[HIP #2] Improved pHONEY to HONEY Conversions with Vesting

Abstract:

The following HIP proposes a change to the HONEY distribution for pre-IDO NFT stakers. We propose distribution based on vesting, offering long term holders and believers in the protocol an opportunity to receive exponentially more HONEY for their pHONEY tokens, while not affecting those looking to receive their tokens immediately.

Decription:

Ahead of March’s IDO we propose to put in place two pools for pHONEY holders:

  • pHONEY : HONEY pool
  • pHONEY : veHONEY pool

Here’s how the pools would work:

  • pHONEY to HONEY pool → 1:1 ratio. Emissions are distributed over 3 weeks.
  • pHONEY to veHONEY pool → 3 different conversion ratios. Each conversion ratio varies depending on vesting period.

Vesting periods:

  • 3 month vesting → 1:2 pHONEY to HONEY ratio
  • 6 month vesting → 1:5 pHONEY to HONEY ratio
  • 12 months vesting → 1:10 pHONEY to HONEY ratio

Traditional pool has a distribution over 3 weeks as intended, before you can earn all of your due HONEY. With vested pools, you would receive veHONEY upfront, which could be unlocked for HONEY after a certain number of months.

Let’s say you deposit 100 pHONEY for 6 months, you will receive veHONEY upfront and be able to redeem 500 HONEY after 6 months.

The additional HONEY would be given by the DAO treasury, which was made for these kinds of proposals / events.

Objective:

Why do this? - To better reward pHONEY holders, especially those with a long term outlook on the protocol.

Requirements:

Building these different pools will take a couple of days, to ensure they are properly tested and the IDO goes smoothly, the IDO would need to be pushed back 5 days. So it would start on March 30th at 5pm UTC.

Vote:

  • Option A - Accept proposal
  • Option B - Decline proposal
  • Option C - Draft new proposal

0 voters

32 Likes

Yeah I like that. It’s all about increasing the bag long term. So I am all up for it. I don’t mind the IDO been pushed back a few days as long as everything is right when it launches.

5 Likes

I love it too go BEE!!!it is ok for the push back you have our trust 100%

1 Like

hodling is the way! but don’t hodl till you die… not worth it xd

aha i thought there was a typo, fixed now :stuck_out_tongue_winking_eye:

To confirm, this is for those who have an investment of pHONEY from other collections which have staked with you or have bought on the marketplace. Not sure if that qualifies as a holder who is invested, but, I’m interested to see who locks in and who sells after IDO.

Also, on clarification:

  • pHONEY to veHONEY pool → 3 different conversion ratios. Each conversion ratio varies depending on vesting period.

Vesting periods:

  • 3 month vesting → 1:2 pHONEY to HONEY ratio
  • 6 month vesting → 1:5 pHONEY to HONEY ratio
  • 12 months vesting → 1:10 pHONEY to HONEY ratio

Suggests pHONEY converts to veHONEY over 3 different rations. But the Vesting periods states pHONEY → HONEY. Is that correct, or should it be veHONEY?

2 Likes

I was wondering the same thing, I’m thinking it’s a typo.

1 Like

you vest your pHONEY, get veHONEY up-front[instantly i guess] so you have voting power, since veHONEY is for voting.

and then after the period of your chosen length [3week/3month/6month/12month] ends, you can claim the HONEY!

7 Likes

Was thinking this too, but how much veHoney do we get? Seemingly lacking that specification.

there was a typo here: “Let’s say you deposit 100 pHONEY for 6 months, you will receive veHONEY upfront and be able to redeem 500 HONEY after 6 months.”

it said 300 instead of 500, its fixed, there are no more mistakes!

1 Like

Welcome this proposal gives the long term holder the right benefits they deserve.

Great proposal and good thing that we can discuss this for 24h. I would recommend one change:

The additional HONEY would be >given by the DAO treasury, which > was made for these kinds of >proposals / events.

I think this part needs two numbers:

  1. How much $honey will the Dao have (a bit over 500 million if I remember correctly)
  2. How much pHoney will be in circulation before the ido

And maybe 3.: how much is the maximum cost for Dao (I. E. All PHoney is vested for 1 year)

3 Likes

and I believe that there around just around 2 million pHoney tokens in circulation.

3 Likes

I know but I think this numbers should be added to the proposal for everyone easy to see.

1 Like

I like the idea, it seems to solve one of the issues people were a little concerned about which was the early commmunity (holders of pHoney) not having enough power in the protocol at the beginning. I’m a little unclear about one part however- how much veHoney would you get upfront for vesting the pHoney, ie: would you get more for vesting longer? And would that veHoney disappear if you decided to take Honey at the end of the vesting period, but stay if you choose not to take the Honey? Also- I’m assuming you would get more veHoney through staking the pHoney than if you chose to take the Honey at the beginning and then stake it for veHoney? Or at least more veHoney at the beginning?

1 Like

I like it. Incentivizes long term participation in the project.

1 Like

Let’s do it. Push back 5 days is no big deal. I will be vesting for 12 months. Thanks for doing this.

I am all for it. Long term believer and I appreciate being rewarded for that.

Is there a limit, cap, or ceiling on the amount of pHoney we can vest/stake?

1 Like

Can we propose a 18 month and 24 month vesting schedule?

1 Like

I like the idea. I’m interested in seeing how it works out