DefiboxDAO officially launched the DIP51 proposal

Dear user:

Hello! Since ENF/EOS Labs is preparing a new ecological development plan, which includes the termination of Yield+ incentives. Defibox supports the adjustment of ENF/Labs and looks forward to the new plan to promote the development of EOS more effectively. At the same time, in order to maintain the overall income of Defibox users and the APY of each protocols, the executive team plans to adjust part of the income distribution and further reduce the team expenses, optimizing server costs to deal with the impact of the yield+incentive termination, now initiate a proposal vote:

Proposal content:

The current impact of Yield+ incentives on the Defibox protocol is: swap, lend, USN yield+ rewards are classified as protocol revenue, BAL (50% merged into main protocol revenue: 50% as incentive for BAL protocol) and Vault (30% merged into main protocol revenue: 70% as incentive for Vault). Therefore, this adjustment will be divided into three parts:

1. Before the change, 30% of Vault income and 50% of BAL income were merged into main protocol revenue, and it is planned to adjust to 100% belonging to the satellite protocol for its own incentives to maintain the income of the satellite protocol.
After the stable development is built in the future, the satellite protocol will make an appropriate proportion change to feed back the income of the main protocol;

2. Using BOX token as the incentive tokens for Market-making incentives, BSS deposit system incentives and BAL incentive. It is planned to maintain the current yield level by increasing the market-making weight or third-party mining;

3. For the Vault income that has a greater impact, because 70% of the Yield+ rewards previously obtained by Vault are used to motivate Vault, the incentive token is EOS, and it cannot be incentivized by third-party mining. Therefore, considering this aspect, the execution team will maintain the income of the Vault by adjusting the BP income of bp.defi. The adjustment plan is as follows:

The original BP income distribution was:

• 67.5% of BP rewards are allocated to EOS+USDT market making rewards and vault rewards according to the number of votes;
• 7.5% of the BP rewards are used to empower the BSS;
• 25% of BP rewards are used to solve the long-term server operation and maintenance cost of Defibox and BP servers;

The plan is adjusted to:

• 80% of the BP rewards will be distributed to the vault according to the number of votes from deposited EOS, and the EOS+USDT market-making rewards will be changed to BOX incentives;
• Incentives for the BSS are changed to BOX tokens from application reward with the account apply.defi;
• 20% (formerly 25%) BP rewards are used to solve the problem of long-term server operation and maintenance cost of Defibox and BP servers;

Since the Vault reward token is EOS, most of the BP income can only be used to maintain the Vault income; other involved protocol income can only be subsidized with BOX tokens, hoping to maintain everyone's income.

Regarding the team’s income, due to the current bear market, TVL and transaction volume have both decreased. If the Yield+ incentive part is deducted, the protocol income can no longer cover the basic expenses of the team. The Defibox project team will do its best to maintain the income of each protocol and maintain the basic operation of Defibox, hoping to survive the bear market with the community and welcome EOS to glory again.

We hope that every user who holds BOX tokens can participate in the governance of the Defibox project and help the development of Defibox!

Execution conditions:

• The total votes of the proposal must account for ≥ 10.00% of the total valid BOX votes; (abbreviation: proposal participation)
• The votes for an option must ≥ 55.00% of the total votes of the proposal;
• After the voting is successful, the Defibox executive team will start to execute;
• Proposals that do not meet the execution conditions after the voting ends will be cancelled.

Execution plan:

If one option satisfies execution plan, it means a successful voting. Defibox will start execution after the vote is successful. For the latest information, please follow the official announcement.

Additionally：

• After the governance proposal is officially announced, it is not allowed to vote during the publicity period;
• Voting will be open after the publicity period ends. Please vote within the valid time.

Defibox community:
International Community：https://t.me/Defibox_official
Chinese Community：https://t.me/DefiboxCN

Thank you for your support and attention to Defibox!
Defibox Project Executive Team
August 8, 2023