BIP#63: Termination of BEND Token Staking and Unstaking Without Penalty and Pausing Team BEND Token Release
Summary
Terminate all BEND token staking immediately
Allow users to unlock their staked tokens at any time without penalties
BEND token as the governance token
Pause the release of team BEND tokens
BACKGROUND
This proposal aims to address the current situation where BEND token holders who staked their tokens to get veBEND tokens for yield no longer receive any yield. With the passage of BIP#53, no more protocol revenue is distributed to veBEND token holders. This has led to dissatisfaction among community members. By terminating the staking program and allowing users to unstake without penalties, we aim to restore trust and satisfaction among the token holders. Additionally, pausing the release of team tokens will help ensure that team interests are aligned with those of the community.
MISSION & VALUES ALIGNMENT
This proposal aligns with the core values of the BendDAO community by prioritizing transparency, fairness, and the decentralized governance model. It ensures that the BEND community retains control over their assets without suffering from the consequences of halted staking yields.
SCOPE OF WORK
Terminate all BEND token staking immediately
Allow users to unlock their staked tokens at any time without penalties
BEND token as the governance token
Pause the release of team BEND tokens immediately
SPECIFICATION
Terminate Staking:
Halt all current BEND token staking programs including front-end and smart contracts.
Communicate the termination to all stakeholders promptly.
Unstake Without Penalty:
Develop and deploy a smart contract update allowing users to unstake their tokens at any time without incurring penalties.
Provide a user-friendly interface for the unstaking process.
BEND as Governance Token:
veBEND can not be issued once the staking is terminated. BEND will be the governance token with voting power.
Pausing Team BEND Token Release:
Pause the team BEND token release contract when the BEND staking is terminated.
Pausing the release of team tokens will help ensure that team interests are aligned with those of the community.
Communication and Support:
Provide clear instructions and support for users during the unstaking process.
Address any community concerns and provide updates regularly.
FINANCIAL IMPLICATIONS
There are minimal direct financial implications as this proposal primarily involves contract modifications. The primary cost will be associated with the development and deployment of the smart contract update and communication efforts. No additional funding is required beyond existing operational budgets.
NEXT STEPS
Approve the proposal and communicate the changes to the community.
Develop and deploy the necessary smart contract updates.
Provide support and instructions for the unstaking process.
Monitor and address community feedback and concerns.
By implementing this proposal, we aim to enhance the community’s trust and ensure a smooth transition for all BEND token holders.