DIP-4 & 5: Amendment 1

Headline: Relabeling "staking" because it's confusing

Author: The DIMO Foundation

Submitter(s): The DIMO Foundation [0xCED3c922200559128930180d3f0bfFd4d9f4F123]

Status: Deployed

Voting URL: Snapshot

Discussion Forum: Discord #🗳️governance forum

Vote Type: Level 1

Abstract

This proposal alters the terminology used in DIP-4 and DIP-5 to replace the term "staking" with "bonding".

Motivation

Many are confused by the term "staking" as used in DIP-4 and DIP-5. "Staking" in the context of blockchain projects usually refers to an activity whereby users lock up tokens for the purposes of earning a yield.

In DIP-4 and DIP-5, "staking" refers to hardware manufacturers, node operators, and client publishers putting up tokens as a security deposit as a condition of receiving a license. There is no yield for staking.

This amendment proposes using the term "bonding" instead.

Specification

If passed, this proposal would replace every instance of "stake" with "bond", "staking" with "bonding", "staked" with "bonded", and "staker" with "licensee" in DIP-4 and DIP-5.

Implementation

If passed, DIP-4 and DIP-5 would be updated as specified above after the four day timelock concludes.

Copyright

Copyright and related rights waived via CC0

Citation

Please cite this document as:

The DIMO Foundation, " DIP 4 & 5 Amendment 1", March 2023. [Online serial]. Available: [https://github.com/DIMO-Network/DIP]

Changelog

July 6, 2024: disclaimer adjusted

Disclaimer

The contract addresses for $DIMO are 0x5fab9761d60419c9eeebe3915a8fa1ed7e8d2e1b on Ethereum and 0xE261D618a959aFfFd53168Cd07D12E37B26761db on Polygon. Please always confirm that you are interacting with these contract addresses and not those of a fraudulent imitator. This proposal may not be enacted if it violates Cayman Islands law. Please triple check that any communications are authentic as it’s common for scammers to try to trick you into sending them crypto or into revealing your private keys.

Certain statements in this document constitute forward-looking statements. The words “may,” “will,” “should,” “project,” “anticipate,” “believe,” “estimate,” “intend,” “expect,” “continue,” and similar expressions or the negatives thereof are generally intended to identify forward-looking statements. Such forward-looking statements, including the intended actions and performance objectives, involve known and unknown risks, uncertainties, and other important factors that could cause the actual results, performance, or achievements to differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and nothing in this document represents a promise of specific work to be completed in the future.