Hello! Defibox has obtained the Yield+ official launch reward (Note: the rewards have been accumulating in the pilot phase, and will be distributed in a new proportion after the proposal is passed). Defibox-DAO has made a proposal of merging Yield+ rewards into the Defibox main protocol revenue; The DIP45 proposal is implemented, and 10% of the protocol revenue recovered from Newdex has not yet been distributed. Considering the actual situation and the opinions of the Board and the project execution team, a proposal on the new distribution of the Defibox protocol revenue is initiated for the community to discuss and vote:
All Yield+ rewards will be included in the Defibox main protocol revenue;
1. 45% of the main protocol revenue is used to buy back BOX to release or buy back BOX to burn;
A. Buy back and burn: that is, repurchase and transfer to the black hole address to burn BOX tokens, which can directly have a positive effect on the token price.
B. Buy back and release: that is, repurchase and transfer to the mining account for protocol mining, which can slow down the release speed of BOX.
2. 15% of the main protocol revenue is used for staking incentives, 50% of which is used for BSS staking, and the other 50% is used to motivate the Vault.defi protocol;
Staking Incentive: Used for the BSS deposit incentives.
Vault.defi protocol: a new satellite protocol for EOS staking, 50% of fees and rewards will be included in the main protocol revenue, and the remaining 50% will be used to incentivize its own protocol;
3. 7%-10% of the main protocol income is used for risk reserves, and the original automatic market maker autolp.defi is included in risk reserve portfolio;
The risk reserve will be used to compensate for the loss due to contract security issues or extreme market conditions.
The repurchase market making will gradually open up for multi-tokens LP pool, which can stabilize the pool while supporting the price of BOX by controlling the LP account of liquidity adding or reducing.
A. Under the buy back and burn option, 10% risk reserve is allocated to risk reserve and repurchase market making accounts on a 50:50 basis;
B. Under the buy back and release option, 7% of the main protocol revenue is used for risk reserves, and 3% is used for burn;
4. 30% of the main protocol income is used for team income;
In the DIP42, 2.5% of the team income was transferred to the BSS deposit reward. Since the BSS reward after the new scheme will be greatly improved, it is proposed to restore 30% of the protocol income to cover the team's expenditure; it will be used to pay for the monthly team cost, servers and other costs.
After discussion by the community and the Board, the following proportional distribution plan is given:
A: 45% buy back and burn, 15% staking incentive, 10% risk reserve, 30% team income
B: 45% buy back and release, 15% staking incentive, 7% risk reserve, 3% burn, 30% team income
C: I do not agree with any of the above
1. Comparison of old and new distribution schemes:
According to our calculation, Yield+ rewards are expected to reach 40k+ EOS per month, and the monthly protocol revenue in the past two months is 20k+ EOS. The following new and old schemes are distributed before and after Yield+ rewards are compared.
*The original monthly 45% of the protocol income is about 9K EOS for automatic market making (4.5K EOS is used to repurchase BOX). With 45% of new income for burn or release, it will be 27k EOS per for repurchasing BOX which is 5 times more;
*The original monthly 7.5% of the protocol income is about 1.5K EOS for BSS rewards, after adding Yield+ reward, 7.5% of the protocol income is about 4.5K EOS for BSS rewards, and 7.5% of the protocol income which is 4.5K EOS will be used for the development of new satellite protocols;
Note: The new satellite protocols (Vault.defi protocol, Banlance protocol, etc.) will also apply for Yield+ program. 50% of the satellite protocol revenue will be kept for its own development and the other 50% will be merged into the main protocol revenue. Separating the main protocol revenue and satellite protocol revenue distribution will be good for both.
With the new plan, a positive development of BOX and an upward spiral of the tokenomics will be gradually achieved; the inflation will be lowered, and the upward momentum will appear with the continuous repurchase of BOX. Defibox plans to make more products and proposals in the next six months, optimize the BOX staking model, and use the Yield+ reward to achieve an ice breaking from low prices.
We hope that every user who holds BOX tokens can participate in the governance of the Defibox project and help the development of Defibox!
- 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 ≥ 35.00% 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.
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.
- 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.
Thank you for your support and attention to Defibox!
Defibox Project Executive Team
October 21, 2022