BancorDAO Partnership and Whitelist Proposal for Candle
This proposal is expected to appear on Snapshot for voting on Saturday, March 19th, 2022 at 12:00 pm UTC
Summarize Here
- Proposal to whitelist Candle (CNDL).
- Proposed trading liquidity limit is 20,000 BNT.
- There are no apparent security concerns that would prohibit whitelist status we think.
- We believe in the legitimacy of Candle and in their long term success.
- We think the benefit for Bancor is clear.
CNDL token address: 0xbc138bD20C98186CC0342C8e380953aF0cb48BA8
Project Website: https://candlelabs.org
Token Security
Candle (CNDL) does not have an elastic supply, or rebase mechanism. The CNDL contracts do not have permissions that grant administrators unrestricted mint/burn capabilities. The CNDL token supply is fixed at 100,000,000,000 of which 416,009,556 are in current circulation. The contracts and addresses with the highest concentration of CNDL tokens are predominantly the governance contracts, one of the Exchange wallets, two of the team’s wallets, and an AAVE V2 lending pool. The team wallets and vesting contracts are discussed here.
Project
The Candle project provides technology for building dApp’s, products, services, and more within an interoperable and connected ecosystem, based on the Candle Platform. Candle is a distributed network of app’s and products offered by anyone who builds and integrates into their platform, rather than a single trusted entity. As with any distributed system, Candle is nearly impossible to compromise, as the adversary must control the majority of the network to influence its behaviour. Therefore, Candle offers a compelling solution to bridging the gap between convenience, unification, and the need for Decentralization. Due to the general nature of products and services, and the already well-established and rapidly growing use of smart contracts, Candle serves a clear purpose now and in the future. Candle has set it’s own team of developers to build the first suite of app’s and services within this ecosystem, focused on religion and spirituality - morality. You can read more about that on their website here.
Tokenomics
Cande’s native token, CNDL (ERC20), is required to access, and participate in the network. Candle must be accepted as a currency by any app or service that integrates into its ecosystem. Candle is also the governance currency of the network; users must hold Candle to participate and vote on the future of the platform and associated ecosystem. Therefore, the Candle token is a utility token, and not merely a symbolic representation of the project.
Community and Communication
Candle is active on Telegram and Discord. The Candle team also operates official an Twitter account. Activity on GitHub is frequent, with new updates appearing every two to eight days. The development team and advisors are presented on the team tab on the Candle website. Patrick Prince, the co-founder and CEO of Candle, is the project’s main spokesperson. The CNDL website includes a mailing address in Dover, Delaware, USA, and four contact emails:
- Mailing and office address: 1151 Walker Rd, 212, Dover, Delaware, 19904, U.S.A.
- Security email: [email protected]
- Technical support email, [email protected]
- Custom projects email, [email protected]
- Press email, [email protected]
Market and Trading Data
- CNDL’s price at the time of writing is $0.028
- All-time high: $0.12 (22nd of January 2022)
- All-time low: $0.00012 (29th December, 2021)
- 416,009,556 tokens in circulation
- 100,000,000,000 maximum supply.
- The current market capitalization is $11,648,267.56
Benefits for Bancor:
- Brings new traders into the Bancor Ecosystem
- Extensive marketing of the pool, as it will be the deepest pool for Candle
- Two year commitment to maintain, publicize, and support the health of the pool
- The entire Candle community will use Bancor and this pool within the time period, exclusively
- High incentives offered by the Candle Governors to support the integration of our two communities
Voter Incentives
- Each voter is eligible for an immediate gift of 2,000 Candle (CNDL). From MBR, Snapshot generates a CSV file of all voting members who participated in each proposal. Simply vote on Snapshot and your information will be added to the relevant CSV file! That’s it. An alternative is to email [email protected] with the same information.
- All voters will be offered exclusive access to the Candle Governors community chat.
- All voters will be given, should they accept, a Candle Bancor NFT to commemorate this partnership. Bancor’s Snapshot uses Proof Of Attendance Protocol (POAP) to mint NFTs for active voters, and the minting period will be the day after voting ends. It’ll be open for 48 hours, and all eligible voters will be able to able to mint this NFT. Eligible voters are based on the previously mentioned Snapshot CSV file.
- All voters will be granted exclusive access to titles and priority access to the Candle beta.
Thank you so much for taking the initiative!
I think that we might have a slightly less cumbersome solution to the voting proof - I think these systems ought to make for a much more robust proof of voting participation.
I also note that the commemorative NFT (nice idea!) is only mintable during the voting period - this might be more difficult to enforce, although it can still be done. If you like, we could move the NFT minting period to the day after the voting ends (i.e. hold it open only for 24 hours, or whatever you think is appropriate), which would allow for the list of eligible voters to be generated via the tools available on Snapshot.
