I’m going to try keep this nice and concise. I’m announcing myself up for delegation should anyone wish to vote in line with my general philosophy constricted by a few rules. Below I’ve written down my general philosophy for different types of proposals, should you agree with my thinking feel free to delegate me your votes.
Whitelisting
When it comes to Whitelisting the general rule of thumb is to vote FOR unless there is an attached Co-Investment in which case I will default to the automaton’s decision. The only reason for a NO Vote will be that the protocol poses a security risk or the proposal itself is lackluster and deprived of effort.
Co-Investment
Co-Investments increases without a WL attached will be looked at from a Liquidity to Volume Perspective unless there are extrenous circumstances like cross project collaborations. A liquidity to volume ratio higher than 6:1 Will be a Yes.
Additionally as a general rule of thumb I will vote to beat the competition’s liquidity depth on pairs that have a decent/sufficient amount of trading volume. We should try to have the deepest pools on every pair, that is how we beat the competition.
Exception : For Projects that have no large sized DEX pools but are in the top 100 Large co-investments will be looked at differently as there is opportunity for this volume to increase as people move away from centralized exchanges.
New Projects looking to Make Bancor their Liquidity Home will also be given special treatment.
Liquidity Mining
I will only Vote on LM When the pool has clearly deemed itself worthy. That is to say the pool should already be seeing a large amount of volume as-well as active engagement from their teams/community.
The LM Should not award a substantial amount more in terms of APY than the pair’s native returns. That is to say We should not have 50-60% LM APYs on pairs that generate single digit returns in fees.
Exception : Pools that are excluded from this logic are our large caps ETH, WBTC, LINK and Stables until the launch of Shadow Pools.
BIPs And Protocol Changes
Will Vote in Line with the Team/Automaton unless there are extraneous circumstances in which case reasoning will be given prior to voting to give time for undelegation should anyone wish to vote differently.
Anyone reading this thread should take note that @tenzent is the 3rd most active DAO member on Discourse. @tenzent has demonstrated a sincere commitment to DAO process, not just through participating in discussions but also creating and publishing a plethora of proposals, many of which have already been through the Snapshot gauntlet. @tenzent’s aptitude for governance is without question in my mind, and I have full confidence that delegation will be properly managed.
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FOR - Co-Invest is conservative for Market Cap and Volume Levels. Syntropy is a top tier protocol. NOIA is very interested in bancor as with a lot of LINK ecosystem friends, we have also seen some large NOIA investors speak about wanting to stake in bancor during the first proposal that unfortunately failed. Syntropy has also included a lottery incentive which is always great to see.
Whitelist Chiliz (CHZ) 20k co-investment
FOR - CHZ has been deemed safe and is a top ranking coin, great addition. Also it seems as though we have some fellow banclords in the Chilliz team. the admiration is mutual !
Whitelist Rentible (RNB) 100k co-investment
FOR - RNB Team introduced the proposal and have shown an interest in making bancor it’s home. Team also received and accepted my suggestion and lowered the co-investment to an acceptable level.
Whitelist Holo (HOT) 800k co-investment
FOR - HOT Team introduced the proposal and have shown a good deal of interest. Although it does not have great stats in terms of volume this is only true for DEXs, perhaps a co-investment of this magnitude could help us steal some of the market from CEXs as they become less able to compete. Was debatable but overall decided to default to voting automaton’s decision.
Increase Co investment for LRC to 300,000 BNT
FOR - Co-Investment should help make us get more volume from aggregator swell as beat the current liquidity depth in uniswap. co-author of proposal (I helped, no big deal) was open to an adjusting the co-investment to an acceptable level.
Increase co investment on NMR to 500,000 BNT
AGAINST - We are Already larger in size than the uni Pool and the pair does not garner enough volume to justify such a large increase. In the future for pairs where we already dominate proposers should consider to do this incrementally so that we don’t end up adding large amounts of idle BNT.
Increase fee on GNO pool to .5%
FOR - Experimental Change on a small volume pool, great for research purposes and will hopefully have a positive impact for the GNO-BNT Pair.
I’ve also added an Index to my main post so everything is easier to find in the future.
FOR - Bancor’s Current rates far exceed all other rewards regarding stables. It’s clear we are overpaying with rewards on these pairs and halving rewards will still probably end with all pools being filled.
Whitelist FARM with 500K BNT Co-Invest
FOR - FARM Team has pledged to match 500,000$ in FARM Deposits to the pool. A long standing Yield aggregator with a top tier team. Also the Farm team has noted that once liquidity in bancor exceeds that of uniswap the platforms profit share mechanism can be pointed at bancor (Giving us a constant source of volume).
Whitelist LQTY with 150K BNT Co-Invest
FOR - Meets criteria for whitelisting, also the co-investment side opens up just enough space for bancor to become the #1 Pool in TVL, surpassing the current V3 Pool. Team has shown interest and drafted the proposal so it is likely the space will be quickly filled
Whitelist NAOS with 100K BNT Co-Invest
AGAINST - Will follow the reasoning given by @mbr and the voting automaton here as there seems to be somethings we are not fully aware of. For Reference and more in-depth on the reasons to reject this proposal check here : Votingautomaton.eth - #18 by mbr
Whitelist ORBS - Default 20K Co-Invest
FOR - Orbs Meets criteria for whitelisting and there’s nothing stopping a whitelist. The proposal itself is also quite conservative since it only asks for the minimum set co-investment.
Increase Co-Investment on WOO to 750K BNT
FOR - WOO Has become one of the best performing pools on bancor, despite being a mid cap it constantly ranks above a lot of our mega-cap pools. It’s obvious opening up more space is a great idea and we’ve also seen that the WOO Community is quick to fill up any space we open to them
Lower MKR Fees to 0.1%
FOR - At the moment the Fees set on the MKR Pool are actually costing us because it makes it almost impossible for any aggregator trades to be routed through bancor. Lowering the fees here might have a massive impact on volume in what has otherwise been an underperforming pair.
This week we saw the addition of ranked voting as such some votes have hierarchical choices like L2 preference.
Temp Check: Which L2 or side chain should Bancor prioritize after V3 is release?
1.Arbitrum > 2.Polygon(Matic) > 3.Optimism > 4.xDAI - Arbitrum was put above polygon because there are certain security concerns with Matic that Arbitrum does a better job at tackling. Arbitrum is also just in general more in the tech forefront. Note : This vote is just to check community sentiment, it does not mean we will see bancor launching right away on these networks.
Raise ETH Co-Invest to 50M
FOR - This was proposed by a team member and it should help not only greatly increase the depth of our ETH Pool (Which has been basically full for a real long time) but dilute and better distribute BNT Rewards, since people entering the pool will distribute the LM Rewards.
Migrate AXS Co-Investment
FOR - AXS Co-Investment being moved from the old token pool to the new one. This vote is logistics as this has been previously approved by the DAO.
Increase Co-Invest on ROOK by 600K
FOR - ROOK Pool has been filled for a long while now, makes sense to want to open more space. ROOK itself has also proven to be a great ally to bancor, bringing us gas-less limit orders and hopefully more in the future.
Extend LM on MKR
AGAINST - MKR Pool has been lackluster at garnering fees even after the recent tweak to its fee %. I cannot with good consience vote on this, compared to other pools that have and haven’t gotten renewed MKR sits near the bottom of the not renewed ones.
Experiment to assess effect of 0.1% swap fee on USDT
FOR - This is a temporary change in swap fee to see the effect of changing the fee and if it would make us more competitive/present in aggregator trades since it would lower slippage, which a lot of stable traders have set very low.
Whitelist RUNE (ERC-20) - 600K Co-Invest
FOR - Nothing to prevent a whitelist, Co-Investment is consistent with Liquidity to Volume thought process and RUNE has great ratios which should earn us a good amount of fees. Also worth noting the Thorchain community is akin to that of the LINK Marines so we will probably see this get picked up in socials. Also there is a clear interest for RUNE in the ETH Chain rather than natively on Thorchain as shown by the depths of the uni/sushiswap pools.
Whitelist NEXO - 250K Co-Invest
FOR - Nothing to prevent a whitelist, Co-Investment is consistent with Liquidity to Volume thought process and NEXO has great ratios which should earn us a good amount of fees. NEXO is a top CeFi Player and the top when it comes to lending, perhaps this could lead to a BNT Collateral listing.
Whitelist ANKR - 100K Co-Invest
FOR - Nothing to prevent a whitelist, Co-Investment is consistent with Liquidity to Volume thought process and ANKR has great ratios which should earn us a good amount of fees. ANKR Also does not have any other staking opportunities.
Whitelist PERP - Default Co-Invest
FOR - Nothing to prevent a whitelist, has great ratios on liquidity:volume but would like to see the pool whitelisted first which is why I kept the Co-Investment to Default.
Whitelist UNN - Default Co-Invest
FOR !!! - UNN Is bringing some really insane integrations into Bancor. Among them UNN Will be collaborating to create insured single sided positions, hedges, and SHORTS !. Nothing preventing this from a whitelisting and the teams are in active contact with each other.
AGAINST - LM Resources should be utilized in new pairs, BAT has performed well but not well enough to warrant a second round and as part of my general philosophy I will only vote for more inflation in outstanding cases. Because of this second rounds will be extremely rare.
Add LM on Bond Pool
AGAINST - Majority of the Liquidity on BOND Pool is just the Bond Treasury. This is in part do to the native staking on BOND being better. In the future Bond could be considered but should first see a growth in the number of LPers in the pool and/or once native staking goes off-line which should be Feb 2022.
Whitelist IDLE - 200K Co-Invest
FOR - IDLE Like Harvest is a top tier yield aggregator, the team has shown clear interest and strategies incorporating bancor might be a possibility. Co-Investment is reasonable given the size of the sushi swap pool, will make us bigger than UNI but smaller than Sushi.
Whitelist TRU - 250k Co-Invest
FOR - The issues that were present last whitelisting (Contract was upgradable) have been fined and as such there’s no reason to prevent a successful whitelist. The Co-Investment also seems appropriate.
Whitelist wstETH - 350K Co-Invest
FOR - Lido’s Staked ETH has quickly gained popularity boasting more than 1.4 Billion in market cap. stETH has yet to find it’s liquidity home with the only large pool being 1inch which by nature is good for bancor since trades throughout he platform will also take our pool into consideration.
Voted against SNX and AAVE LM Rewards but this is more so because there were no adjustments to the campaigns, should they go up for vote again I will reconsider based on the parameters surrounding Time and Emmisions.
Proposal
Vote/Description
Add LM on Quant Pool
AGAINST - Quant Pool has not earned a sufficiently high APR to justify the emmisions that a standard LM Campaign would emit. I recommend teams or communities to adjust their rewards and time parameters if they wish to enable LM on their pairs.
Add LM on COMP, 6 Week Duration, 2M Co-Invest
FOR - Comp is a top-tier coin and as it stands we have very little liquidity on Bancor (sub 6 figures). This is greatly due to financial incentives on other platforms and a LM campaign here would certainly grow this pool exponentially. The 2M Co-Invest should allow us to generate enough initial space to allow people to justify switching their liquidity over from Sushi and Uni.
Extend LM on BAT Pool
AGAINST - BAT has not seen any direct collaboration with Bancor and the depth has remained relatively Stagnant even though it’s got some of the higher APYs on the BNT side.
Extend LM on SNX
AGAINST - Our Native Rates are sufficiently high to maintain liquidity and the pool has like the BAT pool remained relatively stagnant.
Extend LM on AAVE
AGAINST - Same reasoning behind BAT although I have to say I would reconsider AAVE and SNX in the future under different provisions. I am not okay with giving the same amount of inflation to all of these pools and the same amount of times, We should see an adjustment to the time parameters to give the DAO more flexibility paired with some kind reduction to rewards.
Whitelist Arcona XR
FOR - Arcona has been in bancor with double sided non protected liquidity for a minute, it makes the most sense to whitelist projects that have stuck with us despite not being the recipients of our main products, IL Insurance and Single Sided Staking. Projects like these will always earn my vote when it comes to whitelisting.
Whitelist WXT - 200K Co-Invest
FOR - WXT Team has pledged to contribute to enabling and providing initial liquidity to the pool. Nothing to prevent us from whitelisting as far as I can see. There are also possibilities for collaboration in the future and they have already listed Bancor for purchase through their application.
Whitelist PLR - 50K Co-Invest
FOR - Same reasoning as Arcona, PLR has had their liquidity live on Bancor for a good minute, it’s about time we gave them accesss to our main value offer.
FOR - This was proposed by a team member and it should help not only greatly increase the depth of our ETH Pool (Which has been basically full for a real long time) but dilute and better distribute BNT Rewards, since people entering the pool will distribute the LM Rewards.
Whitelist Hydra (HY) - 100K Co-Invest
FOR - Hybrix Hydra does not pose a security threat to the protocol and we have seen active engagement from their team on socials. The hydra team has also done some Bancor Related Stuff within their network and are clearly interested in collaborating where possible in the future.
Whitelist TRIBE - 200K Co-Invest
FOR - Tribe is a par with a huge amount of LPs, nothing to prevent it from being whitelisted and the 200K are reasonable considering the huge depth of pools on UNI.
Whitelist xSUSHI - 200K Co-Invest
FOR - We have not had much success with onboarding SUSHI liquidity but this is essentially due to the staking options for holders of Regular Sushi. xSUSHI could be much more successful at onboarding users and capturing liquidity since they are void of any significant APYs.
Whitelist DRC - 30K Co-Invest
FOR - Small Token but has no real staking opportunities since its ethos revolves around not being inflationary. Co-Investment is quite reasonable and there are no apparent security risks.
Whitelist ALCX - 250K Co-Invest
FOR - Alchemix wizards and Team have demonstrated a huge amount of interest in Bancor. There are no apparent security concerns surrounding ALCX. ALCX LP-ers love their token, their values around this makes them a prime target.
Targeted LM for Farm
FOR - Wrote this. The general goal is to use a reduced LM Campaign to elevate our liquidity to levels higher than UNI. If we do this, the farm team stated in their previous prop that they would move the buyback mechanism to bancor. Previously the harvest team has matched our co-investment with 500K USD worth of Farm and are constantly engaging. Could prove to be a great long term ally.
Yap, I have just been traveling quite a bit. Here are these weeks votes, sorry for the delay.
Proposal
Vote/Description
Extend LM on wNXM
AGAINST - wNXM has been extended previously, although it’s a great pair LM has served its purpose. The wNXM Pool still maintains a decent yield. We should be looking to try to grow our market share on other pairs.
LM Extension on Stable Pools
FOR - Considering Stables help us capture a lot of inbound transactions from aggregators, and we do not want to loose any of that liquidity going into V3, when native yields will be much higher I voted to extend them.
Change BAT Pool Fee to 0.2%
FOR - Logic was there, this should make the BAT pool more competitive at capturing trades from aggregators.
Increase Quant Co-Invest to 500K
FOR - Quant community seems to be very receptive to Bancor, Increasing the Depth of the pool will make us more competitive with Uniswap which is currently absorbing a lot of the Volume.
Whitelist VISION - 100K Co-Invest
FOR - I wrote this one, the Vision and Bancor team are forming a tighter relationship with collaboration underway.
Whitelist MONA - 150K Co-Invest
FOR - Mona team came on to talk at the community call, made some cool Drip for Bancor and wrote a great article on our very own Steven Fox. Another good addition and I don’t think we will have problems filling the pool.
Whitelist DAPP - 500K Co-Invest / External IL Protection
FOR - Obvious Yes, if you didn’t vote yes on this one I don’t know what to tell you. Dapp built and open sourced a fresh new way to list projects with External IL Protection, their own token will be the demo. Great to see these guys.
AGAINST - The logic does not appear to be there for me. Pulling the fee up to 1% is counter productive since most people tend to route with a slippage max of 1% and because of the nature of BNT we typically see 2 Jump Swap. This would make our fee above 1% at a minimum for any TKN to TKN Transactions. Arbitragers factor the fee logic into their equation so we are not really capitalizing on anything.
LM for Enzyme 5K BNT / Week @ 8 Weeks
FOR - Controlled Campaign with a very strong and involved community. Wallets/Portfolio Managers are great protocols to ally Bancor with since the possibilities of integration are endless. Enzyme has already spoken about integrating Bancor Swaps directly, this should give us a good amount of incoming Volume. In the future Staking within Enzyme would be the absolute goal.
Increase ARCONA Co-Investment to 50K
FOR - Arcona community/team has shown great support and incentives for the DAO at every turn. The ARCONA Pool has grown naturally to over half a million USD with only a 5K Co-Investment which means a huge majority of the BNT Staked inside has been market bought. Also the APRs are among the best in the platform.
Whitelist Vision - 100K Co-Invest
FOR - I wrote this one, the Vision and Bancor team are forming a tighter relationship with collaboration underway.
Whitelist TRAC - 100K Co-Invest
FOR - Nothing to Prevent a whitelist. Decent Liquidity:Volume Ratios and Origin is an OG project in the space.
Whitelist KTN - 150K Co-Invest
FOR - Nothing to Prevent a whitelist.
Whitelist UOS - 150K Co-Invest
FOR - Nothing to Prevent a whitelist. This pair has been talked about extensively in governance. The amount of volume that it attracts is certainly something we would want to capture.
Whitelist BOR - 200K Co-Invest
FOR - BoringDAO has already been whitelisted but since their token split this has to be done again.
FOR - Mona team came on to talk at the community call, made some cool Drip for Bancor and wrote a great article on our very own Steven Fox. Another good addition and I don’t think we will have problems filling the pool.
Whitelist ONE - 150K Co-Invest
FOR - ONE and the harmony protocol are hot nowadays. Great candidate and maybe we could work in the future with them and their great many pairs/bridges.
Whitelist EFI - 200K Co-Invest
FOR ! - EFI is a project launched by the Enjin team. The ENJ Token remains one of the best tokens on the platform In terms of consistent volume. For this reason and more I believe EFI will be a strong addition.
Increase Co-Invest on DRC to 50K
FOR - DRC Pool managed to fill almost instantly, I don’t doubt we will fill this space up quite easily.
Change Fee on FTT to 0.5%
AGAINST - I do not see the merit in changing the fees on this pool, changing the fee % does not guarantee us better APRs so long as our liquidity is low. As Glenn stated it would be best to instead increase the depth of the pool first.
Activate LM on AMP Pool for 8 Weeks + 2M Co-Invest
FOR - AMP Pool has been generating Bancor a huge chunk of fees for a while now, Glad to see some collaboration coming along with the LM. In the proposal’s comment it was stated that they would only be activated should BNT Swaps be integrated with their Flexa network.
FOR - Nothing to Prevent a Whitelist. Good Liquidity:Volume Ratios. Should be another great addition to the roster.
Extend LM on BTC/ETH/LINK
FOR - Mega Pools are a must since they route most of the trades happening through Bancor.
Extend LM on Matic Pool
FOR - Matic has been the #1 Pool in terms of fees and the LM Rates are very small compared to the native APY.
Extend LM on Alpha Pool
AGAINST - Alpha pool has had it’s run, although it provides a decent number of fees this is greatly offset by the rewards. To vote for this I would like to see some sort of integration/collaboration with Alpha Homora.
Extend LM on WOO Pool
AGAINST - As much as it hurts me the pool does not justify a second run at LM. I offered to vote yes for a reduced campaign but since the parameters were not changed I voted against it.
Extend LM on ENJ Pool
FOR - Same case as with Matic except this is our #2 Pool. The numbers the ENJ Pool gets are incredibly impressive for a token not ranked in the top 10-20.
LQTY Reduced Liquidity Mining
FOR - Campaign mints about a twentieth of the rewards a regular campaign does. Overall very conservative campaign and could help us grow to the largest pool so I definitely see it as a good campaign to run.
Increase UMA Co-Invest to 500K - UMA Treasury Match
FOR - UMA is a great pool, so far the only thing that’s really stopped us from garnering liquidity is the sushiswap subsidiary rewards. This should help us start seeing a good native yield which should draw in more liquidity. The UMA Team also pledged to provide half a million USD of liquidity should this pass. (I wrote this one btw.)
Increase ICHI Co-Invest to 700K BNT + 0.3% Fee Change
FOR - ICHI Team provides their own rewards on the pool and are planning to collaborate further soon. The fee change logic is also there and should in my opinion greatly help the pool.
Increase QNT Co-Invest to 500K BNT
FOR - QNT Pool has been full for a long time and the token lacks much in terms of native yield. Bancor is a great option for them and we can look to become their home source of liquidity.
Increase FTT Co-Invest to 350K BNT
FOR - FTT Pool has been for for a while swell and has been garnering really good APYs. There is also not very good native yields/rewards for smaller stake so bancor could look to become the leading DEX in this pool.
Sorry for the late response, have a lot going on but all my opinions are usually expressed in their respective governance threads. Also I’ve begun helping with the onboarding process of proposals from the forums to snapshots. (This is thanks to having enough vBNT delegated to me, so appreciate you reading this !)
AGAINST - The Comp LM has been a definite success but despite the great amount of depth we’ve managed to corner the pool is producing fees comparable to projects that have have previously been denied an extension. For this reason I’ll be voting against.
Extend ZCN LM
AGAINST - ZCN Community is great and we love them but unfortunately this is the lowest performing pool out of those with LM. Look forward to revisiting this upon some major collaboration or joint LM on V3.
Whitelist DeXe - 200K Co-Invest
FOR - Nothing to prevent a whitelist, Co-Investment is a bit high for me but I will act liberally with them as I have with other projects.
Whitelist eRSLD - 100K Co-Invest
FOR - Nothing to prevent a whitelist, eRSLD has strong community overlap with Bancor, we shouldn’t have much trouble filling this pool.
Whitelist POWR - 250K Co-Invest
FOR - Nothing to prevent a whitelist, Co-Investment is reasonable as it allows us to beat out the UNI V2 pool.
I’m also going to be adding my general stance for next weeks vote so that it does not come as a surprise. I will start doing this weekly so that my delegators can know which way I will vote without having to look through the governance threads individually.
Next Week (Tentative)
Whitelist EDEN
FOR
Whitelist BMI + 500K Co-Invest
FOR
Whitelist RLC + 200K Co-Invest
FOR
Whitelist FWD + 5K Co-Invest
FOR
Re-Enable MKR LM upon switch of Buyback to Bancor
FOR
ETH/BNT Fee to 0.05%
AGAINST (Very Tentative) - I would like to see some more thought put into how this will be measured and what we can use as metrics of success before we alter the fees on our #1 Volume routing pool. This will probably change as there is currently discussion around this but at the moment I don’t see a clear indicator for it.