Background
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Tokenlon’s network fees are bought back and distributed to the treasury and staking pool. Furthermore, for every LON bought back, one LON will be minted and distributed to the trade mining reward pool
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Any community member can trigger a buyback and distribute the rewards to the treasury, staking pool and trade mining reward pool
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However, due to high gas fees on the Ethereum network, much fewer users have triggered a buyback
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This has led to the three pools receiving fewer rewards in the short term
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We want to increase the buyback amount and reduce spending on gas fees
What we propose- To carry out buyback only under these conditions
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Change buyback period from 1 day to 3 days
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Limit slippage tolerance to 3%
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Limit maximum buyback amount to $100,000
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Make buyback based on transaction fees at any point in time
Goal Of Proposal
Change the buyback mechanism to improve the user experience and for LON holders to receive rewards quicker
Proposed Action Items
Implement after the voting result is out, the exact time of launch will depend on the preparation
Voting Rules
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Addresses with more than 0 LON or xLON can vote
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Addresses currently participating in LON liquidity mining or holding the respective LP tokens can vote (including unclaimed LON reward)
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Voting start time: 2021.12.1 12:30 pm UTC+8
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Voting end time: 2021.12.3 12:30 pm UTC+8
Voting Options
A. Increase minimum buyback amount based on conditions stated above
B. Maintain current buyback mechanism (no change)
Join the Voting
If you meet any problems while voting, feel free to join our Discord to contact us.
Tokenlon,
2021.12.01