BIP 53: DIGG for Rebase Options Redemption Pool

Category: Treasury

Scope: Approve 100 DIGG from the treasury for use as the redemption pool for the rebase options initiative.

Status: Pending

Objectives:
Secure 100 DIGG to make the rebase options initiative successful. All of these funds are going directly towards the success of DIGG and will only be deployed proportional to how many positive rebases occur over the length of the program.

Overview:

No funds will be used if less than 5 rebases occur during the duration of the program. If more than 5 rebases occur then each rebase that occurs increases the percentage of the pool to be paid out more than the last one. All funds will only be used if there are a 30 total rebases during the 30 days of the program.

Details:

The details of the program have been laid out here:
https://medium.com/badgerdao/badgerdao-x-uma-introducing-rebase-mining-3c663a5abdce

Approve 100 DIGG for use in the Rebase Mining program
  • Yes
  • No

0 voters

1 Like

It would be nice to include a spreadsheet with the exact payout details. Both in terms of proper governance and in terms of people knowing how to play the game. Also would be good to specify at which point the 100 digg is calculated at.

In full support but lacking detail.

1 Like

I agree with VLK that more detail is needed, but fully in favor of the reward pool. Let’s get the DIGG ship righted!

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Agree that a better understanding of the payout details would be very helpful. increasing DIGG’s value and supply only helps us all further (individuals and badger’s treasury), so I approve the higher 100 DIGG recommendation (compared to the originally mentioned 50 in the medium article). Anything and everything we can do to “help people understand the game” is crucial !

So its not letting me edit the post (403 Error) so adding additional info in a reply. Rushed this out last night before confirming some of the previous conversations with the team. See adjustments below.

Adding some detail based on comments:
Amount we have calculated to use is 240 gDIGG (Genesis DIGG) or ~6% of the supply of DIGG. This is currently around 85 DIGG but may change if we see any rebases. This number was arrived at by looking at the total planed emissions over a 3 day period and applying a ~2.5x multiplier. I should have had the scope be “Up to 100 DIGG” and we will use the smaller of 240 gDIGG or 100 DIGG. Within 48 hours of the digg options airdrop the DIGG will be moved from the treasury into the DIGG vault and bDIGG will be added to the redemption contract (it needs a non rebasing erc20 and cannot hold DIGG directly).

Example Outputs
Positive Rebases % of the Pool
3 0%
8 4.16%
22 56.07%
30 100%

3 Likes

see my response above with added clarity (post editing fail)

1 Like

Perfect thank you. Let’s do this.

After reading the added details on the comments, of course I am for this.

It’s cool to see that bDIGG is even beneficial for development. What a great invention.

https://snapshot.org/#/badgerdao.eth/proposal/QmVqKuZ5p9kLrQUWr8z2wAEvkYeVap1eUi5JSNXYykBods