One of the items included in BIP-6 which passed last year was Item 4 (“Adjustments to Unlocking”), pursuant to which the “unlock date” for BAO was pushed back until both hard synths and veBAO have been implemented and live for a minimum of 6 months (see [BIP-6] Annual Agenda, Changes and Hard Synth Alpha).
There was extensive discussion regarding the reasons for this adjustment, and the BIP was passed by a significant majority of the BAO community.
With the passage of BIP-6, and with development of hard synths and veBAO in progress by the BAO team, it came to my attention that BIP-6 did not address the impending unlocking of the currently “locked” PNDA rewards on BSC, which is currently estimated to begin on February 23, 2022: Binance Block Countdown .
During recent discussions on Discord, some members of the BAO team have confirmed that the Team’s efforts are currently focused on developing products on the mainnet, and that, as a result of this prioritization of resources, (combined with the difficulty of working with BSC’s infrastructure), there are no current plans to work on developing products on BSC/PNDA. However, there is a possibility that if the current situation improves on the mainnet side, it may be possible eventually for the team to shift energy and focus to BSC and to develop and implement BSC versions of the mainnet products that would then support PNDA and its tokenomics. Furthermore, there may also be additional courses of action that can be pursued by the BAO/PNDA team and community that may prove beneficial and that would provide a valid reason to delay the currently-scheduled unlock date for PNDA to allow the benefits of such potentialities to run their course.
As a result of all of this, several things seem very clear:
- There is currently no development on BSC/PNDA
- Unlocking of “Locked PNDA” will begin shortly (est. February 23, 2022).
- The unlocking of the bazillion “locked PNDA” prior to the development and implementation of any products on BSC will result in substantial dilution of PNDA.
As a result, I propose that the BAO/PNDA community pass a Panda Improvement Proposal (PIP) which would delay the unlocking of PNDA to afford the PNDA community sufficient time to discuss the situation, reach a consensus regarding a path forward, and propose and implement such modifications to the currently-scheduled unlock date of PNDA as are deemed necessary and appropriate by the PNDA community to protect the value of PNDA tokens and the interests of the PNDA community.
The reasons for passing this PIP for PNDA are the same as the reasons for BIP-6. Furthermore, it has been said that BSC/PNDA was a sandbox for testing BAO products. By protecting against premature unlocking and dilution of PNDA, the BAO/PNDA community will be supporting those folks who supported the BAO community by staking during the BSC/PNDA experience, so that if there is ever a time when products can actually be developed and launched on BSC for PNDA, there is a better chance that the value of PNDA earned by the community in support of BAO will be preserved.
The vote will aim to push back the currently scheduled unlock date for PNDA on PandaSwap/BSC until the date that is 6 months after the currently scheduled unlock date for PNDA.