Implementation of DAO voting proposal #12: pBTC-on-BSC compensation plan
As approved in the pNetwork DAO voting proposal #12 (view on Aragon), the DAO will redirect DAO members’ rewards for the current epoch (approx. 400,000 PNT) towards pBTC-on-BSC holders affected by the recent hack so as to enable them to join future DAO voting proposals.
These PNT tokens are meant as a partial compensation for pBTC-on-BSC/Ellipsis LP holders and as a way to grant them the possibility to contribute to the pNetwork DAO.
Approval of this proposal doesn’t imply approval of the compensation plan proposed by the team - the steps forward in terms of a compensation for the remaining value will be voted on separately. Anyone can join the discussion on this topic on the pNetwork forum.
Implementation details
Overview: Approx. 400,000 PNT tokens are available for distribution to
- pBTC-on-BSC holders (token address: pTokens BTC (pBTC) Token Tracker | BscScan )
- pbtcEPS holders (token address: Ellipsis.finance pbtc/btcEPS (pbtcEPS) Token Tracker | BscScan ) - proportional to the ratio of pBTC held by the Ellipsis liquidity pool
Who is eligible: Anyone holding either pBTC-on-BSC tokens or pbtcEPS tokens (both referenced above) at the time of the snapshot is included.
pBTC-on-BSC holders (at snapshot time) are included based on the amount of pBTC-on-BSC tokens they hold at snapshot time.
pbtcEPS holders (at snapshot time) are included proportionally to the ratio of pBTC held by the Ellipsis liquidity pool. Specifically, the formula used for calculating the amount of pBTC-equivalents is:
Number of pBTC-equivalents = (number of pbtcEPS held by the holder / total supply of pbtcEPS) x number of pBTC in the Ellipsis liquidity pool
based on figures at snapshot time. Additional information available below.
Anyone who is not included in the two categories above, is not eligible for step 0. For example, if someone is staking on Pancakeswap would need to exit the liquidity pool so as to fall into one of the two categories above, should they be willing to be eligible.
Snapshot time: Monday October 11th, 2021 at 8am UTC time
Important note for pbtcEPS holders: Please note that if an Ellipsis liquidity provider is staking in the Ellipsis (rewards) staking pool, they would need to exit the staking pool in order to be eligible. They should hold pbtcEPS at snapshot time outside of the Ellipsis (rewards) staking pool (they would be able to join the Ellipsis rewards pool again after the snapshot is taken, should they be willing to). Please note that if the pbtcEPS tokens are at stake in the Ellipsis (rewards) staking pool at the time of the snapshot, these would not be eligible (this is because of technical reasons that would make accounting for these tokens difficult).
How to claim: Additional information and instructions to claim the PNT tokens will be shared within 24 hours after the snapshot is taken. Holders will be able to claim an amount of PNT based on the amount of pBTC-on-BSC or pbtcEPS tokens they were holding at the time of the snapshot.
Example: Alice and Bob are holding 1 pBTC and 0.1 pBTC respectively at the time of the snapshot. Alice will be able to claim 1,430 PNT tokens and Bob will be able to claim 143 PNT tokens.
Timeline for claiming: Eligible parties will have a 1 year period for claiming these PNT tokens. Should any PNT tokens be left unclaimed after the 1 year period, these will be sent back to the pNetwork DAO Treasury.
What happens next: These PNT tokens are meant as a partial compensation for pBTC-on-BSC and pbtcEPS holders and as a way to grant them the possibility to contribute to the pNetwork DAO governance.
Additional information and instructions on the voting platform to be used for voting on BSC will be shared in the coming days. A new voting proposal in regards to the compensation plan is expected to be opened in the same week (next week). Similarly to voting proposals on Ethereum, the voting proposal will be open for 3 days and, should it be approved, execution would start right after.
Additional notes: The PNT tokens for this initial partial compensation are considered as part of the compensation and both PNT and BTC assets are taken into consideration based on their countervalue at the time of the attack. By proceeding with the claim of the PNT tokens, pBTC-on-BSC and pbtcEPS holders acknowledge and accept this.
Frequently Asked Questions
I am a pbtcEPS holder, what should I do?
If you want to access this part of the compensation plan, you have two alternatives:
-
You can exit the Ellipsis liquidity pool either entirely in pBTC or partially in pBTC (this is your decision based on your preferred risk profile). Following this option, you will be eligible for this step of the compensation based on the number of pBTC you hold at the time of the snapshot.
Please note the Ellipsis liquidity pool is currently unbalanced - keep this into consideration when deciding how to move forward. -
You can continue holding pbtcEPS tokens. Following this option, you will be eligible for this step of the compensation based on the following formula used for calculating the amount of pBTC-equivalents:
Number of pBTC-equivalents = (number of pbtcEPS held by the holder / total supply of pbtcEPS) x number of pBTC in the Ellipsis liquidity pool
based on figures at snapshot time.
Please note that if you are staking in the Ellipsis (rewards) staking pool, you need to be outside of the rewards staking pool (at the time the snapshot is taken) in order to be eligible.