DeFi KyberDAO: First Proposal Started Vote For Reward?

DeFi KyberDAO: First Proposal Started Vote For Reward?

By tomoyan | tomoyan | 15 Jul 2020


Epoch 1 has started and the first proposal, BRR (Burn, Reward, Rebate), is LIVE to vote on KyberDAO now.

Go to kyber.org and connect your wallet. You can see the "Vote" notification there.

vote

This proposal is about current BRR network fees allocation.

  • B (Burn): 5 % will be used to purchase KNC and burn
  • R (Reward): 65 % will go to voting rewards
  • R (Rebate): 30 % will go to rebates reserves

options

You can vote to keep it as is or to change the allocation parameters.

So far, Pro-Burn and Pro-Rewards are leading and I personally like both of them.

I picked the Pro-Rewards option because KNC stakers will receive more rewards in ETH.

Once you clicked to vote on the proposal, you have to pay a transaction fee which was about 0.01 ETH (~$2.5)...

Fee

Confirm this transaction on your wallet and then it will be broadcasted to the network.

broadcast

 This takes about few minutes but once the transaction is confirmed, you will become eligible for rewards during the NEXT EPOCH.

submit

But then I started reading more stuff about this proposal AFTER I voted and I thought burning would be a better option than rewards... so I decided to change my vote. You can change your vote by clicking "Update Vote" button.

But more fee!

update

There is no way that I am going to pay that much fee... again.

AND BRR will be a on going thing so if you change your mind, you can vote for this agenda every epoch going forward.

Next step

This epoch 1 ends in two weeks (7/28) so you just wait til the next epoch starts and then claim your rewards. 

Staked KNC is not locked in so if you want to take out KNC after you voted, you can do so anytime you want during the epoch however taking out KNC will affect the voting power so that the rewards amount will be also reduced.

For example, if you voted with 1000 KNC, and withdraw 500 KNC after the vote, you will be rewarded for 500 KNC, not 1000 KNC.

Reward estimate

I am not sure if these calculators are accurate or not, but there are unofficial reward calculators.

https://www.stakingrewards.com/earn/kyber-network/calculate

http://kyberstake.xyz/

I just plugged in my KNC staking in there and 🤔

estimate knc

I tried the other calculator and gave me totally different numbers, but either way the estimated rewards were not that great... but of course, I don't know all these parameters for these calculators so the actual reward could be better (or worse...)

Recap

Epoch 0 Staking cost: ~$3

Epoch 1 Voting cost: ~$2.5

Epoch 2 Reward: ~$M🌕🌕N

Epoch 2 Claiming cost: ~$😈😈😈

Epoch 2 Voting cost: ~$😈😈😈

I feel like this is going to be a bumpy ride... to hell.

If you lose money to vote, what is the point of all these DAO... I am curious to see who is still going to vote and after epoch 2 reward.

Hopefully I will be wrong.

More about voting and first proposal: here

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tomoyan
tomoyan

Crypto DIYer - tomoyan.github.io


tomoyan
tomoyan

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