Proposal: Whitelist Doubloon (DBL) on Bancor v3

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 2022-06-18T23:00:00Z. Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.


  • Proposal to whitelist $DBL for IL protection
  • Proposed co-investment of 50k $BNT
  • There are no apparent security concerns that would prohibit whitelist status
  • Galleon will provide 50,000 BNT worth of DBL tokens for external IL protection
  • There is no reason to doubt the legitimacy of the Galleon project

Doubloon token address: Doubloon Token (DBL) Token Tracker | Arbiscan

Project website:

Token Security

The Doubloon token is fixed supply at 100,000,000 and the current circulating supply is:

The largest holders consist of 15% team wallet, 20% seed investors (23 total parties) and 65% community-owned DAO which are all linearly vested over a 3 year period.

Vesting tokens are released from January 2022 to January 2025 based on the following schedule:

The DBL token contracts do not appear to grant administrators unrestricted mint/burn permissions.


Galleon was formed in February 2022 by Andrew from Set following our small $1m seed raise in January to launch and manage on-chain structured products.

Currently, our flagship product: The ETH Max Yield Index ($ETHMAXY) was the first stETH/ETH recursive lending product in the market with ATH TVL of $5m+ which generates revenue via its 1.95% streaming fee.

We have another 2-3 products currently being built, which include (but are not limited to):

  • a new recursive lending product
  • a new yield basis product
  • And a sector indices

All products are based on the Set Protocol smart contracts and generate income by charging holders a streaming fee. Additional issuance and redemption fees can be applied, however, Galleon at current does not have any deployed products that utilise these extra fees.

Galleon currently has $2.2m AUM with zero being incentivised by Galleon liquidity mining or staking. Daily income fluctuates, but total cumulative income since February 2022 launch is $20k.

Galleon is still very new to the structured product space being only 3-4 months old, however, we have already shown our capability with our Optimistic Governance model enabling us to identify market narratives (like recursive lending) and being first to market with innovative structured products. We also had a complete branding overhaul that dropped at the beginning of May.


The DBL token is currently a pure governance token for Galleon, nor are there any burn mechanisms in place. DBL is based on the ERC20 standard.

At this time, other than LPing with the risk of IL, there are no productive ways to use the DBL tokens (i.e. single side staking, use as collateral.)

Community and Communication

Galleons’ main internal activity is on discord and discourse with reference docs (which we are currently in the process of moving to our notion page) and snapshot voting for GIPs. There is also Twitter and medium channels. Galleon UI and smart contracts can be found on Github.

There is also a DuneAnalytics dashboard showing key metrics.

Available Audits

The Galleon DAO farming contracts are based on forks from Uniswap with minimal changes and have not been audited.

The Set Protocol contracts have been audited by ChainSecurity and Trail of Bits.

Market and Trading Data

  • DBL price at time of writing is $0.058
  • All-time high: $0.208386 (April 02, 2022)
  • All-time low: $0.04818511 (May 19, 2022)
  • Price 90 days ago: $0.114966
  • 21,395,553 tokens in circulation.
  • 100,000,000 maximum supply.
  • The current market capitalization is $1,230,822.
  • The DBL token is currently on MEXC exchange.
  • The majority of the volume is on Uniswap v3.

On-chain trade data:

There is currently only one 1 main liquidity pool with DBL/WETH trade volume on Arbitrum with liquidity primarily provisioned by the team. The Uniswap v3 pool is currently receiving incentives via xTokenTermimal and does not offer IL protection.

Benefits for Bancor:

Adding DBL as a whitelisted pool will allow DBL holders to make their DBL tokens productive while being protected from IL. As Galleon contributors are paid in DBL, this is an excellent way to attract the attention of a strong and active community.

The initial proposal is expected to create a pool equivalent to the AUM of the current v3 pool and lower fee for traders.

Galleon will provide 50,000 BNT worth of DBL tokens for external IL protection.

Our long term goal would be to work with the Galleon community to enable Bancor to feel confident in whitelisting potential existing and future Galleon products as they attract significantly more volume than DBL.


It would be great to stake DBLs in the Bancor :fire:


I agree!

Would you be taking advantage of the external protection feature?

If not, I don’t think you actually meet the requirements as there are very few holders of $DBL on Ethereum mainet.

1 Like

Thanks for the question @eldude it’s a very good point, I’ve just amended the proposal to reflect the 50k BNT worth of DBL for the external protection.

We will have to run the final figure through our governance process, but given the sheer benefits of being added to Bancor v3, I cannot see it being voted down.


I will 100% support 50,000 BNT trading liquidity if you stake 50,000 BNT worth of DBL in the external protection contract.


Pleasure to have you guys on! Very interested to see what we can do in the future - perhaps a BNTMAXY vault :eyes:


I think it’s a cool suggestion


Can’t wait to see staking permission in Bancor V3


stake DBLs in the Bancor , it’s a cool :star_struck:
Can’t wait :rocket:


it would be good integration sounds looks great


I like this idea, if the tech allows it we’d definitely be open to it!


I suggest posting this on snapshot on the 19th.

People are not interested in voting until the remaining Bancor pools are live.


Makes sense to us, we’re happy to hold fire until the 19th.

Whatever best suits the BNT community!


Happy to support this with the added 50k BNT worth of external IL protection.


cant wait to vote this one in