Apogee Technologies (the company behind the development of the Ribbon Protocol)
Proposal for “RBN Token Activation Event”, which includes two elements:
- Turn on RBN token transferability
- An initial liquidity incentive to bootstrap liquidity
Ribbon Vaults have been live since April 12, and has seen remarkable growth. The protocol has done over $1b notional in option volume, and is currently staying strong at >$100m of TVL — that is, $100m of risk being sold every week.
On May 25th 2021, RBN token, a governance token for the Ribbon Protocol was announced, which has since been used to vote on multiple governance proposals and incentivize liquidity in the Ribbon Vaults. Throughout all of this, the RBN token has still remained non-tradable. This has achieved great results so far — it has encouraged strong participation in governance and built a strong community of enthusiasts by excluding speculators. For example, the first liquidity mining program was a success with pretty low TVL churn, likely thanks to the fact that the non-transferability attracted enthusiasts over mercenary speculators.
With the last 4 months being a good enough test bed to bootstrap a strong community, it is timely to consider turning on transferability so that people can use RBN tokens across DeFi — whether it is for lending/staking/collateral, and so on.
Hence, RGP-4 is a proposal by Apogee Technologies to switch on transferability for RBN tokens.
To bootstrap liquidity for the RBN tokens, RGP-4 is a proposal for the Ribbon DAO to allocate 10,000,000 RBN from Ribbon DAO treasury for distribution to providers of liquidity for RBN-ETH 1% fee tier pool on Uniswap V3, using the new Uniswap V3 Staker contract. In connection with RGP-4, the 10m RBN proposed to be distributed over 60 days (October 8th 2021 to December 7th 2021) to such liquidity providers, proportional to the amount of liquidity they provide.
RGP-4 proposal will be executed using SafeSnap, a tool built by Gnosis, to autonomously execute the RGP-4 proposal if the Snapshot vote passes.
If this vote passes, the execution and timelines will be as follows:
- 12pm UTC Thursday (Oct 7th) : Snapshot vote closes and Transferability gets turned on
- 12pm UTC Thursday (Oct 7th) to 12pm UTC Friday (Oct 8th): 24 hour cooldown period (Safesnap parameter)
- 12pm UTC Friday (Oct 8th): RBN gets transferred into Uniswap Staker Contract, kicking off the incentive program
Snapshot vote will run from October 4th, 4pm UTC to October 7th 12pm UTC.