PIP-2

Oct 21, 2024

•

min read

Voting on PIP-2 will commence at 13:00 UTC on Tuesday, 22 Oct 2024 on Snapshot.

‍

BACKGROUND

Last week, we released a teaser post regarding our upcoming first reward campaign for PROS holders that participate in the protocol by voting on proposals and staking their tokens.

The initial plan had been to deploy the smart contract on the Ethereum blockchain for the first reward campaign. Since our teaser announcement, we have received early community feedback regarding potential gas costs—coupled with the volatility in gas prices on Ethereum we have observed in the past week, we therefore would like to lay out the potential options for deployment and have the community make the choice that they believe would best suit their needs.

PROPOSAL

PROS is currently available on both the Ethereum and BNB Smart Chain (BSC) blockchains. Launching a new native bridge between both chains has always been part of our original plan, with an estimated timeline for that of around mid-November.

While we are fully prepared to launch the first holders reward campaign on Ethereum by the end of October, given the latest context stated in the "Background" section above, we would like to present the following options for the community with key considerations for each.

‍

HTML Table Generator

	Option 1: Ethereum	Option 2: BNB Smart Chain (BSC) with Day 1 Bridging	Option 3: BNB Smart Chain (BSC) with Delayed Bridging
Launch Timeline	By end of Oct	By mid-Nov (estimated)	By end of Oct Native bridge available by mid-Nov (estimated)
Pros	• Staking starts by end of Oct • More CEXs support direct deposit / withdrawal on Ethereum when campaign ends (e.g., Binance only supports deposits / withdrawals for PROS on Ethereum after 2024-10-23 08:00 UTC)	• Significantly lower gas costs (especially beneficial for holders with a smaller staking amount) • Users with PROS on either ETH or BSC can easily access staking with bridge	• Staking starts by end of Oct • Significantly lower gas costs
Cons	• High gas costs	• 1-2 weeks delay in launch vs. on ETH to allow for proper testing of native BSC↔ETH bridge • Fewer CEXs available for direct deposit / withdrawal on BSC when campaign ends	• Users currently holding PROS on ETH need to bridge their holding to BSC via CEXs if they wish to start staking on day 1 • Fewer CEXs available for direct deposit / withdrawal on BSC when campaign ends

‍

Call to Action:

Community members are encouraged to participate in this vote to help decide on a key execution question for the holders reward campaign.

As always, we encourage all community members to DYOR ahead of casting your vote.

Be sure to follow the latest updates from https://www.prosper-fi.com/ and https://x.com/prosperfi_xyz. Community members are also encouraged to join the conversation on Telegram at https://t.me/prosperfi.

Share this article