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BIP-0001.md

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BIP Title Status Created
0001
Reward active users with FISH to vote in BIPs
Approved
2022-02-20

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

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 4. 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 13. 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

Link to forum:

https://forum.babelfish.money/t/bip-0001-reward-active-users-with-fish-to-vote-in-bips/223