As we are getting ready to launch the BarnBridge DAO we wanted to clear up a couple things before this all launches. If you have any questions about what the parameters are or how the voting works on the DAO please check out our first document HERE.
First things first…yes Pool 3 is coming to an end (all good things must), but staking in the DAO also has rewards. We plan on launching the DAO live on our Project Call this Thursday February 4th, 2021. At this point, the governance module will be live and proposals can be presented but just to be clear the governance rewards for staking will start at UTC 00:00 February 8th at the same time that Pool 3 ends.
So with Pool 3 ending, you are going to have to un-stake your BOND and then re-stake in the DAO UI. You will still be able to claim your rewards from Pool 3 (for literally forever) but you will no longer be able to stake and they will NOT be rewarded anything if left in the contract.
Once you have claimed your BOND tokens from Pool 3 you will head over to the DAO UI and stake your BOND for a set time period which will give you a set number of vBOND (what’s vBOND?)
Now that you have staked your BOND you will start accruing rewards from our DAO rewards pool. We have currently preloaded the pool with 610,000 that will run for 50 weeks. The amount of your BOND staked against the total amount of BOND staked will determine your percentage of the rewards. Below you can see the breakdown of the specs.
Our DAO staking contract is a new contract, distinct from the Liquidity Mining & Yield Farming contract system. This staking contract and rewards work in a continuous manner. So you stake for 5 minutes you get 5 minutes worth of tokens. You can come and go as you please. You will manually need to claim your reward tokens though.
We want to make it clear that the reason for the DAO to have rewards is to incentivize users to actually participate in the governance system. The best way to do that is by rewarding early participants with more influence in the governance system.
We look forward to the launch of the DAO and having you all join in on the governance of the protocol.