Currently bDollar is on contraction and from past experience we would like to propose a major update on Boardroom, Treasury and Bond systems
At least 50% of newly minted BDO for each expansion will be sent to Boardroom sBDO stakers reward (old percent is 35%) (Debt Phase)
Upgrade to dynamic epoch length (6 - 8 - 10 hours): An expansion epoch should last longer to delay the minting of new tokens, while any contraction epoch should be shorter for participants to act swiftly to move the protocol out of debt:
In contraction: 6h epoch length
TWAP <= 1.0125: 6h epoch length
1.0125 < TWAP <= 1.025: 8h epoch length
TWAP > 1.025: 10h epoch length
In order to increase the power of the bonds to help prop the peg back up as quickly as possible; We will like to add a tax mechanism.
10% tax will be charged (to burn) for claimed BDO rewards for the first expansion epoch after contraction.
5% tax will be charged (to burn) for claimed BDO rewards for the 2nd of consecutive expansion epoch after contraction.
No tax is charged from the 3rd expansion epoch onward
In order to give a chance to members with idle BDO in their Boardroom, and be able to take part in the purchase of Bonds; we will like to introduce the following alternative.
To encourage stakers stay in the Boardroom, we will implement a new mechanism to incentivize them even during contraction. When a buyer burns his BDO for Bonds, 5% of the burned BDO goes instead to the Boardroom. This mechanism is an improvement from the original design of Bonds.
During contraction, sBDO stakers will have 15 minutes at the beginning of each epoch to purchase bonds using their Boardroom pending rewards, no lockup and no tax applied if they choose to convert BDO reward to Bond.
In addition to extra bonus from burned BDO for Bond, 10% of BDO bought-back fund by bVaults will be used to incentive Boardroom during contraction epochs
5% tax will be charged (to burn) for claimed BDO rewards if TWAP is in range [1.00, 1.025). 10% tax from the claimed rewards will be charged (to burn) if TWAP is less than 1.00
We propose the community vote FOR, and all the qualified voters are LPs at sBDO/BUSD pool and Boardroom's stakers.
Voting closes at Tue Mar 23 2021 23:00:00 UTC
Snapshot at block 5944000
To all bDollar share holders, please make your voice heard. Vote now! Closed - voted in favor - see here - https://vote.bdollar.fi/#/bdollar.eth/proposal/QmUbUMc9YZuQwymufJ3bWEXv7KWNg7cdbed4dkZK6VXAg4