Proposal: Whitelist DUSK with 50K BNT Trading Liquidity

Proposal to Whitelist Dusk Network (DUSK) with 50,000 BNT co-investment

For this proposal to pass, it requires 35% quorum and 66.7% supermajority.

This proposal is expected to appear on Snapshot for voting on 2021-12-12T17:00:00Z. Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.

TL;DR

  • Proposal to whitelist DUSK.
  • Co-investment of 50,000 BNT.
  • Dusk Network is a layer-1 blockchain protocol that will enable Confidential Smart Contracts. The project’s focus is to use their own bleeding edge Zero-Knowledge Proofs systems to develop (Decentralized) Financial Applications with strict on-chain data privacy at its core. Use cases include Confidential Smart Contracts, Confidential Security Tokens and Zero Knowledge Utility Tokens.
  • They are planning to launch their public Testnet on the 1st of February, 2022 which comes with a lot of extra marketing efforts and exposure.
  • There are no security concerns that could prohibit whitelist status.
  • There is no reason to doubt the legitimacy of Dusk. The project has been featured in, among others, Forbes, Coindesk and CoinTelegraph and their Github Repositories have been acknowledged by lots of external projects and developers.
  • The benefit to Bancor is clear. Providing DUSK liquidity will attract token LPs from the Dusk community to swap on Bancor, and increase protocol trade volume.

Token Address: 0x940a2db1b7008b6c776d4faaca729d6d4a4aa551

Project Website: Dusk Network

Liquidity

The Deepest DUSK pools are:

The DUSK/USDT Uniswap v3 pool with $11.72k liquidity, $21.03k daily volume, and an extrapolated APR from the 24hr fees of 196.45% [1].

The DUSK/WBNB PancakeSwap v2 pool with $620.70K liquidity, $118.94K daily volume, and an extrapolated APR from the 24hr fees of 11.89% [2].

A co-investment of 50,000BNT opens up space for at least $332k of liquidity in the pool, with BNT at $3.32. If the pool fills up, it would be the deepest in any DEX.

Token Security

DUSK does not have an elastic supply, or rebase mechanism. The DUSK token has a max supply cap of 1,000,000,000 DUSK. Contracts are standard ERC-20 OpenZeppelin contracts. The contracts don’t have any permissions that grant administrators unrestricted mint/burn capabilities.

DUSK has a “Very Good S4” safety score on valid.network.

The top 15 contract and addresses with the highest concentration of DUSK are the DUSK Network Deployer, Dusk Network contracts, Binance, vesting wallets, team wallets, and a wallet with 1.6000% of the total supply.

Figure 1 - Top 15 contract and address with the highest concentration of DUSK [3]

Project

Dusk Network describes itself as a blockchain for programmable and confidential securities, powered by Zero-Knowledge proofs and novel Private PoS leader extraction-based consensus protocol. Dusk Network is a privacy blockchain for financial applications. It is a layer-1 blockchain that powers the Confidential Security Contract (XSC) standard, and supports native confidential smart contracts.

Dusk Network aims to address the requirements and needs of financial markets. Central to its design is a scalable public infrastructure, direct settlement finality of transactions, and strict data privacy.

  • Direct settlement finality. A distributed Financial Market Infrastructure (dFMI) should provide clear and final settlement of transactions. On Dusk Network transactions are fast, take seconds to complete, and achieve immediate on-chain finality.

  • Privacy. Dusk Network provides full user privacy and enables decentralized applications and third-parties to adhere to strict compliance requirements whilst still offering data privacy. This increases the ability to perform business processes on-chain, leading to significant cost reduction.

  • Public. Users do not need the approval of a trusted authority to use the Dusk Network blockchain. Besides, only minimal processing power and modest IT resources to join. All users who possess the DUSK token can participate in the consensus.

How does it work?

Through the use of a transactional model called Phoenix, Dusk Network focuses on bringing privacy and anonymity to both transactions and smart-contracts. Additionally, tokens deployed on Dusk Network can build on top of Zedger, a hybrid privacy-preserving model based on Phoenix, specifically modeled for security tokens.

The ‘Segregated Byzantine Agreement’ (SBA) consensus mechanism secures the network. According to the team from Dusk Network, SBA is an improvement over the underlying Proof-of-Stake (PoS) mechanism as it combines existing ideas like cryptographic sortition (lottery), stealth time-locked transactions (private stake amounts) and a reputation module to increase the chances of selecting honest nodes and further promote decentralization.

Dusk Network was founded in 2018 and is based in Amsterdam, the Netherlands.

The latest Whitepaper V3.0 can be found here.
The Biannual report can be found here.

Tokenomics

DUSK tokens can be used as a utility token to initiate transactions and atomic swaps, or for the deployment of smart contracts. DUSK can also be staked to participate in consensus and serves as a means of exchanging DUSK-denominated value. In the future, the team intends to expand the use-cases of DUSK by adding it to an on-chain governance system.

Community and Communication

Dusk Network is active on Telegram. The Dusk Network team also operates official Twitter, and Blog accounts.

Available Audits

Dusk Network was audited by Cyber Unit on their Prestaking Provisioner and Prestaking Contracts.

Market and Trading Data

The DUSK token has seen a nice upward momentum in both price and volume the past few weeks. Underlining Dusk Network’s focus on Zero-Knowledge Proofs is the Endgame Paper from Vitalik, which confirms the importance of Zero-Knowledge for the whole blockchain industry on privacy- and scaling opportunities. Dusk Network will continue to play a leading role in the Zero-Knowledge sector.

  • DUSK’s price at the time of writing is $0.194744.
  • All-time high: $0.678301 (22nd Jun, 2019).
  • All-time low: $0.01113274 (13th Mar, 2020).
  • Price 90 days ago: $0.172002.
  • 383,163,706 DUSK in circulation, with a maximum supply of 1,000,000,000 DUSK and a total supply of 500,000,000 DUSK.
  • The current market capitalization is $74,618,821.
  • The DUSK token is available on, among others, Binance, Bitfinex, Bittrex, Gate.io, Coinmerce, Bitcoin Meester, CoinSpot, Bitladon, LiteBit, Uniswap v3 and PancakeSwap v2.

[1] Uniswap Info

[2] PancakeSwap

[3] $0.72 | Dusk Network (DUSK) Token Tracker | Etherscan

5 Likes

Thank you for the proposal and welcome to our governance forum!

5 Likes

Welcome, are you on the DUSK team?

1 Like

Thank you for the proposal ! I wanted to address this:

Assuming all is well with the contracts I would still like to see a smaller co-investment, it’s true that a 100K would make us the deepest but I don’t believe we are really competing with pancacke swap here. I’d feel good with a 25-50K Co-Invest but it’s up to you.

Sidenote, If you are from the DUSK Team a Treasury Co-Investment of DUSK would also help to sway my vote.

2 Likes

Hi, yes I’m one of the co-founders of Dusk Network. Glad to have this proposal out.

4 Likes

Hi Tenzent,

We looked at your feedback and lowered the co-investment to 50k BNT. We’ll also provide 50k worth of DUSK from our treasure to the liquidity pool. Glad to come aboard.

6 Likes

The proposal seems good to me. We can always increase the trading liquidity if the volume warrants it. Thanks for bringing this up to the Bancor DAO.

1 Like