Bancor

The Goal of this proposal is to reduce the overall B3 deficit with a modified POL contract.

This will be done by creating a public function that anyone can call that will put 100 ETH up for sale . The initial sell price should be set at two times the BNT/ETH rate on CoinGecko. At the time of writing, the rate is about 1 ETH to 3,000 BNT and the contract offers to sell ETH at that initial sell price.

1. Create a public function anyone can call that will put 100 ETH up for sale (100 ETH is a DAO controlled parameter).
2. The initial sell price should be set at two times the BNT/ETH rate on CoinGecko (this is a DAO controlled parameter).
3. Contract offers to sell ETH at initial sell price. For example, there are 100 ETH and initial sell per ETH is 6,000 BNT then any user can send 600,000 BNT to acquire the ETH. After the ETH is offered for BNT, the price of ETH drops as defined by an exponential decay formula with a 10 day half life and anyone can buy the ETH with BNT at any time. These BNT are sent to the token contract. These parameters can be adjusted by the DAO.
4. Once a trade ends and there are less than 10 ETH available for sale, the contract is topped up to 100 ETH. The new initial sell price will be double the price of the last ETH sold.

A visual example of such behavior is shown below.

FOR Use POL to Reduce B3 Deficits as outlined above

AGAINST Take no action