Currently, accounts that have converted B3TR to VOT3 can only convert the same amount of VOT3 back to B3TR that they had originally converted.
The problem is that VOT3 received from different accounts cannot be converted back or “unwrapped” into B3TR.
This restriction offers no benefits and adds unnecessary confusion and complexity to the VeBetterDAO, in my opinion.
I would like to understand the reasoning behind this restriction or propose its removal.
What are your thoughts, folks?
I too can’t find a technical use for this, maybe there’s a reason we don’t know about.
I literally went crazy yesterday helping a user find the original wallet with which he had originally done the swap, in fact I publicly thank Mario for giving me a hand in finding it.
I support removing this. I have $VOT3 in my wallet that has been moved around. I spent an hour trying to figure out where it belongs, but I gave up.
We are waiting for the technical team to give us an explanation if this thing that has been done has a technical sense that we ignore, if not, we could think of making a proposal on VeBetterDAO to remove this limitation.
It is actually designed for the farming prevention in the future Staking Program which will use Treasury fund to reward staking actions from users. The future Staking Program to encourage user to stake B3TR to get extra VOT3 to participate the governance. The VOT3 reward will be distributed to users right away. But users only can redeem B3TR back using those extra VOT3 when the staking program finished (1Yrs, 2Yrs, 3Yrs).
Without this restriction, users can repeated to stake B3TR to get VOT3 as reward, and swap VOT3 to get new B3TR to stake for more.
The Staking Program has been placed in the roadmap to be launched.
Let me rephrase:
When I stake B3TR in the future “Staking Program”, I will receive VOT3 that serves as immediate reward for voting power + additional rewards in the gov. participation.
Only the “Staking Program” can unwrap the VOT3 (because it wrapped it before) and restore its value, and does so, when the lock time expires.
It ensures that the “temporary” VOT3 can not increase the initial stake, only B3TR from other sources can.
I think this is an important information that should be explained in the docs.
Checked the Whitepaper: Are these the “Token staking programs” that were meant to launch on June 30th?
Hey @favo
fair point. we will mention in docs.
“Go-Live Gala” phase is a “phase”. That phase started on June30th. All the mechanisms mentioned will be introduced step by step to make sure stability of DAO. We will soon publish a live governance roadmap so community members will have better visibility of future deliverables.
BTW, there is another way - VOT3 listed by CEX/DEX which is not by design but it’s technically possible in the open Blockchain world. Actually it’s impossible not to do that.
The result is unpredictable. It could lead more liquidity and user convenience. But it might create spreads between market and official redeem channel.
To be discussed.
@vineet-codes “Go-Live Gala” is estimated to be two years then? I look forward to the roadmap details, because right now I feel lost. Especially with the communicated expectations of community participation, which is close to impossible without knowing it. When is soon™?
From my understanding the community participation is currently felt more like a “temperature check” and feedback loop, not a governmental body.
If the limit for VOT3 conversion is introduced due a future platform. Why have it right now for normal usage too?
Snapshots on B3TR could serve the same right now. I understand this would add a different complexity, having snapshots on two tokens, but it feels like a simpler approach.
@favo , i understand your concern. Team will work to provide more transparency in roadmap items through various communication channels. We ware already doing it but we will do much more. It takes time to set DAO decentralisation correctly. In the meantime, sharing again set of core deliverables (in no particular order) that team is focussing on for this year.
current governance rewards can also be viewed as a liquid staking product. Users lock their B3TR to vote and earn rewards. We want to keep the contracts flow and user interaction model consistent for any sort of governance engagements. These concepts are new so there will be a learning journey for everyone. We also wanted to open the challenge of building defi services on top of VOT3 which leverage its unique characteristics. 1 VOT3 has a lot of potential future unrealised gains associated with it. we believe it has right elements to bootstrap interesting defi use-cases for the ecosystem. On top of that we also wanted separation of concerns between tokens and bound vot3 token supply by b3tr’s. So yeah, those design decisions are a feature not a bug.
