BIP-0001: Reward active users with FISH to vote in BIPs

Governance Final BIP's
1

This proposal seeks to reward 5,950,000 FISH to XUSD holders and lenders (80%), as well as FISH stakers (20%) helping test governance on mainnet. This amount is the allocation for the second month of the liquidity mining pool as indicated in the tokenomics . This is a one time reward, with the reasoning being that current stakeholders must have a voice on future BIPs.

Approving this vote will help us familiarise ourselves with the governance system and begin experimenting with LP rewards for users of XUSD on Sovryn and other protocols. The full debate on the draft proposal can be found here. For the sake of brevity and simplicity, this would be the steps:

  • Snapshot: Soon after the vote is approved the calculations will be made
  • Transfer method: User will need to claim tokens to start vesting process
  • Proportional distribution of 4,760,000 FISH to XUSD holders and lenders
  • Proportional distribution of 1,190,000 FISH to FISH stakers (excluding vesting tokens)
  • Cliff: 12 months
  • Vesting: 6 months
4 Likes
2

I think it should be 80% for fish holders and 20% for XUSD holders.

1 Like
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why because simply XUSD holders will sell fish and hold XUSD instead of fish token. which leads to dump in fish price

4

hi cryptogut
i guess this takes care of the sellpressure :

  • Cliff: 12 months
  • Vesting: 6 months
    and my strong wish is that poeple rewarded will be part of gov, and willtake an active part in stabilizing the whole system on RSK, with keeping the babelfish in their ears!
5

when and where can we stake fish?

and by simply holding xUSD in your wallet, you will recieve Fish? or do we need to actively lend it in the pool on Sovryn?

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Clear example is sovryn token

7

they also have vesting

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This proposal is no more up to discussion. We had discussion about it here

Next step is voting on it, as this is the final BIP.

Intention is to bring more liquidity to the protocol - so that is why this 80% of the FISH rewards is going to be deployed to XUSD holders and lenders.

Anyway - as You can read:

That means that only 1 month Liquidity Mining rewards will be used. If there are any good arguments to back up another approach - it might be taken implemented. Any feedback is taken into consideration.

I have just one favor to ask - please keep the threads clean. There is no need to write in a “chat style” You can always edit and add another thoughts, as long as there was no other message after Your last post.

9

Hey FISH fam! Congrats on BIP-0001! In order to celebrate the day, I minted my first music NFT single, “BABELFISH NEVER DIE!!!” & listed it for auction on OpenSea. Can you guys help me shill it to promote the forward progress of the protocol & showcase community-created music. I mean, c’mon, which protocol is cool enough to have its own theme songs??? :crazy_face:

2 Likes