BIP-19 BAC Vault New Strategy. Authors: Wayne, qa1q, and the DEV team.

14 Sep 2021, 02:55

📡📡📡 BIP-19 BAC Vault New Strategy Authors: Wayne, qa1q, and the DEV team BIP-18 BAB Redemption Pool is opened for the first time at UTC 00:00 5th Sep. 2021. We have redeemed 818,870 BAB with 150,449 BAC. For October, we will need to redeem more BAB to further mitigate the debt of the protocol. As preliminary mentioned by BIP-18 BAB Redemption Pool, change the BAC Vault strategy to allocate a portion of its profit into Redemption Pool for BAB redemption is essential. So our proposal for BAC Vault new strategy would be: - When BAC is below $1, a portion of the BAC Vault profit will be allocated to Redemption Pool. - The portion will be dynamic according to BACPrice, maximumly 30%. - PortionBACVaultToRedemptionPool = 30% * ( 1 - BACPrice ). - Auto harvest feature will be added to avoid the sandwich attack. We will pause the BAC Vault manual harvest until this BIP is implemented (less than 1 week) if the snapshot vote is passed. Snapshot vote is opened and will be closed by 00:00 UTC+8 17th Sep.

Same news in other sources

Basis CashBAC #2763

14 Sep 2021, 16:06

💰The first $BAB Redemption Cycle is complete! 🔥818,870 Basis Bonds were redeemed for 150K $BAC To further reduce the debt load of the protocol, BIP-19 to allocate a portion of $BAC Vault profits to $BAB redemption has been proposed. Please vote👇

The first $BAB Redemption Cycle is complete. 818,870 Basis Bonds were redeemed for 150K $BAC.

Basis CashBAC #2763

14 Sep 2021, 16:06

The first $BAB Redemption Cycle is complete. 818,870 Basis Bonds were redeemed for 150K $BAC.