Greetings! The Defibox lending and mining incentive have been running for more than two months. The scheme of the deposit and borrow mining incentive ratio determined by the DIP26 (25% on the deposit and 75% on the borrow) has made the lending protocol a steadily initial development stage; the current lending protocol has entered the period of rapid development. The adjustment of various parameters requires rapid response to adapt to the rapid changes in the market. A more flexible solution is needed to better stimulate the scale of lending and give better play to the incentive value of each BOX. Therefore, The Defibox Foundation officially launches the DIP27 proposal. The voting time is from 17:00 (HKT) on August 14, 2021 to 17:00 (HKT) on August 16, 2021. The specific information is as follows:
The current lending and mining incentive mechanism sets up incentive pools based on tokens. If the ratio of mining incentives on the deposit and borrow can be more flexible, then more effective incentives can be achieved for the lending market. Therefore, the ratio of mining incentives on the deposit and borrow can be more effective, the proposed proposal is as follows:
Cancel the fixed ratio restriction, and give the mining ratio of the deposit and borrow according to the actual situation of different lending market scales
Interpretation: The ratio for deposit side with 25% and borrow side with 75% is for encouraging borrow side. With a encouraged borrowing, the interest rate will increase and this attracts deposit and bring a rapid growth for lending market. However, according to our empirical study, we found 25% for deposit and 75% for borrow is not giving enough incentive for certain lending market, we need a more flexible mining ratio for lending.
At the moment, Defibox has started “multi-chain” strategy, with a more flexible mining ratio for lending, it will boost lending market for the long term development.
Mining ratio will have direct effect on lending market, Defibox Foundation hope every BOX token holder to participate Defibox governance, working together for a better product!
- 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 any option meets up execution condition, it means a successful voting, Defibox Foundation will execute this mining ratio plan accordingly.
- 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!
August 13, 2021