BIP20: Quorum and Supermajority Requirements
Voting instructions
To support the proposed Quorum and Supermajority Requirements, vote FOR
To oppose the proposed Quorum and Supermajority Requirements, vote AGAINST
Summary
- The last Quorum and Supermajority Requirements update was proposed in May 2021 and included requirements for 6 categories of proposals.
- There are currently two proposed uses for the BNT Liquidity Mining (“LM”) budget of 40,000,00 BNT - the Dual LM matching program for TKN pools and the BNT Liquidity Mining program for the BNT pool detailed in BIP18.
- To ensure that the DAO is aligned with any new proposed uses for the BNT LM budget, this proposal seeks to increase the supermajority requirement for proposals that involve providing BNT LM rewards to the TKN pools.
Discussion
Bancor 3 will support dual Liquidity Mining rewards in TKN and BNT. Liquidity Mining TKN rewards to TKN pools and BNT rewards to the BNT pool will auto-compound. TKN rewards to the BNT pool and BNT rewards to TKN pools can be claimed or restaked via a standard rewards contract which will accept bnBNT and bnTKN pool tokens as proof of deposit.
The BNT Liquidity Mining Rewards budget of 40,000,000 BNT and emission to BNT Liquidity Providers is detailed in BIP18. There is an active Dual LM program whereby any TKN committed for Liquidity Mining rewards will be matched up to 50,000 BNT in the TKN pool and emitted over 24 months. A considerable number of projects and DAOs have expressed interest in the program.
To ensure that the BancorDAO is aligned with any proposal that involves using the BNT LM budget, this proposal seeks to split the “Liquidity Mining” category into two - a category for “BNT Liquidity Mining on the BNT pool’: and a category for “BNT Liquidity Mining on TKN pools”. A proposal in the former category will maintain a requirement of 35% quorum and 66.7% supermajority to pass, and a proposal in the latter must meet a requirement of 35% quorum and 80% supermajority to pass.
The current Quorum and Supermajority requirements are:
| type | quorum | supermajority |
|---|---|---|
| whitelisting proposals | 35% | 66.70% |
| trading liquidity limit < 1M BNT | 35% | 66.70% |
| trading liquidity limit > 1M BNT | 40% | 66.70% |
| liquidity mining | 35% | 66.70% |
| pool fees | 20% | 66.70% |
| governance and protocol | 35% | 66.70% |
The proposed Quorum and Supermajority requirements are:
| type | quorum | supermajority |
|---|---|---|
| whitelisting proposals | 35% | 66.70% |
| trading liquidity limit < 1M BNT | 35% | 66.70% |
| trading liquidity limit > 1M BNT | 40% | 66.70% |
| BNT emissions for TKN | 35% | 80% |
| BNT emissions for BNT | 35% | 66.70% |
| pool fees | 20% | 66.70% |
| governance and protocol | 35% | 66.70% |
Off-Chain Vote
For
7.75M vBNT79.5%
Against
0 vBNT0%
Abstain
2M vBNT20.5%
Timeline
Apr 11, 2022Proposal created
Apr 12, 2022Proposal vote started
Apr 15, 2022Proposal vote ended
Oct 26, 2023Proposal updated