Proposal: Burning BNT collected by the Bancor Vortex in the v3 vault when it reaches 1m

Voting Instructions

For: Perform a one time burn of 1m BNT collected in the v3 vault

Against: Do not burn BNT collected in the v3 vault

TL;DR

Burn the BNT collected by the Bancor Vortex in the v3 vault when it reaches 1m

Intent and prior discussion

This proposal seeks to trigger a burn of 1m BNT once collected in the Bancor v3 vault. At the time of writing, there is approximately ~868k BNT that has been collected so far. Given the current accumulation rate, 1m BNT can be expected to be hit within the next 30 days. There have been multiple governance discussions around this topic in addition to a community call dedicated specifically to BNT vs. vBNT burning: Vortex burn or wait Trial burning BNT

Motivation

This proposal represents the community sentiment that the protocol should burn BNT as a trial to see if it will have a positive impact on BNT. DAO members have cited the fact that “burns” have a psychological effect on market participants and the same can happen if such an experiment is allowed to be carried out. For this reason, this proposal is seeking a one time burn of 1m BNT when this amount has accumulated in the Bancor v3 vault. If the community determines that this has a positive impact on the BNT token then future proposals can be expected specifying new BNT burn amounts