After having good community discussions on telegram and discord, it seems there is consensus to at least try to have everybody compensated. However, the treasury isn’t big enough to compensate everybody immediately, and various options are still being discussed. One thing is clear, that in order to compensate everybody, bzrx must flourish which is certainly possible with the help of some great community spirit!
To simplify matters, there are 3 groups that need compensation:
- Potential DAO participants, e.g. BZRX holders, P/BGOV, iBZRX stakers on BSC and Polygon
- Fulcrum and Torque users on those respective chains
- Personal wallets that have been emptied due to unrevoked permissions, and other casualties.
This proposal starts with Group 1, as it is the easiest to compensate 1:1, since the treasury is mainly in bzrx and vbzrx. Currently we have around 43.4 mln bzrx in the treasury (and 355 mln vBZRX).
Polygon lost 32.7 mln bzrx,
BSC lost 9.8mln bzrx.
Team lost around 22 mln bzrx, which they will not want to get compensated. This leaves us with a total of 20.5 mln bzrx.
After compensating group 1, the treasury will have 43.4 mln - 20.5 mln = 22.9 mln bzrx left in the treasury.
There are a couple of reasons why we want bzrx stakers to be rewarded in full.
- They have been loyal supporters of the protocol, they will most likely not dump their bzrx (compared to the other groups, not saying they will, but some might…) as they believe in it’s longtime value with the rebrand around the corner.
- They need the bzrx back ASAP in order to participate again in the DAO voting (and create a strong participating community)
- They are our brothers and sisters, we take care of each other!
In short, we ask the team to:
- Identify how much iBZRX each wallet has lost on BSC/Poly staking contract, and convert that to BZRX (on poly it’s around 1:1,007 and on BSC it’s 1:1,03).
- Identify how much P/BGOV still needs to be converted
- Transfer the corresponding amounts to the respective chain and deposit them in a new smartcontract.
- Have the users collect it (or swap P/BGOV) individually (with a warning to make sure they have revoked their permissions correctly before reclaiming their bzrx).
So, let’s go help our brothers and sisters!
Edit: I’ve updated group 1 with affected bzrx, pgov and bgov holders on BSC/Poly, because they are also part of the DAO.
Maybe this subgroup can fill in their details in a form to claim the compensation, that might be easier to process.
And other groups, please don’t despair! Our intention is to compensate everybody in due time, as you can see, we are working on it!