Hello! According to the voting result of DIP14, the interest and liquidation penalty of USN stable coin will 100% be used to buy back BOX as BOX staking reward, and it will be launched within this month. Regarding its distribution rules, the Defibox Foundation initiates DIP15 officially. The voting time is from 22:00 (UTC) October 20, 2020 to 10:00 (UTC) October 21, 2020. The specific information is as follows:
Governance proposal content:
- All funds in USN interest account and liquidation penalty account are transferred to the USN revenue collection account (collect.defi) every hour. The obtained interest and liquidation penalty will be transferred to the USN revenue collection account at the first transfer;
- A certain percentage of funds in the collect.defi account will be used to buy back BOX every hour, and will be transferred to the BOX staking reward account (divd.defi); it will be distributed to the BOX staking users together with the Swap fee revenue;
- The funds in the collect.defi account are used for staking rewards at a certain percentage per hour, which can distribute the rewards of USN previous revenue relatively smoothly, and it is more fair and more sustainable;
- Optional ratio:
A: 1/1000, the obtained interest and liquidation penalty can be distributed at a smoother speed;
B: 1/500, the early reward distribution of obtained interest and liquidation penalty will be more, and then gradually level off;
- The total votes of the proposal must account for ≥ 30% of the total BOX staking amount; (abbreviation: proposal participation)
- The votes for an option must ≥ 55.00% of the total votes of the proposal;
- The Foundation will start execution after the vote is successful;
- Proposals that do not meet the execution conditions after the voting ends will be cancelled.
- If an option meets the execution conditions, it means that the voting is successful. The Defibox Foundation will launch the new version before October 25, 2020 officially. According to this option, the USN interest and liquidation penalty distribution rules will be executed. For the specific launch time and more information, Please follow the official announcement.
Voting time description:
- 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!
October 20, 2020
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