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)?
Summary: Following the latest events, the core team is opening this DAO proposal aimed at recouping value for pBTC-on-BSC holders via a 2-step process. The entire Compensation plan, Proposal 1 (revision 0.6) (based on community feedback) is available for review here.
If accepted, the proposal would create and launch a pNetwork NFT series aimed at generating new value that would be directed towards partially recouping value for pBTC-on-BSC holders (Step 1). The operation requires 4 Million PNT tokens to be allocated, that would be provided to the pNetwork DAO by the pNetwork association’s and by the team’s reserves. Additionally, it would redirect part of the DAO members rewards towards pBTC-on-BSC holders proportionally to their pBTC holdings (Step 2).
The current proposal is aimed at recouping the USD-countervalue at the time of the attack for pBTC-on-BSC holders. Once this goal is accomplished, the pNetwork DAO would continue to benefit from rewards for DAO members distributed with the inflation PNTs not reserved for the compensation plan and from new upsides introduced (example: a 5% fee on NFT sales on the secondary market would be directed to the pNetwork DAO and dedicated to additional developments of the NFT project once the compensation plan is completed).
Motivation: It is in the shared interest of the project to have its own pTokens users being also part of the pNetwork community. These users have valuable insights and can contribute positively to the growth of the project (example: Uniswap’s UNI fair launch). Recouping value for pBTC-on-BSC holders goes in that direction and contributes towards the wellbeing of the pNetwork ecosystem.
Every part of the network is considered as an equally important part of pNetwork as a whole. Ensuring that each part of the network is being taken care of is important for maintaining the network’s reputation and commitment to its stakeholders.
Additionally, funneling a significant amount of pTokens users towards the pNetwork DAO (via Step 2) and attracting a new audience via the launch of a new vertical dedicated to NFTs (via Step 1) creates a positive growth for the ecosystem as a whole. There is a long-term benefit in having more people involved with growing the pNetwork ecosystem.
Specification: The steps forward to recoup value for pBTC-on-BSC holders are ultimately a community decision. The Compensation plan, Proposal 1 (revision 0.6) is the result of community input, feedback and suggestions.
This is a proposal to ask DAO members to recoup value for pBTC-on-BSC holders following a compensation plan designed along with the community and described in its entirety in the deck here.
In short (non-exhaustive description), the compensation plan aims to recoup the USD-countervalue of the stolen BTC collateral at the time of the attack.
A part of the compensation has already been approved and implemented (Step 0). If approved, this DAO proposal would implement a 2-steps process for recouping the remaining value in USD terms for pBTC-on-BSC holders. Specifically, the 2-steps process would be composed of the following:
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The creation and launch of a pNetwork NFT series (including the allocation of 4 Million PNT tokens provided to the pNetwork DAO by the pNetwork association’s and by the team’s reserves).
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The redirection of part of DAO member rewards towards pBTC-on-BSC holders over a period of 10 months (PNT downtrend protection mechanism applies)
A more detailed explanation of the Compensation plan, Proposal 1 (revision 0.6) is available here.
Join the discussion of this proposal on the pNetwork community channels.