[FIP-002] - Phase 2 plans

As per our initial announcement and docs, during Phase 2 of the BANK distribution we will be removing all restrictions (whitelist, cap per pool). As a reminder, Phase 2 begins on Sunday 21st March at 10pm UTC.

As part of Phase 2, we will also be changing the rewards per pool. In total, 10,500 BANK will continue to be given out as rewards per week.

33% (3500) of this will now go to incentivise the BANK-ETH LP on Sushiswap.

The remaining 66% (7000 BANK) will be split across 8 other pools. 3 of these will be the existing DAI/USDC/USDT pools.

For the remaining 5, we want to engage other leading DeFi communities. As such, we will open a vote on Snapshot for you to choose which communities you feel would be the best fit. The 5 that receive the highest number of votes will be added as pools during Phase 2.

We suggest the following choices:

  • ETH
  • YFI
  • COMPOUND
  • BALANCER
  • UNI
  • SUSHI
  • LINK
  • AAVE
  • SNX
  • GRT

Assuming there’s no disagreement with this proposal, we will proceed to organising a Snapshot vote.

28 Likes

it is worth adding something for the bitcoin community. I would vote for RenBTC or WBTC

1 Like

it is also worth considering other options for defi projects with a good community:

1INCH
CRV
BADGER
REN

5 Likes

I the % allocation for BANK-ETH LP and the other pools up to discussion or already fixed?

  • Add CRV (CRV has BTC holders and various other tokens - umbrella type package deal) as an option
  • Add Hakka as an option
  • Add COVER as an option
  • Add AMPL ( pay some homage) as an option

I think we should allocate more to the BANK-ETH pool to bring more liquidity for better price discovery.

4 Likes

Badger, YFI, Sushi, Aave are some of the strongest communities imo. ALCX might be interesting too as there might be some opportunities to collab in the future.

Add BASED. The fairness of this launch and the thought that went into making the distribution whale-shark resistant is very much in line with the ethos of the based collective. (I can also highly recommend the fine folks of the noderunners.io (NDR) community as a good fit for early alignment with this project). All the suggestions so far have been top notch as well so I’m sure we’ll have quite a time picking a top 5.

Aave, SNX, Sushi, Alpha :+1:

Bancor is becoming a popular AMM (#5 on defipulse) and Float protocol could provide LP rewards in addition to offering one sided liquidity.

4 Likes

ETH!!
wBTC!! :smiley:

2 Likes

We should think of each community supported as potential partners in the future. Why dont we whitelist their specific vault tokens? For example, whitelisting bBadger would encourage their vault usage which they might like. Also it would attract long term holders from these protocol.

bBadger?
yYFI vault token?
Xsushi?

Also as someone mentioned earlier, Alchemix would be a great potential future partner. We should think about incentivizing ALCX.

Basically support other fair launch projects. Eth and Btc ofcourse. Just my 2 cents :slight_smile:

2 Likes

I think that SNX, YFI and SUSHI are the most active communities when it comes to actually participating in building products. This protocol will need to appeal to those types of people as we have anonymous founders with no incentives to stick around after 12 months.

Other than that, I’d probably recommend ETH and wBTC because those pools would reach the widest audience, and it’s important to get newcomers excited about the opportunity to participate in a fresh DAO - noobs tend to be less skeptical and more passionate.

1 Like

I agree with representing BTC with Badger and/or wBTC.

4 Likes

They should be tokens with large number of owners AND with large mcap

1 Like

I don’t see the reason for badger, I think curve covers the BTC holders fine.

I like this - BNT, ETH, AAVE, LINK, UNI

1 Like

BNT and SNX should be 2 in my humble opinion.

Great list. However, it doesn’t achieve much and ignores capital efficiency.
E.g. I do not wish to remove my assets from 1 protocol and move to another. Hence, instead of plain tokens, let’s target other communities, like Aave, Xtoken, etc:

stETH
aYFI
aCOMP
aBAL
aUNI
xSUSHI and axSUSHI
aAAVE and xAAVE
aSNX and xSNX
xINCHa and xINCHb
aLINK
aREN
aCRV

Also, think of other underserved communities like GRT:
RUNE
TORN
OPIUM
FURU
ROOK
MLN
BNT
DODO

3 Likes

link RUNE
TORN
OPIUM
FURU
ROOK
MLN
BNT
DODO

Sushi
Aave
Matic

these are the next gen communities to get involved in