Bancorians have previously created proposals to burn the collected BNT by the Bancor 3 vortex
this process is creating unneeded work for the DAO.
TL;DR
With this proposal, I want the Bancor DAO to automatically grant forever the ability for the bancor 3 collected BNT to be burned every time it reaches 1m in its entirety.
Summary
Bancorians should decide what to do with the BNT amount we captured from the Bancor 3 vortex.
This amount currently sits close to 500k and can be found via this link ( Select value 9).
I am proposing for this BNT to be burn every time the total available captured BNT in the contract reaches 1m BNT going forward. As it stands, this BNT doesn’t reflect in the official numbers for circulating supply on Etherscan. That’s why we need to officially burn it to make this transparent for the community.
How will this burning will be managed? That I will leave to the devs, the only thing that’s important is that it happens safely everytime it reaches 1m and is reflected in the BNT contract.
For
Grant the ability for the Bancor 3 Vortex collected BNT to be burned in its entirety every time it reaches 1m
@alphavalion also - any reason for such a public function to only work once the amount reaches 1M?
one simple option would be to have a public function that anyone can call at any time and not only when the amount reaches 1M.
The reward for triggering the public function can be a small enough percentage of the burn that it only really makes sense to trigger it when there is a significant amount of BNT to do so.
For example, say you want to reward 100 BNT to 1000 BNT for burning 1M BNT, the reward would be 0.01% to 0.1%
I see no reason for this to not be triggered when it reaches 1m BNT accumulated as has been done before. It is not necessary for bancorians to give away free BNT for something that can be done by us.
Why is such a function needed now when in the past it was not required? Why waste dev resources on creating these functions that no one will utilize since there is no reward to provide?
We are closed to 655K BNT collected right now. When the amount reaches 1m BNT then based on this proposal that passed you should be able to burn it as has been done multiple times before without any need for a function.
The point isn’t the function - that’s easy and is gonna be available soon, the point is that we don’t necessarily need to wait till it reaches 1M, I don’t see any reason not to allow it for any amount there.
But in any case, it’s not critical, the DAO can choose to adjust that number from 1M to any other number in the future.