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BeefyBeefyby0x62d136183CEf3b846c8391A99FF1AaD61bFdC4380x62d1…C438

[BIP: 67] Deprecation of beFTM v1 and implementation of beFTM v2

Voting ended almost 3 years agoSucceeded

beFTM is a good product for the Beefy DAO, with recurring revenue delivered to the treasury from both the initial 500K staked FTM from the Beefy Treasury and the delegation we received from beFTM stakers.

Over the past year, the market turmoil has led to people exiting FTM and less demand for FTM based liquid staking products. In addition, the yield for FTM validators has also declined per their passed proposal (https://fantom.foundation/blog/governance-vote-passes-to-adjust-staking-rewards/). This has had a negative impact on peg of beFTM and it has found home below peg organically as a perpetually locked asset.

This proposal is to start the firm deprecation of beFTM. This includes to stop the relocking of the beFTM validator stake starting on April 3, 2023. In 1 year we will be able to unlock all FTM from the validator and make it redeemable at 1 to 1 with beFTM.

As we approach beFTM unlock, we will work to deploy a new and improved beFTM v2 which will have better redeem capabilities.

Off-Chain Vote

For
4.99K BIFI98.7%
Against
25.22 BIFI0.5%
Abstain
40.82 BIFI0.8%
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Discussion

Beefy[BIP: 67] Deprecation of beFTM v1 and implementation of beFTM v2

Timeline

Mar 28, 2023Proposal created
Mar 28, 2023Proposal vote started
Apr 02, 2023Proposal vote ended
Oct 26, 2023Proposal updated