# Proposal: Whitelist HEGIC, 500k BNT Co-Investment **URL:** \ **Category:** DAO Archive (SUBMITTED)\ **Created:** [April 15, 2021, 7:12am UTC](https://gov.bancor.network/t/proposal-whitelist-hegic-500k-bnt-co-investment/1781 "2021-04-15T07:12:15Z")\ **Posts on this page:** 11\ **Page:** 1
**Author:** ![jacob.dc](https://avatars.discourse-cdn.com/v4/letter/j/b487fb/32.png) [@jacob.dc](https://gov.bancor.network/u/jacob.dc)\ **Post date:** [April 15, 2021, 7:12am UTC](https://gov.bancor.network/t/proposal-whitelist-hegic-500k-bnt-co-investment/1781/1 "2021-04-15T07:12:15Z")
**Proposal to Whitelist HEGIC tokens** ### This proposal is expected to appear on Snapshot for voting on Monday 19, April 2021 at 12:00 pm UTC. # TL;DR - Proposal to whitelist HEGIC - Co-investment limit of 500,000 BNT For: add HEGIC to Bancor whitelisted tokens Against: do not add HEGIC to Bancor whitelisted tokens **The HEGIC ecosystem: On-chain options trading protocol on Ethereum** Project Website: [https://www.hegic.co/](https://www.hegic.co/) Project Documentation: [https://ipfs.io/ipfs/QmWy8x6vEunH4gD2gWT4Bt4bBwWX2KAEUov46tCLvMRcME](https://ipfs.io/ipfs/QmWy8x6vEunH4gD2gWT4Bt4bBwWX2KAEUov46tCLvMRcME) Hegic is an on-chain peer-to-peer options trading protocol built on Ethereum. The benefits to the DeFi ecosystem and its users are: Holders: Trade WBTC & ETH call and put options. Non-custodial options with on-chain settlement. Choose any strike price, exercise at any moment. Writers: Write WBTC or ETH call and put options.Provide liquidity and start earning yield on WBTC or ETH. Auto diversification of capital allocation. Token Holders: Earn protocol’s fees in staking rewards. Receive liquidity mining & utilization rewards in HEGIC. Participate in staking and earn WBTC or ETH. ![](https://europe1.discourse-cdn.com/flex013/uploads/bancordao/original/1X/e1c287fdabb487fdff11fad2bd493146f04c1f13.jpeg) **Hegic in Numbers** [Hegic](https://www.hegic.co/) has achieved steady results in the second quarter since v888 beta launch. The protocol has surpassed the total amount of [3,200+ ETH options and 1,500+ WBTC options](https://hetoro.com/) acquired (calls and puts combined) in the first six months after the launch. All these options contracts were bought by 1,368 unique users (options buyers). _10 Oct 2020 - 10 Apr 2021_ Cumulative ETH Options - $150,011,713 ($3,725,533 fees generated) Cumulative WBTC Options - $141,278,505 ($3,479,591 fees generated) Total - $291,290,218 ($7,205,124 total fees generated) Hegic TVL at moment of writing this report is sitting around ~ $61.2M For detailed stats on Hegic, please visit: [https://terminal.tokenterminal.com/dashboard/Hegic](https://terminal.tokenterminal.com/dashboard/Hegic) **Tokenomics** _HEGIC Token_ Token standard: ERC20 HEGIC token on Etherscan: [Hegic (HEGIC) | ERC-20 | Address: 0x584bC13c...E68768430 | Etherscan](https://etherscan.io/token/0x584bC13c7D411c00c01A62e8019472dE68768430) HEGIC Token Distribution: 3,012,009,888 HEGIC tokens (fixed total supply, not mintable) - 20% (602,402,000 HEGIC): Early Contributors - 10% (301,200,988 HEGIC): Hegic Development Fund - 40% (1,204,809,000 HEGIC): Liquidity M&U Rewards - 25% (753,001,000 HEGIC): Bonding Curve - 5% (150,596,900 HEGIC): Balancer Pool _Bonding Curve_ The HEGIC token price increases as the supply of the token increases. When a new buyer has acquired the HEGIC token, each subsequent buyer will have to pay a slightly higher price for each token. As more people will discover Hegic protocol and buying continues, the value of each token gradually increases along the bonding curve. _Liquidity Mining & Utilization Rewards_ The purpose of three Liquidity M&U Rewards phases is to let the users of the Hegic protocol to become its owners. Liquidity providers and options buyers vote with their wallets for the protocol. That is why they have to be able to influence its future and own a fraction of the protocol. **Community and Communication** Hegic is active on Twitter, Telegram, Discord, Github and Medium. Twitter: **[https://twitter.com/HegicOptions](https://twitter.com/HegicOptions%5C)** Telegram: [Telegram: View @HegicOptions](https://t.me/HegicOptions) Discord: [Hegic](https://discordapp.com/invite/znjdj8q) Github: [Hegic · GitHub](https://github.com/hegic) Medium: [https://medium.com/hegic](https://medium.com/hegic) Defipulse: [https://defipulse.com/hegic](https://defipulse.com/hegic) Email: [help@hegic.co](mailto:help@hegic.co) **Available Audits** Hegic has been audited by PeckShield and the reports are available via the Hegic Github page: > **[PeckShield-Audit-Report-Hegic-v1.0.pdf](https://github.com/peckshield/publications/blob/master/audit_reports/PeckShield-Audit-Report-Hegic-v1.0.pdf)** **Market and Trading Data** - Hegic price at the time of writing is $0.2329. - All-time high: $0.642 (13 February 2021) - All-time low: $0.043 (21 September 2020) - Price 90 days ago: $0.270 - 425,355,246 tokens in circulation - 3,012,009,888 maximum supply - The current market capitalization is $99,325,486 - The Hegic token is available on major exchanges, including Binance, [Gate.io](http://Gate.io), OKEx, BKEx, [Hoo.com](http://Hoo.com). ---
**Author:** ![Eugin](https://avatars.discourse-cdn.com/v4/letter/e/d26b3c/32.png) [@Eugin](https://gov.bancor.network/u/Eugin)\ **Post date:** [April 15, 2021, 7:14am UTC](https://gov.bancor.network/t/proposal-whitelist-hegic-500k-bnt-co-investment/1781/2 "2021-04-15T07:14:27Z")
Hegic is an important project in the Option DeFi space and I think it will be a good fit into the Bancor ecosystem. ---
**Author:** ![glenn](https://dub1.discourse-cdn.com/flex013/user_avatar/gov.bancor.network/glenn/32/1720_2.png) [@glenn](https://gov.bancor.network/u/glenn)\ **Post date:** [April 15, 2021, 7:58am UTC](https://gov.bancor.network/t/proposal-whitelist-hegic-500k-bnt-co-investment/1781/3 "2021-04-15T07:58:59Z")
This has my support for whitelisting ( **without LM rewards** ) but we should amend this proposal to also include a co-investment limit of 500K BNT. With BNT at $7.00 this should open up 3.5M in single sided liquidity for the HEGIC side and if the pool fills up completely then it will be 7M in depth. The current DEXes with the largest pools are on uniswap and sushiswap and HEGIC is paired with ETH: ![image](https://europe1.discourse-cdn.com/flex013/uploads/bancordao/original/1X/cb179a0a606f36ac66c2678cfd8dec182d035e58.png) That’s roughly ~8M total in pool reserved combined. We should be able to compete with both of those pools with a 500K co-investment and we can also increase the limit depending on how quickly this pools fills up as a follow up proposal. ---
**Author:** ![mbr](https://dub1.discourse-cdn.com/flex013/user_avatar/gov.bancor.network/mbr/32/3021_2.png) [@mbr](https://gov.bancor.network/u/mbr)\ **Post date:** [April 15, 2021, 8:07am UTC](https://gov.bancor.network/t/proposal-whitelist-hegic-500k-bnt-co-investment/1781/4 "2021-04-15T08:07:27Z")
It might be a tough call to whitelist with LM rewards straight out of the gate. I refer you to the strategy used by MPH and AXS; getting the whitelist approved is extremely challenging, and requires a 40% quorum. The DAO is cautious and seems to prefer a modular approach: 1. Whitelist, then 2. propose co-investment increase, then 3. propose LM rewards. There is precedent for all three occurring together - ALPHA achieved this, for example. However, this is certainly the exception, not the rule. That said, there is nothing wrong with proposing all three together. Just be aware that DAO members who disagree with the LM component, but are not opposed to whitelisting, are forced to take them together. The choice to whitelist without LM is valuable; it is easier to pass LM afterwards, as the quorum requirement is much lower. ---
**Author:** ![glenn](https://dub1.discourse-cdn.com/flex013/user_avatar/gov.bancor.network/glenn/32/1720_2.png) [@glenn](https://gov.bancor.network/u/glenn)\ **Post date:** [April 15, 2021, 8:10am UTC](https://gov.bancor.network/t/proposal-whitelist-hegic-500k-bnt-co-investment/1781/5 "2021-04-15T08:10:21Z")
Good call, I didn’t even see that this is also requesting LM rewards. This proposal will be tough to pass with LM rewards. ---
**Author:** ![Jimmy](https://avatars.discourse-cdn.com/v4/letter/j/ee59a6/32.png) [@Jimmy](https://gov.bancor.network/u/Jimmy)\ **Post date:** [April 15, 2021, 2:23pm UTC](https://gov.bancor.network/t/proposal-whitelist-hegic-500k-bnt-co-investment/1781/6 "2021-04-15T14:23:34Z")
Hegic is a valid and great project in the derivative market, so I have my full support to this proposal. BTW, the founder of Hegic is also a legend. Pls refer to [https://tinyurl.com/cryptoanonsense](https://t.co/00C3M4JIFY?amp=1) if you are interested in. ---
**Author:** ![tenzent](https://dub1.discourse-cdn.com/flex013/user_avatar/gov.bancor.network/tenzent/32/1821_2.png) [@tenzent](https://gov.bancor.network/u/tenzent)\ **Post date:** [April 15, 2021, 6:36pm UTC](https://gov.bancor.network/t/proposal-whitelist-hegic-500k-bnt-co-investment/1781/7 "2021-04-15T18:36:01Z")
I am cool with whitelisting and an initial co-investment but LM should be decided after that process goes through and we see the pool in action. Also changed the tittle to reflect the proposal but you should consider removing LM Rewards first if you want a better chance at hitting quorum for whitelisting. ---
**Author:** ![mbr](https://dub1.discourse-cdn.com/flex013/user_avatar/gov.bancor.network/mbr/32/3021_2.png) [@mbr](https://gov.bancor.network/u/mbr)\ **Post date:** [April 16, 2021, 2:55am UTC](https://gov.bancor.network/t/proposal-whitelist-hegic-500k-bnt-co-investment/1781/8 "2021-04-16T02:55:10Z")
What say you, @jacob.dc? You want to risk piling it all together, or do you want to split it up? ---
**Author:** ![tfns](https://dub1.discourse-cdn.com/flex013/user_avatar/gov.bancor.network/tfns/32/465_2.png) [@tfns](https://gov.bancor.network/u/tfns)\ **Post date:** [April 16, 2021, 8:30am UTC](https://gov.bancor.network/t/proposal-whitelist-hegic-500k-bnt-co-investment/1781/9 "2021-04-16T08:30:07Z")
Great post. I agree with the comments about removing LM rewards from the initial proposal. ---
**Author:** ![jacob.dc](https://avatars.discourse-cdn.com/v4/letter/j/b487fb/32.png) [@jacob.dc](https://gov.bancor.network/u/jacob.dc)\ **Post date:** [April 16, 2021, 8:57am UTC](https://gov.bancor.network/t/proposal-whitelist-hegic-500k-bnt-co-investment/1781/10 "2021-04-16T08:57:15Z")
Thank you all for the inputs - great community! I will split the process and remove the LM rewards. Cheers ---
**Author:** ![mbr](https://dub1.discourse-cdn.com/flex013/user_avatar/gov.bancor.network/mbr/32/3021_2.png) [@mbr](https://gov.bancor.network/u/mbr)\ **Post date:** [April 16, 2021, 1:32pm UTC](https://gov.bancor.network/t/proposal-whitelist-hegic-500k-bnt-co-investment/1781/11 "2021-04-16T13:32:08Z")