Proposal: Whitelist APWine.fi ($APW) with 250K BNT Co-investment
The APWine.fi APW token contract is upgradeable, and therefore incompatible with whitelisting status.
Proposal: Whitelist WETH with 2M BNT Co-Investment Limit
This is a decision the Automaton has never really had to make. WETH doesn’t have a community or a team that would care much about whitelisting on Bancor. However, the token is most certainly trustworthy and doesn’t present any security risk. However, there are technical issues to having a pool for WETH, as it conflicts with Bancor’s built-in WETH unwrapper and limit-order functions. The consequences are a little opaque, and not addressed in the proposal; this is not the author’s fault, but something the developer team should probably discuss with the community prior to the vote. To err on the side of caution, while also remaining adherent to the Automaton’s voting rules, the Voting Automaton will vote AGAINST whitelist status for WETH.
Proposal: Increase RLC-BNT Fees to 0.2%
The proposed change to the swap fee of RLC is within range:
if pool = ETH and 0.05% < proposedFee < 0.15%:
vote = FOR
elif pool != ETH and 0.1% < proposedFee < 1.0%:
vote = FOR
else:
vote = AGAINST
Therefore, the Automaton will vote FOR the proposed increase to the pool fee.
Proposal: Whitelist Ferrum Network (FRM) with 100K BNT Co-investment
The main Ferrum Network Twitter account has publicly acknowledged the proposal (here, here), as has their Philippines Twitter account (here). The token contract has no discernible security flaws, and is among the most evenly distributed tokens we have encountered. There are about 6,000 addresses with FRM, and the top wallet has only 4.79%; most of the top wallets are exchange accounts. The proposed co-investment is reasonable, and the project seems sincere in its commitment to developing a product for mass-adoption. Importantly, there is an FRM token buy-back scheme that the team has declared will utilize the Bancor pool for a significant portion of that trade volume. The Voting Automaton will vote FOR the whitelisting status of FRM.
Proposal: Increase Co-Investment Limit in the BAT pool by 400K BNT
This is another curve ball for the Automaton logic. In general the Automaton is liberal on co-investment increases; if there is a lack of space, a highly engaged community, and the token is secure, then it is usually an easy decision. In this case all of those things are true - but there is an open question as to the value of a deeper BAT pool. The BAT pool on Bancor is already the deepest anywhere, and by a wide margin. It could be argued that we play into our strengths by continuing to grow this pool and activate the BAT community; however, it is also true that pools can be too deep, where the IL liability starts to outstrip the earnings. To remain congruent with the stated voting rules, the Automaton will vote FOR the increased co-investment in this case; however this has prompted me to revise the Automaton’s voting logic, and I will post an update to the co-investment increase category later this week.
Proposal: Extend Snapshot voting indefinitely with anti-tampering contingency plan
Total no-brainer. Snapshot has been essential to maintaining momentum, and there is as-of-yet no reason to become wary of the legitimacy of the Snapshot system. The community and developer team have been in frequent contact with Fabien, and the experience has been really outstanding. Thankfully, the author has included relevant details concerning the actions that should be taken by the DAO in the event of a security breach on the Snapshot servers, or an otherwise comprised vote is detected. The proposal builds on BIP12 and its addendum, and doesn’t introduce anything that could be considered radical, or concerning. The Automaton will vote FOR the extension of Snapshot indefinitely, or until the DAO decides to rescind its authority.