Because of the nature of the proposal, this vote is open for pBTC-on-BSC holders only and requires a 50% quorum to be approved.
Summary: This proposal is suggested by pBTC-on-BSC-v1 holders.
According to the approved Compensation Plan, Step 2’s monthly repayments get temporarily suspended when the PNT average price (calculated over the 30 days before each distribution) goes under the floor price of $ 0.80 (PNT downtrend protection mechanism).
This proposal suggests changing the PNT downtrend protection mechanism so as to enable for an optional “fast-track repayment” to be added. The “fast-track repayment” option would enable the monthly repayments to continue even when the average price of PNT is below the floor price of $ 0.80. In these cases, the PNT price considered for the monthly repayments would be fixed to $ 0.80. pBTC-on-BSC-v1 holders would have the option to choose whether to join the “fast-track repayment” or to continue with the standard repayment (reference: Aragon ).
If accepted, this proposal would overwrite the previous PNT downtrend protection mechanism to add the “fast-track repayment” option.
If rejected, the compensation plan would remain as is.
Motivation: This proposal would enable pBTC-on-BSC-v1 holders who prefer to complete the compensation plan as fast as possible to do so by agreeing on a distribution PNT price of $ 0.80 when the PNT downtrend protection mechanism is active.
At the same time, the proposal would not impact anyone who prefers to stay with the standard repayment (with the existing PNT downtrend protection mechanism) as they would still get repaid as per the approved Compensation Plan.
Specification: This proposal suggests introducing an optional “fast-track repayment” option for Step 2 of the Compensation Plan.
According to the approved Compensation Plan, Step 2’s monthly repayments get temporarily suspended when the PNT average price (calculated over the 30 days before each distribution) goes under the floor price of $ 0.80 (PNT downtrend protection mechanism).
If approved, this proposal would overwrite the existing PNT downtrend protection mechanism of the approved Compensation Plan to add a “fast-track repayment” option. This would result in pBTC-on-BSC-v1 holders being able to choose between two options when the PNT downtrend protection mechanism is active, namely:
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standard option (approved in the existing Compensation Plan, would remain as a valid option if this proposal is approved). The PNT price for the monthly repayments is calculated as the average price over the 30 days before each distribution. When the PNT downtrend protection mechanism is active, this results in the monthly repayments getting temporarily suspended when the PNT average price is below the floor price of $ 0.80. The downtrend protection mechanism is deactivated and the monthly repayments are resumed as soon as the average price goes above the floor price of $ 0.80. In this case, the PNT price for all distributions is calculated as the average price over the 30 days before each distribution.
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fast-track repayment option (would be introduced as a new option if this proposal is approved). The “fast-track repayment” option would enable the monthly repayments to continue even when the average price of PNT is below the floor price of $ 0.80. In these cases (when the PNT downtrend protection mechanism is active), the PNT price considered for the monthly repayments would be fixed to $ 0.80. Whoever wants to go with this option would need to claim their repayment within 1 month from each distribution.
IMPORTANT: If any PNT remains unclaimed after 1 month, the undistributed PNTs would go back to the DAO, and the eligible users who have not opted in for the “fast-track repayment” would automatically default to the standard non-fast-track option. In short, the “fast-track repayment” is completely opt-in and it does NOT affect users who prefer to follow the standard option (as described in the Compensation Plan).
If rejected, only the standard option would be available (as approved in the Compensation Plan).
If approved, this proposal would impact the first repayment of the “fast-track repayment” option. Specifically, the first repayment would include the repayment due for the period since when the PNT downtrend protection mechanism was activated (currently ongoing, approx. 2 months).
Because of the nature of the proposal, this vote is open for pBTC-on-BSC holders only and requires a 50% quorum to be approved.
pBTCv1-on-BSC holders can vote on Snapshot: Snapshot