renBTC - Protocol Owned 20.33979622 renBTC - This proposal suggests that the BancorDAO should use DeFi protocols to trade its renBTC for BNT and then burn the BNT. - This can help reduce the deficit across all pools in V3. - If for some reason there is not sufficient liquidity left in DeFi protocols, this proposal suggests a plan B of unwrapping renBTC to BTC and then to WBTC and then converting to BNT and burning the BNT. # History - Bancor has had liquidity for renBTC since the [launch of Bancor V2](https://blog.bancor.network/announcing-ren-and-renbtc-as-bancor-v2-launch-pools-bda16323746f) - The highest levels of liquidity were during late 2020 and early 2021 - Reminder: - The protocol contributed BNT to the pool by virtue of how V2.1 functioned. - Users exchanged renBTC for BNT, as a result, the protocol ended up with a balance of renBTC. ![](https://europe1.discourse-cdn.com/flex013/uploads/bancordao/original/2X/6/6a693133f1402a88923e88a315f0f73bc6e65ebe.png) # Status of REN - As announced previously, the Ren 1.0 network is shutting down due to the events surrounding Alameda” Source: [https://twitter.com/renprotocol](https://twitter.com/renprotocol) - REN is asking all users to bridge out of REN 1.0 assets by December 20th. - More details can be found in their blog post: [https://medium.com/renproject/moving-on-from-alameda-da62a823ce93](https://medium.com/renproject/moving-on-from-alameda-da62a823ce93) # Status of renBTC in V3 - MasterVault Balance 20.37031372 renBTC - Staked Balance 0.03051750 renBTC - Protocol Owned 20.33979622 renBTC There is only one LP in the pool with a staked balance of 0.03051750 renBTC. # Process - The deadline for this operation is December 20th, 2022 as REN mentioned that they will only support burning/releasing of these assets 30 days after their tweet. - This proposal meets our urgent guidelines from BIP - [BIP3 Governance Changes: BIP documentation requirements, and new majority and quorum rules](https://gov.bancor.network/t/bip3-governance-changes-bip-documentation-requirements-and-new-majority-and-quorum-rules/97) - “Similarly, urgent matters requiring immediate action can expedite the sufficient time requirement. Any other proposal that is not of imminent importance to the continuity of the project is not exempted.” # Summary Plan A - If this proposal passes, then the protocol owned renBTC will be removed from the vault and converted to BNT using DeFI protocols. - Note: This is likely to involve more than one transaction to reduce slippage (for example, renBTC = \> WBTC =\> ETH =\> BNT) Plan B - If there is not sufficient liquidity to do this by the time the vote concludes, this proposal suggested unwrapping renBTC and then wrapping it to WBTC. Once that is done, the same conversion to BNT and burn events will follow. FOR: Allow the Bancor protocol to withdraw its renBTC, convert this to BNT and burn it. AGAINST: Take no Action ---
**Author:** ![ZenoBNT](https://dub1.discourse-cdn.com/flex013/user_avatar/gov.bancor.network/zenobnt/32/2535_2.png) [@ZenoBNT](https://gov.bancor.network/u/ZenoBNT)\ **Post date:** [December 14, 2022, 3:43pm UTC](https://gov.bancor.network/t/proposal-rescue-any-available-value-from-protocol-owned-renbtc-in-v3/4164/2 "2022-12-14T15:43:31Z")
100% For. Lets not leave 20 BTC on the table. ---
**Author:** ![glenn](https://dub1.discourse-cdn.com/flex013/user_avatar/gov.bancor.network/glenn/32/1720_2.png) [@glenn](https://gov.bancor.network/u/glenn)\ **Post date:** [December 14, 2022, 4:12pm UTC](https://gov.bancor.network/t/proposal-rescue-any-available-value-from-protocol-owned-renbtc-in-v3/4164/3 "2022-12-14T16:12:21Z")
Agree with this proposal. We should not let the $renBTC tokens go to waste and utilize them to get some value out of them. Anything that can help with buying back $BNT from the markets is useful for deficit recovery. ---
**Author:** ![tfns](https://dub1.discourse-cdn.com/flex013/user_avatar/gov.bancor.network/tfns/32/465_2.png) [@tfns](https://gov.bancor.network/u/tfns)\ **Post date:** [December 14, 2022, 4:48pm UTC](https://gov.bancor.network/t/proposal-rescue-any-available-value-from-protocol-owned-renbtc-in-v3/4164/4 "2022-12-14T16:48:12Z")
Proposal is now on snapshot for voting [https://snapshot.org/#/bancornetwork.eth/proposal/0x714126258fac1aa4f6ae3bcf0b40e2ce020c66481779e0c26260accf4f6c0cdf](https://snapshot.org/#/bancornetwork.eth/proposal/0x714126258fac1aa4f6ae3bcf0b40e2ce020c66481779e0c26260accf4f6c0cdf) ---
**Author:** ![PaperStreetCapital](https://dub1.discourse-cdn.com/flex013/user_avatar/gov.bancor.network/paperstreetcapital/32/2551_2.png) [@PaperStreetCapital](https://gov.bancor.network/u/PaperStreetCapital)\ **Post date:** [December 14, 2022, 5:28pm UTC](https://gov.bancor.network/t/proposal-rescue-any-available-value-from-protocol-owned-renbtc-in-v3/4164/5 "2022-12-14T17:28:59Z")
Super heads-up play, and it can burn nearly 1,000,000 BNT. Absolutely for this. ---
**Author:** ![Here2DeFi](https://dub1.discourse-cdn.com/flex013/user_avatar/gov.bancor.network/here2defi/32/2514_2.png) [@Here2DeFi](https://gov.bancor.network/u/Here2DeFi)\ **Post date:** [December 15, 2022, 5:36am UTC](https://gov.bancor.network/t/proposal-rescue-any-available-value-from-protocol-owned-renbtc-in-v3/4164/6 "2022-12-15T05:36:56Z")
Nothing but full support for this proposal. ---
**Author:** ![Helios](https://dub1.discourse-cdn.com/flex013/user_avatar/gov.bancor.network/helios/32/2388_2.png) [@Helios](https://gov.bancor.network/u/Helios)\ **Post date:** [December 15, 2022, 3:59pm UTC](https://gov.bancor.network/t/proposal-rescue-any-available-value-from-protocol-owned-renbtc-in-v3/4164/7 "2022-12-15T15:59:40Z")
Always late to the party… not sure how burning BNT helps. 1M was burned on 9/29 … and it made no impact on the token price. Don’t people need BNT to make their LP whole, or rather just the TKN they staked in the first place ? Why burn BNT, when you can give the pools ETH/DAI/wBTC which is what the LPs want in the first place. Burning already proved to not impact price back in Sept ---
**Author:** ![foxsteven](https://avatars.discourse-cdn.com/v4/letter/f/838e76/32.png) [@foxsteven](https://gov.bancor.network/u/foxsteven)\ **Post date:** [December 15, 2022, 4:51pm UTC](https://gov.bancor.network/t/proposal-rescue-any-available-value-from-protocol-owned-renbtc-in-v3/4164/8 "2022-12-15T16:51:10Z")
> [@Helios](#): > > not sure how burning BNT helps The buying helps. Burning just means won’t get sold after. > [@Helios](#): > > Why burn BNT, when you can give the pools ETH/DAI/wBTC which is what the LPs want in the first place. Buying BNT from the pools does indeed reduce the deficit. ---
**Author:** ![Helios](https://dub1.discourse-cdn.com/flex013/user_avatar/gov.bancor.network/helios/32/2388_2.png) [@Helios](https://gov.bancor.network/u/Helios)\ **Post date:** [December 15, 2022, 8:01pm UTC](https://gov.bancor.network/t/proposal-rescue-any-available-value-from-protocol-owned-renbtc-in-v3/4164/9 "2022-12-15T20:01:16Z")
why not also set aside say 30-40% of the proceeds to directly buy TKNs in top 10 TVL Pools… As this is what the LPs need directly. The rest can go to buying BNT. Which only helps by increasing the ratio of IL if the BNT price stays higher… if I’m not mistaken ---
**Author:** ![OverAnalyser](https://dub1.discourse-cdn.com/flex013/user_avatar/gov.bancor.network/overanalyser/32/1418_2.png) [@OverAnalyser](https://gov.bancor.network/u/OverAnalyser)\ **Post date:** [December 20, 2022, 11:54am UTC](https://gov.bancor.network/t/proposal-rescue-any-available-value-from-protocol-owned-renbtc-in-v3/4164/10 "2022-12-20T11:54:29Z")
Looks like it passed and has been completed: > > > Ren @renprotocol > ---
**Author:** ![Chasin-a-Mumrah](https://avatars.discourse-cdn.com/v4/letter/c/ba9def/32.png) [@Chasin-a-Mumrah](https://gov.bancor.network/u/Chasin-a-Mumrah)\ **Post date:** [December 29, 2022, 5:52pm UTC](https://gov.bancor.network/t/proposal-rescue-any-available-value-from-protocol-owned-renbtc-in-v3/4164/11 "2022-12-29T17:52:23Z")
Discussions and rapid executions like this are why I continue to support this DAO and protocol. Kudos to all involved, your efforts are greatly appreciated! 👏