[Proposal] Refill BSC & Ethereum Pools Rewards-3rd Round and Migrate Governance to IoTeX

Background

Cyclone is the leading #PriFi protocol that offers cross-chain + zkSNARKs-based privacy, with yield enhancement, governed by the decentralized DAO. Cyclone has been successfully launched on IoTeX, BSC, Ethereum and Polygon.

With the vigorous development of IoTeX, the projects on the IoTeX chain are showing an explosive growth trend. Cyclone has achieved partnerships with many projects on IoTeX, ZoomSwap, Blade, etc. In the next phase, Cyclone will focus on cooperating with high-quality projects on IoTeX and Binance Smart Chain to create a more valuable DeFi ecosystem.

During this proposal period, Cyclone’s anonymity/liquidity reward on Binance Smart Chain & Ethereum Pools is about to expire, we made some proposals as follows:

Proposal

The proposal suggests to reduce the Ethereum Liquidity Pool reward after expiration, and will use these funds to promote cooperation with high-quality projects on IoTeX & BSC. At the same time,we will refill the rewards of BSC & ETH pools with anonymity/liquidity rewards which will expire soon. This proposal also suggests that Cyclone conduct governance migration. Details as follows:

1. Refill BSC & Ethereum pools with anonymity/liquidity rewards 3rd round as follows:

BSC - Pool C3PO

Asset: 100 BNB

Life Cycle: 90 days

Anonymity Mining v2: 3 CYC per day

BSC - Pool R2D2

Asset: 10,000 BUSD

Life Cycle: 90 days

Anonymity Mining v2: 1 CYC per day

BSC - Pool BB8

Asset: 25,000 IOTX

Life Cycle: 90 days

Anonymity Mining v2: 0.5 CYC per day

BSC - Pool Jonny5

Asset: 3 CYC

Life Cycle: 90 days

Anonymity Mining v2: 2 CYC per day

ETH - Pool Latte

Asset: 100 ETH

Life Cycle: 90 days

Anonymity Mining v2: 3 CYC per day

ETH - Pool Espresso

Asset: 100,000 USDT

Life Cycle: 90 days

Anonymity Mining v2: 3 CYC per day

ETH - Pool Cold Brew

Asset: 100 TORN

Life Cycle: 90 days

Anonymity Mining v2: 0.15 CYC per day

CYC-BSC Liquidity Pool

Asset: CYC-BNB LP

Life Cycle: 90 days

Liquidity Mining: 20 CYC per day

CYC-ETH Liquidity Pool

Asset: CYC-ETH LP

Life Cycle: 90 days

Liquidity Mining: 5 CYC per day (reduced from 20 CYC per day)

Once the proposal passed, additional CYC will be minted and injected into these pools on 12/24 5:00AM UTC to support them operate for another 90 days with the proposed amount of anonymity/liquidity reward.

2. Migrate Cyclone Governance to IoTeX Chain

IoTeX has been growing impulsively in the past ten months, gaining many more Cyclone users and a large number of high-quality ecosystem projects. Therefore, we propose migrating Cyclone governance from Binance Smart Chain to IoTeX to support IoTeX users directly. Essentially, https://snapshot.org/#/realcycloneprotocol.eth will take a snapshot of users’ CYC on the IoTeX network to vote on proposals.

The Vote

This proposal needs to be approved via a vote by the community before execution.

Discussion

Please discuss this proposal in this forum thread.