BPIP#2 Amended Proposal for veBPT Rewards & Incentives Framework

Summary

This proposal aims to navigate the evolving regulatory landscape, notably in light of the new Markets in Crypto-Assets (MiCA) regulations. It underscores our commitment to innovation and compliance, ensuring BlackPool remains at the forefront of industry standards and best practices.

Details

Following the rejection of BPIP-1: Enhanced veBPT Rewards & Incentives Framework, we have amended the proposal to solely reflect the removal of the ETH Rewards. With the new MiCA regulations in tow, it is imperative to change our reward system.

In alignment with our proactive stance towards regulatory adaptability, BlackPool has been continuously collaborating with legal advisors to refine our operations. Following their counsel, we are proactively adapting our approach. This includes stopping the ETH version of the reward mechanism to explore and implement alternative reward mechanisms that will be more aligned with community participation. This strategic pivot ensures our rewards framework remains both innovative and compliant, pre-empting any potential regulatory misunderstandings.

Diverse alternative reward frameworks, that are imminent for implementation, will be explored via community participation.

Key Amendments:

  • Regulatory alignment: Removing ETH reward distribution to comply with emerging regulations, ensuring our practices are sustainable and legally sound.

Conclusion

This amendment proposal is a strategic step towards ensuring that BlackPool not only remains compliant with international regulatory standards but also continues to innovate and provide value to our community. It is a testament to our commitment to adaptability, governance, and the ongoing enhancement of our ecosystem.

We seek your support to implement these critical adjustments, ensuring our collective success and sustainability in the dynamic landscape.

1 Like

Thank you for sharing your proposal for amending your reward system in response to the new MiCA regulations. However, after carefully reviewing your governance post, I would like further clarification on the rationale behind removing ETH rewards to comply with these regulations.

You have emphasized the importance of regulatory alignment and compliance with emerging standards, which is certainly crucial for ensuring the sustainability and legality of your practices. However, I was unable to identify in your communication the specific link between ETH rewards and the particular MiCA requirements that would necessitate their removal. It would be beneficial for community understanding to clarify this point and provide details on the specific regulatory aspects to which ETH rewards do not conform.

As a member of your community, I fully support your commitment to innovation and regulatory compliance, but I also believe that increased transparency on the underlying reasons for your decisions would enhance participant trust and engagement.

I therefore encourage you to share more information on this matter, and I remain open to discussing any additional insights you may provide.

3 Likes

I also think it’s about introducing BlackPool’s renewed vision in conjunction with BPT’s restructuring, as well as Blackpool’s activities, ensuring that all accrued value is directed back to holders of BPT, veBPT, and sdBPT. Therefore, I strongly support transitioning to a completely new framework that offers a clearer direction and enhances value capture.

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In this instance, it seems that the issue is less about MiCA regulation, at least not primarily. The desire to restructure BlackPool is commendable in itself, and I have no doubt that the goal is to elevate BlackPool to another level. However, it’s important to understand that from the perspective of veBPT and sdBPT holders, the existing system appeared profitable and viable. If viability is no longer achievable, perhaps transparency and communication regarding this matter would be a crucial first step (if it has already been done, and if I have overlooked it, please disregard my comment).

Moreover, as a holder and enthusiast of the original vision, I believe that before voting for a shift towards a renewed vision, it would be beneficial to present a more detailed and thoroughly considered vision. Simply voting for “the principle of introducing a renewed vision” or “here are some potential examples” (BPIP#1) might not suffice. Therefore, offering a comprehensive overview of the proposed changes and their anticipated impact would be more conducive to informed decision-making.

Let me be clear: I am not seeking to oppose the renewal of BlackPool through my exchanges, but rather to maintain an emphasis on the project, to have resources to intellectually and emotionally share in BlackPool’s vision and economic model. Thus far, our communication has been sparse, with only intentions of a new vision communicated, and not a clearly defined vision or even a draft projection of implementation.

BlackPool may not necessarily owe its holders any accountability, which I would understand. However, in this case, it seems unnecessary to propose a vote when the modifications desired could simply be implemented without such a process.

By the way, I voted YES for BPIP#1, and I will also be voting YES for this BPIP#2.

3 Likes

Firstly, we want to express our gratitude for your engagement and thoughtful comments. Your input truly motivates us to keep moving forward on this.

We’re continuously working alongside legal experts to ensure BlackPool’s operations holistically comply with the regulatory framework’s latest developments and industry standards to enable us to operate at the leading edge in this space. With new regulations coming into play, we’re reassessing and reworking how we do things.

We have huge plans to boost our ecosystem and offer exclusive perks and opportunities to our community. We’re all in, building stronger partnerships, widening our reach, and stepping up our marketing and PR game for better visibility. With the approval of the reworked proposal, we can implement these solutions to enrich the BlackPool ecosystem further.

Please know that the priority is the community’s well-being and BlackPool’s future success. We value your understanding and support as we determine the best path forward.

1 Like

For everyone’s information, due to the absence of delegation strategy in the snapshot space, Stake DAO was unable to replicate the vote for this proposal. Up to Blackpool’s community to decide whether or not the vote needs to be repushed including the delegation strategy on snapshot.