Voting description

Single option voting

1. Keep the locked funds as is and wait for better days
2. Unlock all the stakes and let users withdraw their stakes
3. Pass the torch - the community can decide on another team to lead the project
4. Divide the funds fairly - team’s suggestion - Take the remaining non-Blindex funds (Meaning: RBTC, ETHs, XUSD, DOC) and divide them in the fairest way back to the community
5. Divide the funds fairly - other suggestion

Background

For more information and background regarding this vote, please check out the Blindex - what’s next section published by the team.

The proposal

Option 1 - Keep the locked funds as is and wait for better days

In this option the funds will get unlocked according to the time you locked your LP tokens, maybe the market will be in a better place than it is right now.

Why do we believe this is not a good option? As we mentioned before, due to the price of BDX the option to redeem in a 1:1 ratio does not currently exist. Therefore, it’s harder and more costly keeping the peg of the stables. Going with this option basically means the stables will lose their peg and there will be no one around to take care of it.

If this option will be chosen, the community will have to find (in a reasonable timeframe) another team to keep the lights on. The current core team won’t be able to continue that for too long. Please check option 3 for more details.

Option 2 - Unlock all the stakes and let users withdraw their stakes

This option will cause a situation that which the first users to withdraw and sell their tokens will benefit more than the last ones and we don’t find it a fair solution.

Option 3 - Pass the torch - the community can decide on another team to lead the project

In this case, the core team will help as much as they can and hand over the keys and the knowledge in the best way possible.

If this option will be chosen, it will be up to a vote to approve the newly selected team. It will have to be done in a reasonable timeframe because the core team can’t keep the lights on for too long.

Option 4 - Divide the funds fairly - team’s suggestion

Take the remaining non-Blindex funds (Meaning: RBTC, ETHs, XUSD, DOC) and divide them in the fairest way back to the community, this means that all the funds will be withdrawn and divided back to the community in a proportional way according to a Snapshot of each wallet's holdings. What’s the formula to determine each user’s share of Blindex funds? You can find our proposal here: Funds Distribution Formula.

As part of this formula, BDX will also be distributed to the Blindex users.

Why should you care about BDX? While Blindex on RSK wasn’t successful (and we shared the main lessons and why was that), the technology behind it might have some other use cases worth exploring. The team will continue finding new ways to bring value to the crypto space and pivot Blindex. If we’ll be successful, we’ll be airdropping the new project’s token to the BDX holders.

As a reminder, the output of the formula can be found here: https://github.com/BlindexDAO/blindex-funds-snapshot

Please note:

A simulation for option 4 can be found HERE

• The snapshot will be taken again at the moment of distributing the funds. This is just a snapshot we ran in order to show the current state on-chain.
• The final value shown for each user is dependent on the current market prices and liquidity in the pools. It will change based on market conditions when the distributing snapshot will be run.

Option 5 - Divide the funds fairly - community suggestions

In the days since we published the announcement on Blindex’s future, the community has suggested another approach to option #4. The main suggestion that was suggested is to not include BDX in the user’s share for fair distribution. While it seems that most participants in the discussion do not agree with this approach, and prefer option #4, it’s still a valid option to be voted on.

Therefore, this option was added from the original thoughts of the core team. This option does not specify other ways to fairly distribute the funds.

If this option will be selected, it means options #1-#3 are off the table. The team (with the community) will prepare at least another suggestion on how to divide the funds (basically another formula) and a new proposal will be created to choose between these options.