Proposal to Delay Unlocking of PNDA on BSC - New PNDA Concept

Dear PNDA community:
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.

As a result of all of this, several things seem very clear:

  1. There is currently no development on BSC/PNDA
  2. Unlocking of “Locked PNDA” will begin shortly (est. February 23, 2022).
  3. 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 until hard synths and veBAO have been implemented on mainnet, and the team has had an opportunity to develop and implement similar products on BSC which would include a deflationary/dynamic unlock feature similar to what is being developed and discussed on the mainnet side.

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.

Accordingly, I propose the following as a Concept for discussion, revision and proposal as a PIP and for voting and successful implementation prior to the scheduled unlock date for PNDA/BSC on or about February 23, 2022:

  1. Push back the current first unlock day for PNDA on PandaSwap/BSC until
    a. Hard synths and a PNDA/BSC equivalent to veBAO have been implemented on PandaSwap/BSC and have been live for a minimum of 6 months, and
    b. Implementation of a deflationary/dynamic range unlocking mechanism for PNDA/BSC along the lines of what was discussed with regards to BIP-6, i.e. for each PNDA burned, 0.75 will be unlocked (see Chickn’s post on Oct 21, 2021: The Next Path for Bao (Annual Roadmap BIP) - #80 by Chickn)
  2. This gives the BAO/PNDA community time to:
    a. Work on a specific model for vePNDA (or other product equivalent to veBAO)
    b. See the results of veBAO and vePNDA and hard synths.

Thank you for your constructive comments and suggestions, and for your assistance in reviewing and (hopefully) implementing this (or something better) as a PIP prior to the actual unlocking of the bazillions of PNDAS in February. I’m sure there are many issues and points that I’ve left out, but in light of the fact that the PNDA Unlocking will start next month, I though it best to get the ball rolling now.

Thanks again!

4 Likes

I agree and think this proposal was well needed. Thank you for the write-up.

2 Likes

I think this makes a lot of sense to implement. Thank you for putting forth this proposal.

2 Likes

I think a delay to have time to decide what happens to the PNDA Franchise would be appropriate considering current situation of the team and their focus on mainnet and the difficulties involved when working with BSC.

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Agree w/ Jester and the write up, good lookin out

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Totally second that.
The Panda franchise is at best at a standstill and has been like forever. An unlocking in the near future would only lead to most probably a massive dump.
The sensible option seems to delay everything and wait for some action coming back to BSC and see if some products that will be successfully implemented on BAO can ripple down to Panda and give it a new life.
It was clear since the beginning that we basically would be in only for the tech so let the tech develop and hope for the best!

2 Likes

Personally I think it makes sense to delay unlock with a few months and discus the change in tokenomics. Of course if the majority of the holders agree.

However, implementing vePanda and hard synths should be left out of this discussion.
This should be put in different proposal if we also want to implement this.
Because as it is now for hard synths we are dependent on the maintainer (Binance) of the blockchain, and they were / are doing a poor job.

I would suggest that in the time we extend the lock we brainstorm as a community on the path forward for the Panda franchise.

2 Likes

I agree Fab that the Bao team is in the unfortunate position of being unable to move forward with any products on the Panda franchise until CZ/BSC fixes the problems with BSC, and I only referred to vePNDA in the proposal to address the issue that, unlike BIP-6, where the only impediment was launching products on mainnet, here in PNDA land there are even more steps that need to occur before the unlocking makes sense, i.e. in addition to allowing the team to develop and launch and prove products on the Mainnet, the team also then has to develop, test, launch and prove products on PNDA, which, of course, can only happen if and when Binance fixes BSC.
I just wanted to be clear in the proposal that the delay should encompass more than just the launch of products on mainnet, and that there needs to be some products on PNDA so that a mainnet-style dynamic unlock mechanism (in whatever form that will be) can be implemented on PNDA.

In the proposal it is not my intention to be putting pressure on the team to be working on PNDA project(s) now or to create that impression. I only mentioned vePanda and hard synths because it was my understanding that those would be the products most likely to be launched on the various franchises to support and sustain a dynamic unlock of tokens to protect against the tsunami of dilution that would otherwise occur upon unlocking.

In my view, whether it is vePanda or some other product, there needs to be some form of product or use case of some kind successfully launched and running on PNDA/BSC and a dynamic unlocking mechanism in place for unlocking to proceed. That was my intent in the proposal.

Perhaps we just word the proposal so it is clear that we are delaying unlock for, say, six months, subject to a further vote and further extension so the community can have an extended period of time to discuss direction for PNDA.

I am looking forward to having a discussion with the community and hearing everyone’s ideas, because, in my view and given my understanding of the situation with BSC, the only viable course forward under the present circumstances is to put PNDA unlocking on ice/deep freeze indefinitely, with the unlock only occurring when 1) products have successfully launched on Mainnet to demonstrate/prove concept of Bao, 2) the BSC problems have been fixed by Binance, 3) some products have been developed, tested and launched on PNDA, and 4) some dynamic unlocking mechanism has been developed (hopefully tested and finetuned on mainnet already) that can be deployed on PNDA.

As I see it, these are the basic necessary and essential conditions that must be satisfied before unlocking of PNDA can safely proceed, and it is my preference to frame the issue in these terms to focus the discussion, but maybe we also could just alter the proposal to delay the unlock for 6 months to allow a more general discussion regarding the path forward.

I know :) But I personally would phrase it that we lock the tokens until the community has reached a consensus on how to move forward, and if this is with our without mirroring mainnet will be determined in those sessions.

OK I agree with your suggestions. Here is a first draft of revised langauge to replace the above proposal:

  1. Push back the current first unlock day for PNDA on PandaSwap/BSC until the Panda community has reached a consensus on a path forward for Panda/PandaSwap.
  2. Initial delay of the unlock day for PNDA to be delayed for the earlier of a) 6 months beyond original scheduled unlock date (to afford the community time to pursue a general discussion regarding a path forward for PNDA), or b) the extended/continued date of unlock determined pursuant to a BIP/PIP voted and passed by the Panda community after discussion by the Panda community (this allowing unlock earlier than 6 months if the community can discuss, propose and vote on a solution earlier than 6 months).

Does this revised language do the trick?

Also, assuming something like this is acceptable to the community, how much time is necessary from a technical point of view to implement the unlock delay once a vote is conducted? Since Unlock is set for less than 30 days from now, we should map out a timeline for finalizing this and getting it voted on with sufficient time window for the technical folks to implement the Freeze.

Does this sound right?

2 Likes

For me this works, lets see if there more feedback.
Thanks for this Nama!

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My pleasure Fab.

I think this is all rather non-controversial, so I would suggest that we give maybe 1 more week for more feedback, then put it up for a vote with a week to collect the votes, which gives plenty of time for the code guys to freeze the Pandas. Sound good?

4 Likes

Agree, however it’s still not clear whether maintainer infrastructure is still the issue or we could deploy soft synths. Alternatively take a sbapshot and deploy on different evm and distribute tokens via airdrop.

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Hey baref00t! Yes those are among the alterative approaches that I’m sure will be discussed. As a practical matter, it seems certain that there is no way that the the Panda community can brainstorm, propose, vote, pass and implement any measures, let alone any of the alternatives that you mentioned, prior to the currently-scheduled February 23rd unlock date.

I think this is why @fabiaZ84 suggested that I revise the Concept/Proposal to remove any reference to a specific treatment and give the community more time to discuss and come up with a consensus for the path forward…so I did that and have proposed that we simply vote now to delay the hard unlock date and then open up a Brainstorm so we can discuss your ideas and the ideas that others may suggest.

I think the revised version allows for breathing space for Brainstorming and also proposes a mechanism that allows the unlock date to be further continued on an as-necessary basis.

My final revision is postes as a separate post, so if you havent seen it please take a look, and thanks for your input! !!!: Final Draft Proposal to Delay Unlocking of PNDA on BSC

Final Final draft of the proposal is now posted in this separate thread, ready for Governance Proposals:

I agree unlocking PNDA now would create a massive price dump, but price has been dumping ever since the initial launch. There hasn’t been much initiative to incorporate PNDA into BAO’s ecosystem, soft synths were promised on BSC then discarded leading to price dump… I want PNDA’s success but we need concrete promises to carry on through new roadmap stated here, as i believe PNDA can reach great successes especially with BSC’s large network but we need to begin with giving more attention to the integration aspect and not let it look like a treasury grab of funds as i’ve invested 70k into this and have lost almost 90% of my funds that i have been accumulating over past 5 years.