[Proposal] Revised Proposal for Transfer of 1 Million POSI to DPTP Insurance Funds and Withdrawal of 3,283,861 POSI for Donations to Holders

Governance & Proposals
1

Dear Community,

Firstly, we would like to bring to your attention a proposal for the transfer of 1 million POSI from the company reserve to the DPTP Insurance Funds Contract. Unfortunately, a mistake was made in the previous proposal that has caused it to be queued since February 1, 2023 but unable to be executed. The mistake was that the intended amount of 1 million was written as 10 million, causing the proposal to become invalid. We deeply apologize for any inconvenience this may have caused.

To rectify the situation, we are submitting a new proposal to withdraw 1 million POSI and transfer it to the DPTP Insurance Funds Contract. The reasons for this transfer were identified in the previous proposal and are as follows:

  • Secure Insurance Funds: This token will be kept in the contract and will act as a compensation for the protocol in the event of losses.

  • Increased Liquidity for DPTP: This transfer will help increase liquidity for DPTP, making it a more secure platform for traders and stakers.

We would like to remind the community that 100% of the fees from DPTP are currently used for the buy back and burn of POSI. This proposal will ultimately help the growth and success of DPTP by generating more transaction fees. We hope the POSI Holders will support this proposal as it will ultimately benefit everyone.

Secondly, Following the previous post ( In-Depth Explanation of Decreased Balance in POSI Token Holders and Upcoming Donations to Ease the Effect - General - Position Exchange Forum), after thorough testing and inspection, we have determined that the number of increased tokens in the Company Funds Contract to be approximately 3,283,861 POSI (3283861598028473886192249 wei). As a result, we will also be creating a proposal to withdraw this POSI and distribute it back to the holders through the donate function.

Our current research shows that the rate is 7585798667485083 wei, and after the donation, the rate will decrease to 7138304095536233, which is lower than the original rate of 7169864220840672 (approximately a 5.8% decrease at the moment, subject to change upon execution). This means that if you currently hold 1000 POSI, after the donation, your account balance will increase to 1058 POSI (not guaranteed). We will update the execution rate daily in this thread.

Please note that the amount received will be based on the balance ratio, so the more you hold, the more you will receive. Here are some possible scenarios:

  • If you no longer hold the balance in your wallet, you will not receive any donations.
  • This donation will take place solely on the BNB Chain, as it was a result of the RFI, as previously mentioned in this post.
  • If you buy new POSI now (or after the balance decreases), you will also be eligible for the donation.
  • The amount received from the donation may be higher or lower than the amount lost. If the ratio of the donation is not substantial, feel free to disregard it. However, if your balance doesn’t seem to have increased after the donation, please reach out to us after double-checking the conditions mentioned.
  • To ensure fairness, the donation time will not be announced in advance and will happen after the proposal is executed (about 48 hours later). We will notify you as soon as the donation process is completed.

Finally, We would like to thank all of the holders for your support and apologize for any inconvenience this may have caused.

These proposals will be created in the next few hours, and the link will be updated here. We hope for your support in this matter.

Please note:

  • The proposal process will take 48 hours to be executed.
  • The minimum quorum to pass the vote is set at 15,000 POSI.
  • By participating and voting, you will receive 0.5 POSI.
  • This is on-chain voting, so you will be charged a gas fee.

Best regards,
Justin & Position Exchange Team

Proposals Created:

12 Likes
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By the way, we eagerly anticipate feedback from our valued holders on these proposals. Your thoughts and opinions will be given our full attention and consideration, so please don’t hesitate to share your insights with us.

3 Likes
3

I agree about this proposal. But, take this error the team maked seriously as a lesson. Don’t make any mistake like this again.

5

And regarding to decreased $Posi amount in all holders wallet in Bsc and increase company’s wallet, how we know that this mistakes will not happen again in the future?

6

Will the donation only go to users who have POSI on the BNB network or will POSICHAIN ​​users also be included?

7

Yes only bsc, posi on posichain not affected

8

Firstly the donation will be for people holding their POSI on BSC or posichain or both? If only BSC, why? Will there be a vote on posichain too? If not why not when this affects ALL posi holders, not just the ones on BSC… Without knowing this information I can’t make an informed decision.

9

How can you say that? POSI that is on posichain came from BSC… You have no way of knowing that it wasn’t affected.

10

This mistake happen caused RFI on bsc, posichain don’t have RFI

1 Like
11

That’s not my point… The vast majority of the POSI on posichain was purchased and held on BSC… Some of it likely held on BSC for a long time. So you can not say that it wasn’t affected, it most likely was.

12

If this does not increase the maximum supply, then I am for (this does not really concern me, because most of my coins are on the posichain)

13

Where did you get them from? You bought them on posichain? I mean that is impossible, you bridged them from BSC, so you were affected. Just because you bridged them after doesn’t mean you shouldn’t receive compensation.

14

Please ensure that you’ve gone through this post ( In-Depth Explanation of Decreased Balance in POSI Token Holders and Upcoming Donations to Ease the Effect - General - Position Exchange Forum) and confirm if you were impacted by the event mentioned. If so, please move your tokens back to the BNB Chain and hold them to receive the donation.

1 Like
15

I run a validator Justin, I have 10k POSI in that (Plus another 30k delegated to it), you want me to shut down my validator and move my coins back to BSC? Clearly that is not reasonable.

16

Please be informed that this donation is a way for us to repay our holders on the BNB Chain (which was credited to the Company Funds address ~3M last week), not to give out our tokens as gifts to all holders. If you haven’t been impacted by the event, then there is no need for any action on your part.

1 Like
17

To me it seems a reasonable proposal to make the donation, because transferring the posis to all the injured wallets would be impossible, because there must be thousands of wallets to do this manually.
I agree with your proposal Justin!
Keep doing a good job, you have my respect!

2 Likes
18

I’m not sure anyone has suggested the funds are being given out as “gifts”, where did you see that?

I am simply stating that it is more than likely that some of the people with coins on posichain were affected… Seems pretty straight forward to me… But requiring I shut my validator down and move all my funds back if I was affected seems unreasonable.

But whatever… :man_shrugging:

19

Greetings everyone, kindly take some time to review the proposals that have been put forward and cast your vote in accordance with your stance.

You can access the proposals through the following links:

20

Hi Justin, lets do differently:

  1. 3 million posi is too much for donation. What if we burn 50% and 50% for donation.
  2. Burn 2 million posi and 1 million posi additionally for posi insurance fund BUT for DEX
21

Hello my friend. Please read this post carefully so that be noticed what the reason is of this donation.