Voting instructions

Vote For to allow the Beta to end at 13:00 UTC, May 11 2022, +/- 24 hours, and for the rewards on v2.1 to end at 13:00 UTC, May 8 2022, +/- 24 hours.

Vote Against to allow the Beta to continue to 17th May 2022 and to leave the rewards program on v2.1 to remain unchanged.

TLDR

• BIP16 authorized the Bancor 3 Beta test, which began on the 19th April.
• The testing period was stipulated to continue for a maximum of 28 days, where the BancorDAO may elect to end the testing period early.
• This proposal suggests ending the beta testing period within a 2-day window, defined as being 24 hours either side of 13:00 UTC May 11, 2022.
• The Beta testing period includes restrictions on the TVL of the system, and a limited selection of token pairs, ETH, DAI and LINK.
• The conclusion of the Beta testing period will remove all such restrictions, and open the system to deposits from the full range of DAO-approved, whitelisted tokens.
• The Bancor 3 whitelist, including funding limits and trading fees was previously approved in BIP17.
• Therefore, with the passing of this proposal, an “official launch” date for the full version of Bancor 3 will be established for the first time.

Important Note on Unclaimed v2.1 Rewards.

This proposal includes an end date for the rewards on v2.1. A snapshot of the blockchain will be taken, and any users with unclaimed rewards will be able to claim them again via a changed process on Bancor 3. The gas expense of claiming rewards after this interim period will be significantly reduced compared to v2.1.

Summary

• The Beta program has been an outstanding success. The protocol has accumulated significant TVL, processed trades, and been subject to the scrutiny of the Ethereum community to discover bugs with up to a $1,000,000 bounty.
• Minor problems have been identified, both due to internal monitoring systems, and as the result of professional audits - none of which have threatened user funds. Minor fixes have already been implemented, and others will be implemented with upcoming, planned contract upgrades, including and especially the 1-click migration support.
• 3rd party integrations have already started.
• The community can see the performance of the beta on-chain or on Dune (available in discussion link)
• The revamped user interface for Bancor 3 is expected to be available by the proposed release date (May 11th).

V2.1 Rewards Program

The migration costs for users to move from V2.1 to V3 is greatly reduced by ending the rewards program on Bancor v2.1. Ending the rewards program and enabling migration involves multiple contract upgrades. To respect the labor, and monitoring requirements of the process, it is proposed that the rewards system on v2.1 be ended at 13:00 UTC, May 8 2022 +/- 24 hours. There will be a short interim period between the conclusion of the rewards program on v2.1, and the deployment of the new claims contract associated with the Bancor 3 release. This period where rewards will be unclaimable is expected to last 2-3 days. V3 Rewards Program Is Not Affected

This proposal has no effect on the rewards structure previously approved by the BancorDAO in BIP18 6, or the incentives program and its addenda concerning the dual-rewards system.