Hello! Based on the successful implementation of DIP18 and the suggestion of community users, the Defibox Foundation officially launches the DIP23. The voting time is from 11:00 (UTC) December 17, 2020 to 11:00 (UTC) December 18, 2020. Specific information is as follows:
The market-making EOS in the Swap contract is used for node voting, the votes are obtained by buying REX and the voting right is delegated to the TAG mining pool or the Newpool mining pool. The node revenue obtained from voting will be used as liquidity reward of EOS+USDT liquidity pool.
The rules of buying REX from Swap contract market-making fund:
1. Start buying REX for the first time with 10% of the total EOS in Swap contract;
2. Afterwards, 10% of the total EOS in the Swap contract will be used to buy REX at 02:00 (UTC) every 5 days;
3. When the entire network REX lease rate exceeds 85%, sell all REX in the Swap contract. When the lease rate falls below 75% again, buy REX again according to points 1 and 2 above.
The distribution rules of node voting revenue:
1. The system automatically claims the mining pool revenue and distributes the mining pool revenue to the liquidity provider according to the proportion of liquidity amount per second of each liquidity provider in EOS+USDT liquidity pool, and the liquidity provider can claim it at any time;
2. For the mining pool revenue claimed by the system, TAG is directly distributed to the liquidity provider (not automatically converted into EOS), and EOS is also directly distributed to the liquidity provider. The remaining tokens will not be distributed temporarily due to the small amount;
Special note: As REX in part of the liquidity capital EOS (max 10%) in the Swap contract is locked, in extreme cases, when the Swap liquidity providers withdraw a large amount of liquidity capital or trading users swap a large amount of EOS, there is a possibility that the liquidity funds cannot be fully withdrawn or successfully swapped. Through the data modeling of the DIP18, only 10% of EOS in Swap contract market-making funds is used to buy REX every 5 days, which is a relatively safe and reliable ratio, but there is still no guarantee that the above problems can be completely avoided. However, the probability has been greatly reduced.
At present, USN collateral has been officially added into the TAG mining pool. While assisting the TAG mining pool, it has successfully empowered the EOS+USN liquidity pool, which has greatly increased the depth of the liquidity pool. Therefore, Defibox Foundation officially initiated DIP 23 proposal based on the community’s suggestions. The EOS capital in Swap contract market-making was bought into REX in the same way to participate in node voting. On the one hand, it can improve the efficiency of capital application; on the other hand, it can empower the mining pool revenue to EOS +USDT liquidity pool. It can also promote the depth of the liquidity pool and help the healthy development of the Defibox system.
Defibox Swap's historically highest locked-up volume was 13 million EOS on single side. If the locked-up volume could come back, plus the EOS collateral volume of the USN contract, maybe Defibox can try to become a candidate node or super node in the future and participate in EOS governance. Moreover, in the case of ensuring that Defibox becomes a candidate node, the voting rights of the node can also be fully opened to the BOX holders through smart contracts, and the BOX holders vote to determine the nodes that can get the votes, realizing a completely decentralized node voting. Believing that the nodes get voted will return part of their node income to Defibox. The BOX community can jointly decide how to use the received return funds, such as rewarding the market-making of the Swap core liquidity pool. In this way to forming a positive circle and helping Defibox turn into a great platform.
- 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 satisfies the execution conditions, it means that the vote is successful. The Defibox Foundation will start product development according to the option. For information about the specific launch time and more detailed reward distribution rules. 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!
December 16, 2020