[GNS]: BB&B Supersedence
Summary
On November 14th, Gains Network implemented a temporary switch from the Buyback and Distribute (BB&D) model to a Buyback and Burn (BB&B) model, following a snapshot vote. This change redirected 54% of protocol revenue allocated to Single Sided Staking (SSS) rewards to burn $GNS tokens.
The initial proposal was set for one month, with a commitment to reassess and return to the original BB&D model if no further action was taken. This current proposal aims to supersede that commitment, and determine the next steps:
- Whether to end the burn or continue with adjustments.
- Consider potential extensions to sustain the burn’s momentum and long-term benefits.
Voting Options:
- End the burn at 30 days and return to BB&D until further notice.
- End the burn at 30 days to analyze and discuss BB&B’s impact for 2 weeks, as per the original vote.
- Continue the burn for 3 months, then reassess how to proceed.
- Continue the burn indefinitely, until a new proposal is passed in the future.
Votes for 1 and 2 combined must surpass votes for 3 and 4 combined for an outcome of ending the burn. Otherwise, the burn will continue.
Refer to the full proposal and discussion on the Governance Forum for additional context and rationale:
Off-Chain Vote
1. End burn, return to BB&D
4.62K GNS0%
2. End burn, discuss for 2 wks
124.4K GNS1.1%
3. BB&B for 3 more months
1.88M GNS16.9%
4. BB&B until new proposal pass
9.1M GNS81.9%
Quorum:1110860544%
Discussion
Timeline
Dec 10, 2024Proposal created
Dec 10, 2024Proposal vote started
Dec 13, 2024Proposal vote ended
Dec 14, 2024Proposal updated