Barn Bridge says goodbye to Group 3 and hello to DAO

Following various questions, they have received from users about the completion of Group 3 and how the DAO rewards will work, the company Barn Bridge shared an article on the topics through its Twitter account.

The company confirmed that, ultimately, Group 3 “is coming to an end”, but assured that “betting on the DAO also has its rewards”, while inviting users to know the parameters and functionality of the DAO.

“We plan to launch the DAO live in our Project Call this Thursday, February 4, 2021,” the company said, adding that the governance module will be active, and users will be able to submit proposals, but “the governance rewards for contributing will begin to 00:00 UTC on February 8, while Group 3 ends”.

Barn Bridge explained that with the end of Group 3, the user will have to “undo their BOND” and then go back to betting in the DAO user interface. “You will still be able to claim your Group 3 rewards,” he added, but “you will no longer be able to bet and will not receive any rewards if it is left in the contract”.

DAO overview user interface shared in an article published by Barn Bridge

The company stated that, once the user has claimed their Group 3 BOND tokens, they should go to the DAO user interface, where “they will bet their BOND for a set period that will give them a specified number of vBONDs.

Also read: Morgan Stanley teaches about DeFi and its evolution

After the user has wagered their BONUS, they will start accumulating rewards from the Barn Bridge DAO reward pool, as explained in an article. “Currently we have preloaded the group with 610,000 that will work for 50 weeks. The amount of your BONUS wagered against the total amount of BONUS wagered will determine your percentage of the rewards”, he added, along with a breakdown of specifications shown below.

Photo courtesy of Barn Bridge published in an article on the Medium platform

On the other hand, the company assured that the DAO participation contract is a “new contract, different from the Liquidity Mining & Yield Farming contract system”, since, in its opinion, said contract, of bets and rewards, works in a keep going. “If you bet for 5 minutes, you get 5 minutes in chips. You can come and go whenever you want; however, you will have to manually claim their reward tokens”, he specified.

But why does DAO have rewards? The company clarified that the reason derives in a way to encourage users to participate in the government system. “The best way to do this is by rewarding the first participants with the most influence in the government system”, he said.

1 comment

Comments are closed.

Related Posts