WAY FORWARD FOR THE BABYLONDAO COMMUNITY

Greetings Babylonians! I’d like to bring to your notice the situation Babylon has fallen under and what I will be implementing to hopefully get us out of this unfortunate situation.

In the coming days we would be allowing for community members that have wanted out of this project or would no longer want to continue to opt for a fully fair Treasury Refund. The mechanics would be simple, all token holders would be allowed to burn their tokens in return for the USDC equivalent of the Treasury balance/circulating supply that would be set on the start of the day.

The project has suffered several issues and we’ve come to the end of the project. The major issues that we experienced were:

1. FUD
2. Lack of Proper Communication
3. Inability to raise a stable treasury through the whitelist.
4. Being late to the OHM Fork season
5. The unsustainable rebase mechanism of Olympus dao which we forked.

How the refund would take place;

1. APY will be reduced to 0%
2. All the USDT and SOL in the treasury would be converted to USDC.
3. 99% of the LP tokens will be converted to USDC.
4. As the treasury would now contain only USDC, the refund price would be determined and announced.
5. The UI for the refund will be created and the refund announced.
6. Once the refund is announced, users can redeem a fixed USDC value per $BBY equal to $BBY Treasury. Value / circulating supply.

The team worked so hard to code the project from scratch on rust, and also to build a large community. We’re grateful for the support so far, and we hope we build other great things in the space together!