Summary

Optimize the distribution of protocol revenue, giving priority to the annual budget for 2024.

Background

According to the rules of community governance:

• Phase 1: Idea or Draft
  • Minimum number of supports: 10 - Pass
  • Discord Idea: https://discord.com/channels/897709643948761148/1168360003376271390
• Phase 2: BRC
  • Minimum number of voters: 10 - Pass
  • BRC: https://governance.benddao.xyz/t/adjust-the-distribution-method-of-protocol-revenue/619/2
• Phase 3: On-chain voting
  • Voting Quorum: Approximately 86M veBEND (20% of the total supply)
  • Pass Rate: Over 80% Approve.
  • The voting will last for 7 days.

Implementation

The annual budget for 2024 is expected to be $400k, with the actual amount based on the "2024 Annual Budget" proposal in December 2023.

• If the treasury funds are less than $400k, 90% goes into the treasury.
• If the treasury funds exceed $400k and the bad debt reserve is less than 200ETH, 50% goes into the treasury.
• If the treasury funds exceed $400k and the bad debt reserve exceeds 200ETH, 10% goes into the treasury.

By 2024, we plan to implement a comprehensive income distribution system, aimed at prolonging the protocol's lifecycle.