Extend Phase 4 Rewards (II)

Now with added Genesis BANK - thanks for the DM <3

Phase 4 has been a great success, we have seen over 50% of BANK locked in the Genesis pool and, almost all $FLOAT is locked up accruing rewards in the FLOAT-ETH sLP pool and the FLOAT-only pool.

As these first initial weeks of Phase 4 draw to a close, the core team has prepared a proposal for incentives for the next four / five weeks:

For 5 weeks starting 13th of June 2021 10pm UTC, ending 18th of July 2021:

• 320 BANK per week to Genesis BANK-only
• 320 BANK per week to BANK-ETH sLP

For 4 weeks starting 13th of June 2021 10pm UTC, ending 11th of July 2021:

• 960 BANK per week to FLOAT-ETH sLP
• 80 BANK per week to FLOAT-only

As an example, the current APY for the FLOAT-only pool is ~66%. These changes would result in an APY of ~46% for the FLOAT-only pool if the total amount staked remains constant. Similarly, if BANK and the market recovers to the average BANK price over 2 months ($448), the Genesis BANK-only pool APY would be ~100%, with the proposed rewards and no change in the amount staked. As we get ever closer to 100% basket factor and the start of BANK burns this doesn't seem out of the question (for context, the Protocol has accrued >650 ETH since launch).

So far the reward incentives have turned out to be fairly lucrative to stakers. We hope that we can continue to grow at an organic and sustainable pace while still rewarding those who support us along our journey over the long term. The aim being to continue to reward with BANK at a gently reducing rate as we obtain more integrations, diversify the treasury, and utilise the basket TVL.

Importantly this proposal means no more migrating - all of the reward pools just get topped up with new BANK.

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Vote Yes - in favour of the topping up the rewards which will be in action as of 13th of June 10pm UTC for 4/5 weeks.

Vote No - against new rewards (note that the deadline for any continuous rewards is 11th June 10pm UTC due to the contract time lock).