Hello! The DIP20 and DIP21 have met the execution conditions, and the product feature involved have been developed and audited. They have been officially implemented at 14:00 (UTC) on December 18, 2020. The staking reward is cancelled and the risk reserve is set up. The specific information is as follows:
- Cancel the staking reward, use 75% of protocol revenue to reward liquidity provider of EOS+BOX liquidity pool, and encourage more BOX to add liquidity in EOS+BOX liquidity pool;
- The risk reserve (25% of protocol revenue) is divided into: 15% of protocol revenue is continuously reserved in a public designated account as a risk reserve to compensate for the loss of funds due to contract security issues or extreme market conditions; the remaining 10% of protocol revenue is rewarded to Newdex, and BOX token will not be released to Newdex (approximately 5.8% of the total BOX amount);
About protocol revenue:
- Protocol revenue refers to all revenues generated by Defibox various protocols, including: 0.1% of Swap transaction volume, USN stable coin interest and liquidation penalty, fees and interest revenue of lending protocol, etc.
Reward rules of 75% of protocol revenue:
- You can get the reward EOS of protocol revenue by participating in adding liquidity in EOS+BOX liquidity pool, which can be claimed at any time
- Smart contract automatically transfers the protocol revenue of the previous hour every hour
- The protocol revenue reward you can get per second = the balance of protocol revenue that the smart contract has transferred × 75% ÷ 24 hours ÷ 3600 seconds × the proportion of value of your market-making assets to the value of the liquidity pool assets
- If you transfer your LP tokens to Swap to participate in adding liquidity, you will not be able to get the corresponding protocol revenue reward EOS
- When you transfer LP tokens to other EOS accounts, the right to claim subsequent protocol revenue reward will also be transferred
About BOX voting governance right:
- The voting right of BOX governance will be reopened after BBS is launched. The BOX participating in the EOS+BOX market making and the BBS have the right to vote and participate in the autonomy of BOX DAO together;
Note: Unclaimed staking reward has been automatically released to the corresponding EOS account. The original staked BOX will be immediately unfrozen without waiting for 24 hours. The VIP level will be retained until the DIP22 is executed, that is, the BSS is launched, according to the VIP level when staking reward is cancelled. The follow-up VIP level rules will be updated when BSS is launched. Please pay attention to the follow-up official announcement.
Thank you for your support and attention to Defibox!
December 18, 2020
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