BIP-63: Botto Gets Based

Summary

Please note that this Snapshot has a default 72-hour voting window.

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BIP-63 proposes the following:

• Deploy a parallel $BOTTO ERC-20 Token Contract on Base via Supermigrate
• Deploy a $BOTTO Governance Contract on Base
• Deploy an ETH Rewards Contract on Base
• Audit Base Governance & ETH Rewards Contracts
• Make ETH Rewards Claimable on Base
• Update Snapshot Strategy to accommodate $BOTTO stakers on Base

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This proposal is ranked choice, where the DAO votes on how a Uniswap pool is seeded on Base:

1. Migrate up to 20% of PoL to seed liquidity on Base OR
2. Migrate 15 $ETH from treasury + $BOTTO (allocated from BIP-42) to Base to support liquidity, with the option to pursue the migration of up to 10% of mainnet POL in the future OR
3. Do not migrate to Base / Do not seed liquidity

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Rationale

Embedding ourselves in Base’s ecosystem increases our total addressable participants while significantly lowering transaction costs compared to Ethereum alone. This allows us to engage a longer tail of participants in new ways. Base’s close connection to the broader Ethereum ecosystem via Optimism allows us to retain strong links to mainnet while leveraging the advantages a Layer 2 brings.

We see Base as an opportunity to open up the design space for Botto participation, and this proposal is a first step toward embedding $BOTTO into Base’s ecosystem. Specific to Botto on Base:

New Audience Exposure: Deploying $BOTTO on Base opens up the arena for the DAO’s growth marketing potential, tapping into a growing, ETH-native user base on one of the leading Layer 2s. This is crucial for increasing visibility and adoption among crypto participants. We’re already reducing barriers to entry (such as BIP-62 on minimum staking requirements), and this move expands opportunities for engaging with that audience.

Efficient Rewards Distribution: Base's lower transaction fees allow for more frequent and economical reward claims, eliminating high-cost barriers on Mainnet. This aligns with reducing minimum claim amounts (BIP-62) and opens up potential for other forms of rewards (e.g., reputational ones like badges).

Enhanced Collaboration: Aligning with Base positions Botto to benefit from strategic partnerships, shared resources, and potential co-marketing opportunities within both the Base ecosystem and the broader superchain ecosystem.

This proposed reduction of the minimum single-sided staking requirement is further aligned with recent discussions amongst BottoDAO members to potentially expand Botto’s voting experience to users on Base, a prominent Ethereum L2, which will enable participants to interact with Botto’s underlying contracts at much cheaper transaction costs versus Ethereum mainnet. Accordingly, it is sensible to similarly reduce the minimum BOTTO stake for active rewards eligibility in advance of such a potential integration.

Proposal Specifications / Timeline

Bellow is the approach for BIP-63:

Phase 1: Setup (Mid-September)

• Adjust codebases for the Governance and ETH Rewards contracts.
• Contract audits.

Phase 2: Deployment & PoL (Mid-September)

• Deploy token on Base via Supermigrate
• Whitelist token on Superbridge.
• Deploy Base Governance Contract.
• Deploy Base ETH Rewards Contract.
• Bridge (ranked-choice options):
  • 10% of PoL initially (ETH + BOTTO) to Base with extra 10% optionality later on (Option 1).
  • 15 $ETH from treasury + $BOTTO (BIP-42) to Base, with the option to pursue the migration of up to 10% of mainnet POL in the future (Option 2).

Phase 3: User Interface Integration & Monitoring (Mid-End September)

• Integrate contract interactions and reward claim events through Botto’s v2 UI.
• Monitor and adjust liquidity pools based on user activity and trading volumes.
• Update Snapshot strategy to accommodate stakers on Base.

Budget

• Contract Development and Deployment: $3000
• Contract Audits: $3500

Criteria of Success

Migrating to Base alone may not lead to significant userbase growth and trading volume, but we’ll monitor the following KPIs:

• Weekly Active Users (WAU): Track unique users interacting with Botto on Base weekly.
• Transaction Volume: Monitor the total number of transactions across all deployed contracts on Base.
• Liquidity Metrics: Measure liquidity depth and trading volumes in $BOTTO pools on Uniswap and Aerodrome.
• Reward Claims: Track the frequency and volume of reward claims by DAO members on Base.

Please refer to the Discord thread and the BIP-63 forum post for full details and discussion.