Another chunk of ETH was converted on 2/8/2024:
to date there has been around ~571 ETH used in total and ~1.82m BNT acquired.
2 Likes
Another chunk of ETH was converted on 2/17/2024:
to date there has been around ~661 ETH used in total and ~2.13m BNT acquired.
1 Like
the current slow rate of buying and burning bnt has not worked out as intended. the goal is not to only simply burn bnt, but also to improve the deficit. Thus far we have accomplished only 1/2 as the deficit has only continued to worsen.
I don’t know what needs to be done to improve the way at which we are tackling this, but the current status quo isn’t cutting it.
would it change if instead of buying and burning bnt purchased from CEX’s, instead we buy directly from bancors own dex? I understand arbs will come in and level things out, but at least that is something we can try, no? or perhaps we can increase the size of the $/batch.
If youre not getting the results you want, then stop twiddling your thumbs and come up with a better plan.
3 Likes
Well, I guess there is someone bright enough to extract value from this sale.
It’s not the LPs sitting in deficit for sure. Even for burning BNT it’s a drop in the ocean. At this rate we are looking at decades of BNT oversupply.
4 Likes
Updating with Batch#8 which happened on 2/26/2024:
to date there has been around ~761 ETH used in total and 2.51m BNT acquired.
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It is baffling we are continue to waste our ETH for this without ANY evaluation of it’s effects.
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To add context, here is the BNT/ETH chart since the POL sale started.
I can only ask @mbr and the others to reconsider this strategy. There have to be a better uses for the ETH and some of them (DAO treasury) have been brought up by contributors in the past. I think you should have listened to them.
2 Likes
Updating with Batch#9 which happened on 3/6/2024:
to date there has been around ~861.8 ETH used in total and 2.93m BNT acquired.
2 Likes
This proposal was voted and approved by the Bancor DAO which is composed of BNT and vBNT token holders. If you have a separate idea in mind then I recommend looking at the guidelines here:
to start a new proposal. Usually this involves getting feedback from the community and support from other token holders as part of this process.
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We do appreciate the governance decision and respect it, however, given the proposal does not trigger any positive results it is worth questioning whether we should continue and waste more capital.
And in any case, given using POL does not reduce deficit (which was, as per the title of this section, the main objective), we must at the very least explore alternative options
4 Likes
Updating with Batch#10 which happened on 3/16/2024:
to date there has been around ~958.53 ETH used in total and 3.317m BNT acquired.
4 Likes
Updating with Batch#11 which happened on 3/26/2024:
to date there has been around ~1050.48 ETH used in total and 3.691m BNT acquired.
2 Likes
Updating with Batch#12 which happened on 4/5/2024:
to date there has been around ~1142.96 ETH used in total and 4.068m BNT acquired.
2 Likes
Updating with Batch#13 which happened on 4/14/2024:
to date there has been around ~1243 ETH used in total and 4.489m BNT acquired.
2 Likes
still, after this effort my ETH effective availability decreasing all time, now left 33% from initial. Couple months ago it was 38%…
to be honest not sure what is going on…
Updating with batch#14 which happened on 4/24/2024:
to date there has been around ~1337 ETH used in total and 4.895m BNT acquired.
1 Like
guys, Im really dont get it why trying to fix it and after so many effort we going down with ETH deficit… why ? in short ?? after my last post we went down for couple more %…
Your ETH deficit is increasing because ETH is outperforming BNT. All tokens are paired against BNT in Bancor’s design, so in order to balance the deficits of a token, BNT needs to outperform that token. Because ETH is doing better than BNT (or BNT is doing worse than ETH), 50% of the pool value on BNT:ETH means more BNT tokens entering the pool and more ETH leaving the pool.
All tokens in deficit are in deficit because they have historically outperformed BNT, and deficits will continue to grow as they continue to outperform BNT, and BNT is unlikely to outperform tokens as long as the market isn’t given any compelling reasons to buy BNT.
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Updating with batch#15 which happened on 5/04/2024:
to date there has been around ~1434 ETH used in total and 5.318m BNT acquired.
1 Like
Understood. Someone in the past said something about it, but you cleared the picture. Thank you.
So “stuff” we doing is best for reffiling deficit ?