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Transfer Ownership of MANA-BNT Bancor Pool to the Bancor DAO

EnactedPoll

Proposal Details

Author0x95a4…3178
PublishedMay 29, 2021 06:15
Voting beginsMay 29, 2021 06:15
Voting endsJun 05, 2021 06:15
Snapshot#SaMCEwE

Description

The Bancor DAO is looking to raise the Co-Investment limit of the MANA-BNT pool to open up space for LPs on the MANA side to stake their tokens single sided with Impermanent Loss Protection. There is a proposal (https://gov.bancor.network/t/proposal-increase-co-investment-limit-to-500k-bnt-on-mana-decentraland-pool/1825) that has been brought up in our DAO to make this happen. We are looking to transfer ownership of this pool to the Bancor DAO so that we can upgrade the pool contract and proceed with bringing this vote to the DAO. **For** Transfer ownership of the MANA-BNT Pool to the Bancor DAO so that the pool contract can be upgraded. The Bancor community will then vote to support a higher Co-Investment Limit for the MANA pool which will benefit MANA token holders. MANA Token holders will be able to provide liquidity single sided with Impermanent Loss Protection. **Against** We are not interested in getting liquidity to support the MANA token on Decentralized Exchanges. We prefer MANA LPs to sell half of their tokens to LP 50-50 on other DEXes and not go long on MANA. We prefer our LPs to suffer Impermanent Loss if MANA rises drastically.

Voting Power

01M2MRequired to pass05/2905/3006/0106/0306/04
YesNo

9 Comments

BETNov 30, 2021

[quote="BET, post:7, topic:899"] eep us updated how this goes… [/quote] So how have we benefitted from this relationship so far?

glennNov 15, 2021

Just an update here, the ownership was transferred and we are all set. Note that I created a new proposal now to increase the MANA-BNT pool. See: https://forum.decentraland.org/t/increase-single-sided-staking-capacity-for-mana-on-bancor/2919 for more details.

glennJun 06, 2021

Thanks! FYI, my understanding is that there are offline discussions to transfer the ownership of the pool. Hopefully, this will happen soon.

BETJun 05, 2021

Interesting.. Well looks like it has passed anyway.. Keep us updated how this goes..

glennJun 03, 2021

Not sure, the pool is [here](https://etherscan.io/address/0x11b1f53204d03e5529f09eb3091939e4fd8c9cf3) and appears to have been created as part of this [TX](https://etherscan.io/tx/0x37965826407582a5912f075b07118daf8e7284d901d7ae2431a06ee60023b8d7). I don't think Uniswap has the concept of a pool owner as that's not a parameter in their smart contract.

BETJun 02, 2021

Fair enough.. Who is the current owner of eth/mana on uniswap?

glennMay 29, 2021

That would be better, but @esteban mentioned that it has to be put up to a DAO vote for ownership to be transferred.

BETMay 29, 2021

Why can't we just do this ourselves?

glennMay 29, 2021

Hi Mana Community, I am the author of this proposal on the Bancor DAO: https://gov.bancor.network/t/proposal-increase-co-investment-limit-to-500k-bnt-on-mana-decentraland-pool/1825 This proposal will allow MANA holders to stake in the MANA-BNT [pool](https://etherscan.io/address/0x16706f5561B88F4c80Ce9B35b2C02dFb0E22DD87) single sided with impermanent loss protection. Before we can open up more space, we need to upgrade the pool contract which requires us to change the owner from the Mana DAO to the Bancor DAO. This proposal is requesting for that change to happen and seeks your support. @esteban appears to be familiar with this process from your end and can potentially help to get this done. For anyone not familiar with Bancor, there are two key features that differentiate it from other DEXes: 1. Single-Sided Exposure: LPs can provide liquidity to a pool with single-sided exposure, either in an ERC20 token (“TKN”) or in BNT. 2. Impermanent Loss Insurance: Impermanent Loss Insurance accrues over time, by 1% each day, until 100% protection is achieved after 100 days in the pool. There is a 30-day cliff, which means that if a liquidity provider decides to withdraw their position before 30 days passes, they’d incur the same IL loss experienced in a normal, unprotected AMM. If an LP withdraws any time after 100 days, they receive 100% compensation for any loss that occurred in the first 100 days, or anytime thereafter.