DAO Proposal UIP#3 — Staking Pools
This is our most important DAO vote to date and so we hope that every community member will choose to participate in both the discussion and voting on this proposal.
This improvement proposal concerns itself with the distribution of assets to the various staking pools. If you are currently staking UBXT you will want to have your say in this vote.
Below we will attempt to detail the changes we propose making and explain our reasoning for doing so.
TLDR;
- We have 4 staking pools giving APR and designed to serve UpBots in different ways.
- Things have changed since the inception of our staking pools
- We need to rebalance the rewards on the pools
- Our goal is to keep BSC interesting & take account of performance fees
- Additional goal well being of project and token
- Hyperloops are smooth
The Current Situation
Right now we have 4 staking pools available on UpBots as follows:
1) UBXT Staking — ETH
Blockchain: ETH
Date of opening : April 8th 2021
Number of tokens distributed per block (±13.12 sec): 4 UBXT
Amount staked : UBXT 50,037,267.99
Interest: withdraw UBXT from the market — offer passive income to investors.
Note: addition of performance fees for the benefit of stakers
2) UBXT-USDT LP — UniSwap
Blockchain: ETH
Date opened : April 8th 2021
Number of tokens distributed per block (±13.12 sec): 2 UBXT
Amount staked : LP 11,801.95
Interest: bring liquidity on both sides of the order book to the market
3) UBXT Staking — BSC
Blockchain: BSC
Open date : May 11th 2021
Number of tokens distributed per block (±3sec): 0.7573 UBXT
Amount staked : UBXT 35,087,916.41
Interest: withdraw UBXT from the market — offer passive income to investors.
4) UBXT-USDT LP — PancakeSwap
Blockchain: BSC (3sec per block)
Open date : May 17th 2021
Number of tokens distributed per block (±3sec): 0.3786 UBXT
Amount staked : LP 552,842.8
Interest: bring liquidity on both sides of the order book to the market
The need for change:
With the discontinuation of the pool on PancakeSwap, and with the introduction of Performance Fees, it is important we review and update the pool system.
As far as the UBXT Staking pool on ETH is concerned, the distribution will gradually decrease in favour of performance fees.
If having staking pools allows UBXT to be withdrawn from the market, it also creates a sell pressure and uses up project capital. This capital can potentially be better used for other purposes to drive platform adoption and marketing for increased project awareness which in turn drives token price appreciation.
We must therefore decide on several elements, taking into account
> The interest of the project as a whole
> The use of the company’s capital
> The importance of keeping APR interesting for investors
> The evolution of the price of the UBXT token
UpBots Improvement Proposal #3
There are a number of key elements to this proposal as follows:
- To rebalance the pools due to the cessation of the PancakeSwap farm and the introduction of Performance Fees to the ETH pool we propose reducing the daily distribution (non perf fees) of UBXT by 10% to 65,000 UBXT.
- Additionally we are proposing to adapt the current pool allocations to contribute to liquidity on PancakeSwap and to calibrate for the arrival of performance fees to the ETH pool.
- Our proposed adaptations are as follows:
UBXT Staking Pool ETH: 35% (previously 37%)
UBXT-ETH UNI LP: 10% (previously 18%)
UBXT Staking Pool BSC: 35% (previously 30%)
UBXT-BUSD CAKE LP: 20%. (previously 15%)
We believe these adaptations will best balance rewards across all pools and create the best answer to the current changed environment.
The Voting Process
You can now go at any time to the UpBots Discord server and have your say in relation to this proposal in the DAO channel for this Improvement Proposal.
This proposal will be open for discussion for all community members.
Depending on the feedback we may update the proposal before publishing a final version for consideration before 12pm CET on 6th September. If this happens we will update this UIP article as well as announcing the update on Discord, Telegram and Twitter.
Before this time you will need to have your UBXT in your metamask in order to exercise a fully weighted vote.
Between the 6th and 8th of September we will put the proposal on Snapshot at which time token holders will be able to vote yes or no to the proposal.
Important Note: The weight of your vote will be determined by the amount of UBXT in your MetaMask wallet at the time of the snapshot. UBXT held in staking or farming contracts or on centralised exchanges will not count towards your voting weight.
Conclusion:
We are confident that this proposal will help keep our staking pools running smoother than Richard Branson’s Hyperloop at peak efficiency.
Joking aside, this is a very important proposal and we hope all our community turn up and have their say.
