BIP-2 : Community Mining (LM phase 2)

The LM phase 2 will run for 591300 blocks (~3 months), starting at block number 12895835 (one block after LM phase 1 ended) and will end at block number 13487135.

1. Incentivising New Users

New B.Protocol users includes any users who join during LM phase 2 (as described above) through any of these integrations:

• Current Maker and Compound integrations.
• New Liquity<>B.Protocol integration (from any UI, including Pickle and other UIs that might be added).
• Instadapp<>B.Protocol and/or other integrations that might be added during this LM phase.

It is proposed that a one-time reward of 50 BPRO will be given to new users who Import their accounts or open new ones on B.Protocol.

In order to prevent sybil attacks, eligible accounts for this reward must have a minimum of $10k worth of assets in deposits, for a minimum period of 30 days. The reward is limited to the first 300 unique addresses. ​​All rewards will be distributed 30 days after the end of the 90-days period to enable also last minute users to get the rewards they are entitled to.

2. KPI-based Liquidity Mining for users

It is proposed that UMA’s KPI Options will be used for the KPI based LM.

For that, 90k BPRO from the DAO Reservoir account will be deposited as collateral to mint 90k BPRO UMA Option tokens (ERC20), that will be distributed to Users according to the same conditions as the previous LM. A floor price of 33% will be set and the options will mature at the end of the 2nd LM phase, at block number 13487135. If the TVL of B.Protocol will reach or exceeds $150m, the options will mature to 100% (1 BPRO per option). If the TVL fails to reach $150m the option will mature at the floor price (0.33 BPRO per option), and the remaining 60k BPRO will be returned to the DAO Reservoir account.

3. Providing One-Sided BPRO Liquidity on Uniswap v3

Having liquidity of BPRO for new members who would like to join and participate in the governance of B.Protocol is important for the health of the protocol. Still, it seems the LPs rewards in the first LM didn’t achieve the goal of growing the number of participants.

It is suggested that the B.Protocol DAO will deposit 100k BPRO tokens from its reservoir into a Uniswap V3 BPRO/ETH pool, as a new mechanism to provide liquidity for new small to medium members. The 100k BPROs will be concentrated between the range of $2-$5, according to the current ETH value at the day of the execution. .

This way the DAO can guarantee liquidity for new members who wish to join the governance.

4. Growth Squad Fund

Putting direct efforts in the growth, promotion and marketing of the protocol was raised by a few members on the forum and Discord. It was proposed that a new community based “Growth Squad” will be formed to pursue this goal.

This proposal suggests, in accordance with previous discussions, that a Growth Squad Fund will be funded by the DAO with 25k BPRO to be utilized towards certain growth KPIs were suggested in this thread link.

5. Backing B.Protocol-Immunefi Bug Bounty Program

Many users in DeFi consider the security of the protocols they are using as the leading measurement for their involvement. Last week, Immunefi launched a new Bounty Program for B.Protocol, with up to 50k BPRO bounties.

This proposal suggests that the DAO will dedicate a special vault with 50k BPRO to be used by the multisig if and only if payouts are needed to be made to bug hunters of the Immunefi program.

Summary

This proposal suggests 5 sections to be voted by the DAO to dedicate funds from its Reserve:

1. 15,000 BPRO - for up to 300 new users, 50 BPRO each, rewarding new or imported accounts.
2. 90,000 BPRO - using UMA’s KPI Options
3. 100,000 BPRO - to be deposited from the DAO Reservoir to Uniswap BPRO-ETH v3 pool to provide liquidity to new governance members to join.
4. 25,000 BPRO - to fund the B.Protocol Growth Squad Fund.
5. 50,000 BPRO - to be deposited in a dedicated vault to be used for payouts to Immunefi Bug Hunters only if and when a bug is found.