Community discussion: pBTC-on-BSC Compensation plan, Proposal 1

The DAO proposal for revision 0.6 is now open. Forum discussion: Proposal: Should the DAO recoup the value lost by pBTC-on-BSC holders affected by the recent hack via the 2-steps process (NFT sale + partial redirection of DAO member rewards) described in the Proposal 1 (rev0.6)?

The voting proposal is open both on Ethereum and BSC. Anyone can cast their votes:

  • via Aragon (Ethereum) Aragon
  • via eidoo.app (Ethereum)
  • via Snapshot (BSC) Snapshot
2 Likes

The issue with the redefinition of the pBTC token is not with those that choose to take action to access the “USD-countervalue”. It is with those that do not - for the holders that reject your new terms, you explicitly state in your proposal that the token “will no longer be useful”.

In my earliest proposal, I did suggest that you use pBTCv2 as a way to generate revenue and restart the bridge quickly. At the time I did not expect that by moving to pBTCv2 you would default on the original pBTC peg, and since you are going in that direction I regret suggesting it now.

In fact, pBTC holders that did not agree to your terms in Steps 0 will not be able to participate in this vote, since they did not get any PNT airdrop. A truly representative vote of creditor opinion would have used pBTC as the voting token, and not PNT. In fact you are allowing PNT-on-ETH holders in this vote, but pBTC-on-ETH holders, who are some of the biggest creditors, are never even consulted on whether they think this is a fair solution. I suppose you do not wish to alert them to the abuse you are putting creditors on other chains.

As for the legal/exchange aspect, I do not think you are being truthful with the community on this. And my objective in engaging here is not to convince you of my own position, but to give the community fair advanced warnings. A lot of pBTC holders got burned badly because they trusted you and took the claims about the token being pegged and secure at face value. Hopefully PNT holders will not do the same by ignoring the legal risks.

2 Likes

@jay I will try to answer your points below.

As for Step 0, more than 95% of eligible pBTC-on-BSC funds already claimed their PNTs.

As for the voting on BSC, the voting platform was launched to enable PNT voting on BSC in general (for this and future DAO votes). Specifically on the current voting proposal, once the vote is closed it will be possible to verify which BSC addresses have voted for/against and how many pBTC-on-BSC their respective holdings represent: that’s similar to getting pBTC-on-BSC holders to vote with their pBTC, but it makes such Snapshot Space forward compatible for all PNT-on-BSC holders to use (for future voting proposals on BSC).

As for pTokens being claimed as pegged and secure, these claims were not untruthful, but they are to be considered within the context of the DeFi ecosystem - that is inherently experimental and involves high risks. Battle testing new systems always takes several years, even major blockchains that have been around for years can be affected by complex attacks from time to time.

We are really sorry that pBTC-on-BSC holders were affected by this, but unfortunately abuses of the system can happen even when best practices are followed and security audits done. We are committed to do the right thing and that’s why we have proposed a compensation plan that refunds out of our pocket the full value lost in USD terms. Something that should be kept in mind is that the value has not been “burned” but stolen by a malicious third party (who hopefully will soon be found).

1 Like

Here some questions and doubts about next steps:

  1. will the official application form be activated on Pnetwork at 5 pm in order to claim the NTF right? I would have to keep connected on the channel and check when the official application form will be THERE activated?
  2. What should be written in the message? 1) Just enough to reply to the topic right? 2) do we need to specify address and how many NTFs do we want to buy? Do we need to spicify which kinf of NFT we want?I can’t find any information about it
  3. how many ntf at most can we buy? one for every 0.01 Pbtc owned right?, or even more in the case ?
  4. (realted do the previous answer) : in order to get the eidoo balck card with 16% cashback for one year, we need 10 NFTs, as well as to be entitled to the light node. Right?
    5)(realted to previous answer)Does this mean that if I can buy 5 nft with my PBTCs, the rest we need 7want to buy to get 10 NTF will have to be bought during phase 2 at the minimum price of 920 USDT ?
  5. is the list of eligible addresses the same as published on 12 October for those entitled to the npts of step 0? Can’t find any other list
    Thank you
1 Like

Hey @Albo - let me reply to your questions below:

  1. the NFT Pre-sale application will be on this forum. At 5pm UTC we will open a new topic on this forum (it will be called something like “NFT Pre-sale application”) and you will be able to submit your application by replying to that specific forum topic. We will send a notification on the relevant pBTC-onBSC Compensation Plan announcement channel on telegram, but since it’s time-sensitive, if you want to be as fast as possible you would need to be ready on the forum to submit your application.

  2. In the application message you should write: BSC address (the one holding your pBTCs, the one you will be paying from), amount of pBTC you want to participate with (this is important, do specify the amount of pBTC and not the number of NFTs). Note the amount of pBTC needs to be a multiple of 0.01 pBTC.
    Example: 0x7424718f1e6f86a52b477822b155296df764483c - 0.05 pBTC
    The NFTs are unrevealed at this point, so you do not need to specify with kind of NFT you want.

  3. You can buy a maximum of 4.34 pBTC worth of NFTs per address, meaning 434 NFTs. Anti-sniping rules apply.

  4. yes, you need 10 NFTs to access both the cashback programme and the light node. Yes, this means that if you only buy 5 NFTs in the pre-sale, then you would have to buy the remaining 5 during one of the next phases of the sale.

  5. All pBTC-on-BSC holders are eligible to submit an application for the NFT Pre-sale. Anti-sniping rules apply (so, for example, in case of oversubscrition addresses that joined step 0 will have priority over new addresses).

In general, please refer to this communication for more detailed answers to your questions: Implementation of DAO voting proposal #13: pBTC-on-BSC compensation plan

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Thank you for complete and clear explanation

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Hi Thomas - for the compensation step 2 for pbtc - if it is every other month how long will it take to complete? based off the first payout there is no way it can be accomplished in 10 months.

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The documents explain that under normal circumstances (unless the pnt price protection kicks in) 10 monthly distributions will be done. The second one has just been announced and will happen tomorrow, so the first 2 can be considered done already

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why i’m not in the the Snapshot 2.2 participants list. I don’t find my address… :frowning:
i hold pBtc since the 24 november and the same day, i accepted by signing the Compensation plan here : http://compensation-plan-agreement.s3-website.eu-central-1.amazonaws.com/

What’s wrong?

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We have excluded addresses with a very low pbtc balance from 2.2: we are considering to distribute them a full refund of step 2 in 2.3 next month, as it would simplify things - gas costs would affect significantly their “small” monthly claims otherwise

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ok thanks for reply :wink:
in the Snapshot 2.2 participants list, i see a lot of balance under my own balance : 0.00099663
normal?

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no, that’s weird, please send me a pm with your address so that we can double check together!

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done, do you have received it? tks

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Hi,

Going through the snapshot list for claim 2.2, I noticed that some of the adresses entilted to a compensation are former adresses used by the team for compensation :

  • 0x434d7b8f0db80320bf175b071d2931e43156a817 : 2nd round NFT Pre-sale adress entilted to 3971 PNT
  • 0x3e78b88355681344DCaB123B4F9291577D7b1cD3 : claim 2.1 adress entitled to 245 PNT

I imagine it is probably due to late transfert done after the pBTC burn and before the snapshot. But it would be nice to filter them out to keep the distribution to the holder.

Regards

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I am a little disappointed… I did not receive any message by pm from bertani to solve my problem. what’s the problem?

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Sorry for taking so long to answer, I have just answered to your pm. TLDR is that you were excluded because your pbtc amount is extremely low, you will receive the entire step2 reimbursement in the step 2.3

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good catch, thanks for reporting, we’ll fix that in future distributions, while for these tokens they will go back to the dao in 1y time if unclaimed so it should be fine!

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:credit_card: eidooCARD voucher NFTs Announcement :information_source:

A snapshot of the Yolo Parrots NFTs holders will be taken on September 12 2022, 6 pm CEST.

All the users who will hold 10 NFTs (or multiples) in their personal wallets at the time of the snapshot (Exchanges are excluded), will receive an eidooCARD NFT voucher that can be used to redeem a Black eidooCARD* (valid for 1 year). If your NFTs are deposited on Binance, please withdraw them to your personal wallet before the snapshot date. Users who are interested in obtaining one or more vouchers, can buy the NFTs on Binance NFT Marketplace or through the minting contract by using pBTC-on-BSC-v1 tokens only.

The voucher NFTs will be valid for 1 year, unused vouchers will self-destroy after 1 year through automatic burning. In order to request the Black eidooCARD, users must burn the voucher and the card will be valid for 1 year since the burn date. NFTs can be gifted or sold to third parties through the Binance NFT Marketplace or other secondary market.

:exclamation:Important: eidooCARDs can be ordered only by EEA & UK residents that are successfully verified as Tier 2 on EidooID. If you are not registered yet, download Eidoo here and create your own EidooID (pNetwork is not responsible of any failed KYC on EidooID). Each user will be allowed to use only one voucher to order the Black eidooCARD. By Eidoo’s Terms and Conditions, multiple eidooCARDs for single users are not allowed. Eidoo reserves the right to change the cashback rates at any time.

:arrow_right: More information on how to redeem Black eidooCARDs will be available soon.

Reminder: the snapshot will consider the NFT balance of the single addresses. For example, if you hold 9 NFTs in your wallet “A” and 11 NFTs in your wallet “B”, only the Yolo Parrots held in the wallet “B” will be considered, resulting in the distribution of only 1 NFT voucher eidooCARD. The addresses that have staked the NFTs for the light node will receive the vouchers automatically, unstake will be not necessary.

** users who order a Black eidooCARD via NFT voucher will be entitled to cashback only, all perks are excluded*

1 Like

Hello my wallet address is :
0x0A2fb7CeC92469Da3bA56dF514B7A1067626148A
hello we are an exchange team and we had some wallet for our users on gala
we have ptoken gala and when im trying to bridge on eth and when im going to conect my wallet it shows 0 balance while i have another 67,000,000 ptokens gala why could you help us with that

sincerely
Best reguard

Hello my wallet address is :
0x0A2fb7CeC92469Da3bA56dF514B7A1067626148A
hello we are an exchange team and we had some wallet for our users on gala
we have ptoken gala and when im trying to bridge on eth and when im going to conect my wallet it shows 0 balance while i have another 67,000,000 ptokens gala why could you help us with that

sincerely
Best reguardddddd