Whitelist BBS Token with External IL Protection

This proposal is expected to appear on Snapshot for voting on TBD

TL;DR

  • BBS is a new project aimed at creating a “decentralized reddit” in which the ad revenue is fairly distributed between the people who make the message board great
  • This means we are building a consumer application for the mass market, with blockchain sitting under the hood, and with Bancor being the chief source of liquidity and volume.
  • We will run a liquidity mining campaign on the pool rewarding BBS stakers with more BBS.
  • We will supply all the initial liquidity in BBS
  • Once Bancor releases a standard mechanism for externally covering IL protection costs, we will adopt it, covering BBS’s IL with a pool of up to TBD tokens specifically allocated for this purpose
  • We are asking for the token to be whitelisted with an initial co-investment of 100,000 BNT (max TBD) from day 1

Token Contract: ropsten (will update with mainnet link when deployed)

Project Website: https://www.bbsnetwork.io/

Token Security

The token contract is a very basic OpenZeppelin ERC20 contract with OpenZeppelin’s implementation of the permit mechanism. It has no burn or pause capabilities.

Project

The BBS project is aimed at correcting this historical injustice of ad revenue distribution on social network applications. It can be thought of as a decentralized reddit, where everypost is a revenue generating NFT, and the revenue gets automatically distributed between the actors that make the revenue flow - writers, moderators, operators, and so forth.

Tokenomics

The BBS token is the native currency of the BBS network, so the fundamental model is as follows:

  1. Advertisers use BBS to purchase highly segmented ad space
  2. Royalties from this purchase are divided between the creators
  3. Creators sell BBS tokens to cash-out their earnings

In addition:

  1. Token holders can lock their tokens in a staking contract, earning further rewards
  2. Long term token stakers can vote on governance proposals concerning funds allocation, upgrades, standards and integrations - enabling all BBSs to function as a single network

As a mass market, consumer facing product, it will require a lot of liquidity. To provide this liquidity is a costly business because of the so-called “impermanent loss” (which, in this case, can be quite permanent), and it is very clear why the Bancor network will be hesitant to undertake it alone, and it makes a lot of sense for the BBS project itself to shoulder a significant part of this cost.

It is therefore that we are more than happy to adopt Bancor’s new model of handling IL protection, and to allocate a large pool of tokens specifically for this purpose.

Until this option becomes available, the DAO will exclusively handle and fund the liquidity pool on the Bancor network, burning all BNTs gained from IL protection.

Community and Communication

Homepage: https://bbsnetwork.io

Live Product: https://bbs.market

Twitter: @BBSnetworkIO

Telegram: @BBSnet

Top currently active message boards (14k new users in the past month)

Available Audits

Benefits to Bancor

  • Mass market consumer product with liquidity handled by Bancor, leading to a dominant share of the global trading volume
  • Liquidity entirely covered and managed by the DAO, which is committed to burning all BNT tokens gained from IL protection
  • Early adoption of externally supplied IL protection when available
  • Low risk of IL protection costs due to the two above clauses

Vote For: To whitelist BBS with a co investment of 100,000 BNT

Vote Against: To not whitelist BBS

5 Likes

External IL - happy to see this one pass

3 Likes

@BBS,

Are you expecting this proposal to go up for voting on Sunday (11/14)? If so, please specify the date at the top.

I don’t see any risks if any tokens gained from IL compensation will be burned. The proposal has my support.

3 Likes

Not yet. We will update as soon as it’s decided.

3 Likes