Stake VERSE earn BTC

Introduction

Greetings Verse Community,

We are thrilled to bring you another exciting proposal as we continue to shape the future of Bitcoin.com’s Verse Ecosystem.

There has been significant interest in BTC staking over the last few months, with new Bitcoin Layer 2s and BTC derivatives maturing. Projects such as Threshold’s tBTC, which has created the first ever truly decentralized bridge between Ethereum and Bitcoin, have garnered much interest from BTC holders. Notably, we saw BTC staking protocol Babylon attracting over US$1.5B worth of BTC deposits (around 24,000 BTC) during the opening of their staking round last week.

Bitcoin.com attracts a large amount of users who want BTC, due to our domain. By aligning the Verse Ecosystem with more Bitcoin opportunities, Verse may be able to attract more BTC holders into our community.

Proposal

1. Create a new staking offering for the Verse Ecosystem which rewards users in one or more BTC derivatives (eg. WBTC, tBTC) for staking VERSE.
   1. The specific BTC derivative being rewarded may change from time to time, so as not to exclude potential projects from participating as co-sponsors.
   2. The contract would be deployed on Ethereum.
2. The existing Verse Staking offering (Stake VERSE earn VERSE) will be reduced over 3 farm cycles (3 months), giving participants time to withdraw and migrate to the new staking offering described above. This is to reduce inflation and sell pressure from users who claim and sell their rewards.

Note:

1. Users who have deposited VERSE in the existing Verse Staking contract would need to withdraw their position and deposit into the new staking contract.
2. The new staking contract would be audited by a web3 security firm.
3. The APY for the new staking offering would be similar to the existing Verse Staking offering.

Pros:

1. Keep staking offerings in the Verse Ecosystem relevant to current market trends.
2. Increased participation for users who want to hold BTC.
3. Better alignment between Bitcoin.com (the home of Bitcoin) and Verse.
4. Increased TVL of VERSE, leading to reduced circulating supply.

Cons:

1. Users may not want to exit the staking pool due to gas fees. We recommend timing withdrawals and deposits on low fee days.

Option 1: Yes, proceed

Option 2: No, do not proceed

Each option brings its own set of strengths and considerations. It's an exciting opportunity to shape the relevance of our staking offerings in the Verse Ecosystem, and we look forward to the community's active participation in making this decision.

Now, it's up to you, the Verse community, to decide.

Voting Period

The voting period for this proposal will commence on 18 October and will conclude on 21 October. During this time, we encourage all members of the Verse community to express their preferences and actively contribute to this significant decision.

Discussion

To share your thoughts, suggestions, and feedback regarding the proposal, please join the conversation in the Verse Lounge, our verified community Telegram group. Visit guild.xyz/verse to connect and contribute to the dialogue.

Your involvement is crucial in determining the direction of the Verse Ecosystem. We appreciate your dedication to the Verse community and look forward to hearing from you!

Thank you for being an integral part of the Verse journey. Together, let's create something extraordinary!