Before Phase 1 begins, there will be another announcement with all the deployment details and contracts.
Phase 1 (Beginning Sunday 7th February 22:00 UTC and lasting 6 weeks in duration)
The goal of the first phase is to distribute tokens to a wide range of smaller, very active participants.
To achieve this, we are introducing a whitelist where only addresses that have been active governance participants in other protocols are eligible.
The original whitelist was composed of addresses that participated in the offchain governance of any protocol on Snapshot.page and/or onchain governance on Compound, MakerDao or MolochDao. During Week 2 after a successful snapshot vote, we expanded the whitelist to include delegators on Compound, voters on Yearn, voters on UMA, delegators on YAM, voters and escrowers on Curve and delegators and voters on Uniswap. The new whitelist isthis.
There will be 3 pools to farm BANK: DAI, USDC and USDT.
Each day, 1,500.00 BANK will be distributed, or 500 BANK per pool. In total, 10,500 BANK will be distributed per week.
There will be a limit of 10,000 tokens deposited per pool.
As mentioned, these deposits will not be used for anything. The purpose of them is to distribute BANK, build an active user base and provide signalling.
Phase 2 (Beginning Sunday 21st March 22:00 UTC and lasting 2 weeks in duration)
The second phase is meant to offer a wide distribution to communities of the top DeFI protocols and to enable initial price discovery for the BANK token.
All limits on participation will be removed (including per address and per pool).
Each day, 1,500.00 BANK will be distributed: 500 BANK per day to the BANK-ETH Sushiswap LP pool. 125 BANK per day to each of the other eight pools (ETH, DAI, USDC, USDT, wBTC, YFI, SUSHI, YAM), as voted by on Scattershot (our Snapshot fork).
Once again, these deposits will not be used for anything except signalling and building an active user base.
Float minting ceremony
Once the protocol has been audited and the 8 week distribution period has passed, the initial FLOAT minting ceremony will happen. During this period FLOAT will be available to buy in exchange for Ethereum and the purchase will be incentivised with 5% of the BANK supply distributed pro rata. More details on how much FLOAT will be available for purchase and the exact mechanism for the initial minting ceremony will be released 1 week before the 8 weeks initial distribution period has passed.