🏦 Governance Vote Update 🆕

CronoSports
4 min readMay 23, 2022

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The Final Steps

Welcome to another Medium where we will be going through the last steps of the Rebasing DAO, its closure, the future of the project, and the options you have at hand in order to reimburse your funds.

As you may have read from our last article last week, market conditions have been extremely unfavourable in the past month and they’ve posed critical issues to our project’s structure, making it unprofitable for all parties involved.

Previous Vote 🗳️

The previous voting options have been overwritten upon userbase inspection, allowing us to add changes that would be more appropriate to user demand. Therefore, we now have a completely new option based on user demand, which could be a winning option to ensure the new token’s healthy launch. You are welcome to join other users and discuss the new option and how it would unfold, as a significant amount of its success will be based on our actions throughout the next few days.

Current Voting Options ✔️

Here are the voting options that will be available on Snapshot on the 23rd of May 2022 at 2:30PM UTC on block 2899000:

1. Treasury Unwind

The Treasury Unwind period will consist of a 7 day long time frame where users will be able to redeem their tokens for $1 per BETIFY, but liquidity will be removed from MM.Finance, in order to avoid arbitrage exploits. This is most likely one of the cleaner methods for user reimbursment, although it will pose the aforementioned issues related to the current $ amount of Treasury Holdings. Consequently, some users may not be able to withdraw from the Unwind at the end.

2. Keep it Running, Let the Market Decide

Another option would be to let the market decide the token value, and we will burn the LPs under our control to avoid issues that could make users worry about their funds. This may not be the best of outcomes, as it would send the BETIFY market in specualtion mode, and would also include the stoppage of Revenue Share rewards, making the holding of the token non viable for users.

3. Remove LP and MMF Conversion

This would be another great option where we could use our current funding and LPs to reimburse users. Our LPs would be split, allowing us to offer MMF to users in exchange for their BETIFY. You could consider it as a BETIFY burn in practice, but you’ll receive MMF.

There will be approximately 500,000 MMF up for grabs

4. New Token Conversion

The newly added option is to convert your current tokens to V2 tokens, where will you enjoy a higher value per token than the current BETIFY one, and you will be able to benefit from all of the new developments we will be releasing through our new token.

Each BETIFY will be exchanged for at least 6.3 new tokens or higher, based on the claiming rate during the conversion period.

Future Tokenomics 🔮

Here are the final tokenomics for our future token:

  • Token Name: TBD (Community suggestions are accepted)
  • Total Supply: 99,000,000
  • Initial Supply: 9,000,000
  • Price per Token: $0.14 (at launch)
  • Supply Distribution at Launch: 10%
  • Initial Liquidity: 1,000,000
  • Launchpad Supply: 2,500,000
  • Team Funds: 1,500,000 (Vested for 24 Months)
  • Old Holder Distribution: 2,500,000
  • Marketing & Partnerships: 500,000
  • Burning Auto Tax: 3% Burning Rate

TLDR: We have put our focus on organising a system where previous users will be heavily incentivised in swapping their old BETIFY tokens to new tokens, through metrics that would offer them more assets than the current value of the BETIFY token.

Each user will receive anywhere from 6.3 to 10 new tokens for each BETIFY they hold currently, with a price of $0.14 per token at launch. Our hypothesis is that a lot of the current users will not be converting their tokens, allowing the other holders to receive a bigger cut of the new token, with a minimum of 6,3 tokens per each BETIFY, if the current total supply if fully converted by users.

Tokens will be distributed through a syrup pool, where users will have to stake BETIFY to receive the new token, allowing a gradual release and avoiding any chances of massive price drops from user dumps in the near future.

Join the Vote ❤️

Please join the voting session tomorrow, on the 23rd of May 2022 at 2:30PM UTC on block 2899000. Snapshot will be utilized to perform the vote and you will need to vote with BETSLIP.

In order to vote, make sure to unwrap your wBETSLIP before Block 2899000.

If you unwrap after the pre-disclosed block, you wont be able to vote.

Keep in mind that you don’t have to unstake your BETSLIP in order to vote, you just have to unwrap wBETSLIP, therefore, make sure to remain in BETIFY staking.

Thank you for your continuous patience, we are finally approaching a new evolution of the project, and we’re hoping to see you during our next steps, whether it’s through holding onto the project or betting on the most exciting sports matches out there.

Have an amazing week,

The CronoSports Team!

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CronoSports

The First Zero Loss Betting Protocol where winners win big and losers don’t lose