Stacks
BNS Treasury #526
Replies: 10 comments 3 replies
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I believe it's a positive move, and I would suggest incorporating a voting system for BNS holders to participate in decision making process, similar to the Snapshot platform. Thanks |
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In envisioning the future, it becomes evident that the foremost application of .btc domain lies in its seamless integration with the Lightning Network. To garner the acknowledgment of the bitcoin community, .btc domain must embrace decentralization at its zenith. Unlike the centralized mechanism of ENS, which hampers the legitimacy of .btc domain in the bitcoin community, a decentralized approach is imperative for its long-term success. Registration fees from other namespaces could contribute to the DAO treasury, facilitating the acquisition of new namespaces or potential grants from the esteemed Stacks foundation. |
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101% Agree with this. For the greater good. LFG! |
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I think it so, in the future .btc name most application case is integrating lightning, if .btc name wants to get bitcoin community acknowledgement, .btc name should be decentralized maxi, DAO like ENS is a centralised mechanism, it weakened the legality of .btc name in bitcoin community, hurt .btc name for long term, other namespace registration fees could be into dao treasury, we could buy a new namespace for dao treasury or get grants from Stacks foundation |
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There are many ways to get grants, Stacks will be the most important layer 2 of bitcoin, and changing .btc name burning mechanism will be the most short sighted way |
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I think it is important to have these conversations about BNS Treasury. It is only by talking about these issues openly and honestly that we can begin to make progress. Thank you for starting this important discussion . Agreed 100% |
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Agree.but and also we should move towards decentralisation |
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Building a marketplace and creating new namespaces to collect fees is a better way |
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To make .btc names the most decentralized, the fee of .btc should always burn, and should never go to a DAO/treasure. |
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good idea ,if there is a lot a devs /community willing to work for free ! |
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I had no idea the fee was being burned. 100% let's set up a DAO treasury and reward contributions to BNS. |
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First of all Council must be re-structured, you can't talk about treasury with 10 people sitting as Council and don't even visiting discord once per Month. Then, with proper team you can start discussion about treasury funds, not now. |
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This Wed, through previous degrant talks about BNS, we will host a BNS chat again with George & Phillip, which I think might be a good place for this Treasury discussion to surface in the public (if that's what you want), I welcome you all to join! We need to come together as a whole community. I think the Wed call serves as more a visibility location, than a place to discuss consensus, get more people talking, get more people discussing. |
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About BNS & BNS Community
Since it’s launch in June 2021, BNS (Bitcoin Name System) has played a key role in the Stacks ecosystem enabling people to establish their DID’s (Decentralised Identities) on the Stacks blockchain.
The BNS Community formed due to an increased interest in BNS names during the Summer 2022 by a group of ENS investors. Those investors established the BNS Discord server in October 2022, which is the foundation of the BNS Community (formerly named BNS DAO). The purpose of the BNS Community Discord server is to discuss key topics relating to BNS, and to inform the community of new developments.
The BNS Council was created as part of a democratic process and involves 8 elected individuals that are tasked with making key decisions and actioning them on behalf of the BNS Community. All decisions made by the council contribute towards the aim of growing and expanding BNS to become a leading Blockchain Name System in Web3.
Registrations & Trading Volume
Since the launch of BNS in June 2021 over 300,000 BNS names have been registered and BNS is the 2nd most traded collection on Gamma (2nd to Megapont), with ‘all time’ volume at 1.4m Stacks. It’s important to add that BNS volume only started to accelerate with the launch of the Gamma marketplace in October 2022, which launched due to increased interest in BNS names and the formation of the BNS Community.
Over 300,000 BNS names have been registered to date, which required a registration fee of 2 STX that was burnt. This means that 600,000 STX has currently been burnt worth around $780,000 at STX most recent high (this summer), with Stacks anticipated to reach it’s ATH again ($3.37) this would make that STX worth around $2,022,000!
In terms of marketplaces & volume, Gamma’s marketplace fees are around 3.5%, which equates to 49,000 STX in fees earnt from BNS trading in the last 12 months.
On separate note the BNS Community Discord has facilitated 100 ETH (around $130,000) in escrow trades since it’s creation.
BNS Treasury
Given the formation of the BNS Community & Council and the increased interest in BNS and it’s growth and development, we (the Council) are proposing to form a ‘BNS Treasury’. This will provide BNS with greater autonomy and self-sufficiency and enable us to allocate funding to help us achieve our overarching aim, which is to expand BNS and become a leading Blockchain Name System.
The BNS Treasury funds could come from the following areas:
The BNS Treasury funds can be allocated in the following areas (this may not cover all of them but it covers the key areas):
Custodianship
Due to potential rotations in the Council it would be appropriate to have the Stacks Foundation as the custodian of the BNS Treasury. The Stacks Foundation can then authorise the use of the BNS Treasury by the Council, ensuring that it’s used in a responsible way that meets the aims & needs of BNS.
Use of the treasury funds can be requested by the Council on a planned but ad-hoc basis to be approved by the Stacks Foundation for use.
As the BNS Treasury grows we hope that the Stacks Foundation will provide the BNS Council with advice wherever possible and assist with the development of formal processes to ensure effective use of the funds.
To conclude...
Over time the Council believes the BNS Treasury will be incredibly important to BNS, providing BNS with the autonomy and ability to accelerate it’s development and growth through it’s own dedicated fund.
We believe the BNS Treasury will contribute greatly to BNS’s growth, adoption and help it to become the leading Blockchain Name System that it should be.
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