BIP#71 Allow unstaking of $veBend

Summary: This proposal seeks to allow $veBEND token holders to unlock their staked tokens at any time without penalties, following the transition of governance token responsibilities to $Bend in BIP #69: ⁠Adjust Voting Rights to Include… this proposal will replace the ⁠"Unstake" proposal, by cutting down the scope.

BACKGROUND: The initial proposal aimed to address the dissatisfaction among BEND token holders who no longer receive yield from staking. However, with the governance token responsibilities now moved to BIP #69. This new proposal will focus solely on enabling users to unstake their tokens without penalties, restoring trust and satisfaction among the community.

MISSION & VALUES ALIGNMENT: This proposal aligns with BendDAO’s core values by prioritizing transparency and fairness. It empowers the BEND community to maintain control over their assets without being adversely affected by halted staking yields. SCOPE OF WORK: Unstake Without Penalty: Develop and deploy a smart contract update that allows users to unstake their tokens at any time without incurring penalties. Provide a user-friendly interface for the unstaking process.

SPECIFICATION: Unstake Without Penalty:

  • Implement a smart contract update to enable penalty-free unstaking.
  • Ensure the interface is intuitive for users to manage the unstaking process easily. (do we need a change?)

Communication and Support:

  • Offer clear instructions and support for users during the unstaking process.
  • Address community concerns promptly and provide regular updates.

FINANCIAL IMPLICATIONS:
The financial implications are minimal, involving only the costs associated with the smart contract update and communication efforts. These can be covered within existing operational budgets. side risk however is the the value of the $bend token might drop as some holders will dump the token.

NEXT STEPS:

  • Approve the proposal and inform the community of the changes.
  • Develop and deploy the necessary smart contract updates.
  • Provide support and guidance for the unstaking process.
  • Monitor and address community feedback and concerns.

By implementing this proposal, we aim to enhance community trust and ensure a seamless transition for all BEND token holders regarding the unstaking process.

  • YES, Allow $veBend unstaking
  • NO, $veBend stakin stays at it is

0 voters