Current ButterSwap board system, board v2, is an upgrade from board v1. It is a mechanism for DAO (Decentralized Autonomous Organization) aiming to make the community decide on important decisions (such as production reduction time, token listing, etc.) and give the BUTTER supporters various rewards and benefits.
When we provide benefits to board members, some benefits are for all board members, while some are for high level board members. This will enable us to provide long term supporters with more benefits.
You need to stake at least
of current total BUTTER supply to join board. Once you join, you become board level 0 by default (locking period is 7 days). There will be a button to upgrade board level, in which you can choose to upgrade to level 1, 2 or 3. Once upgraded, there is no way to downgrade.
For each BUTTER you stake in the board, you get a BOARD token and a DAO token. Both BOARD and DAO are free tokens, and they are
with BUTTER. BOARD tokens are for staking and DAO tokens are for voting. Once you become a board member, unless you quit board, you will stay in board even if your staked BUTTER becomes less than
of total BUTTER supply, which increases continuously. So for early board members, the entering threshold is lower than later board members, which is reasonable.
After you enter the board, you can always choose to add more BUTTER to staking. For example, if the board requires 100 BUTTER, and you previously only staked 90 BUTTER, it is perfectly fine for you to stake only 1 BUTTER. Even though 91 BUTTER is still less than the required 100, since you are already a board member, you will continue to be in board.
In board v2, you will directly stake BUTTER. So you will not directly get the BUTTER staking profit. However, board v2 smart contract will stake all BUTTER in BUTTER staking on behalf of everyone, and all the profits will be sent to board v2 BUTTER dividend pools periodically opened for all board members.
With the freely obtained DAO tokens, board members can vote on important community decisions, such as next production reduction time, tokenomics, activity rules, etc. Since only board members can have DAO tokens, voting is a special privilege for board members to collaboratively improve the whole eco-system.
For each voting topic, you can vote multiple times and change your vote as long as the voting has not ended yet. Only the last voting would count. The number of the voting tickets is always equal to the number of DAO tokens you possess. For example, after you make your vote, you choose to obtain more DAO tokens by staking more BUTTER, your voting tickets increase automatically. Similarly, if you decrease your DAO tokens, so does your voting tickets.
Voting does not cost you any DAO tokens, since your DAO tokens only represent that you have the voting power. After each voting topic, you still have all the DAO tokens and you can always start voting on a new topic with all the DAO tokens you have initially.
There will be various BOARD pools available only for board members, and some are exclusively for high level board members. You can stake your BOARD tokens to earn in these pools. These pools include DEX revenue sharing pools, eco-system partner airdrop pools, donation pools, NFT revenue sharing pools, etc. You can choose different pools to participate and stake different amount of BOARD tokens to any of them.
There is no locking period for BOARD pools, and you can always unstake any amount of BOARD tokens at any time.
New Lucky Blind Box is under construction.
After you enter board, you can choose to add any amount of BUTTER to staking. However, if you want to unstake BUTTER, you have to quit the board and unstake them all at once. You can only quit the board after the chosen locking period and only on Sunday (GMT+8 time). After you quit board, you return all the BOARD and DAO tokens, and get back all your staked BUTTER. After you leave board and when you want to reenter the board, the amount of BUTTER required to be staked will be recalculated based on the total BUTTER supply by then.
Don't transfer or sell any BOARD or DAO tokens. Before you unstake BUTTER, you have to unstake the same amount of BOARD and DAO tokens first. You have to return the same amount of BOARD and DAO in order to unstake the same amount of BUTTER. Since you have to unstake all BUTTER at once when leaving, transferring away very small amount of BOARD or DAO tokens from you wallet may result in permanent failure to quit board. So do not try these strictly forbidden behaviors.