Bondly today has announced a fundamental change to the tokenomics of the project which will see profits from its business reinvested quarterly into $BONDLY token purchases. The purchased tokens will be stored in a public wallet (the Bondly Vault) and invested into areas deemed beneficial by the Bondly community.
The creation of a community governance model will determine how Bondly Vault funds are invested, giving $BONDLY token holders the power to determine the priorities for the project.
Brandon Smith, CEO of Bondly said: “We really value our community and want to make sure they share in our success. Today’s announcement demonstrates our commitment to our community, empowering them to make decisions and share in our successes both today and in the future as we continue to lead the way in the sector.”
What exactly is being proposed?
Token buyback program:
- At the end of each quarter starting Q1 2021, a % of Bondly’s net profits from off-platform NFT sales from that period will be used to buy back $BONDLY tokens from the open market and stored in a public wallet, the Bondly Vault.
- Distribution and use of the tokens will be determined by $BONDLY holders and the Bondly community through a new governance process.
New governance process:
- Bondly VIP members (owners of at least one BCCG card) will be invited to forward ideas for use of the Bondly Vault funds via a dedicated channel in the VIP Discord group. Each idea is recorded as a Bondly Vault Comment (BVC) ) for discussion amongst the group.
- Following the discussions the most popular BVCs will be selected by the Bondly team and will be upgraded to a Bondly Vault Proposal (BVP) .
- BVPs will be submitted to https://snapshot.org, enabling all $BONDLY holders to vote on which proposal(s) should be actioned.
- The successful BVP(s) will be incorporated into Bondly’s roadmap and a delivery schedule submitted to the community.
Q1 2021’s buyback has now been completed. Proposal examples could include, but are not limited to, additional staking rewards, bounty programs, partnership opportunities, liquidity mining opportunities or token burns. BVPs are limited only by the imagination of our community!
About Bondly
Bondly is an interoperable, transparent and portable swap protocol designed to revolutionize traditional escrow methods and make everyone into their own digital marketplace. Our family of trust-enabling products is designed to be a part of everyday buying and selling giving peace of mind for swap or online purchases. Our product BondProtect is a Defi enabled eCommerce gateway specializing in integrating into your favorite online marketplaces very simply and easily with no integration fees, just staking tokens.Follow the latest updates on Bondly Finance here:
Website | Whitepaper | Telegram | Medium | Twitter | LinkedIn
