To Help the Network and Continue to Work Independently
Hello All. Per our full transparency ethos, and with the changes to the P-Rep rewards and IISS 3.0 removing the B1 rewards, we at the P-Rep team unanimously agreed that using the rewards to buy large amounts of TAP was the best for the future of the P-Rep, the ICONbet Platform, and all of the TAP holders/ICONbet owners.
Here’s why:
We agree that reducing inflation is important. There’s absolutely no question about that. This is why we are reducing our I-Rep to the recommended 14,000.
We agree that projects that are funded through the Grant/CPF funds should have a lot of oversight and control.
We know that ICONbet games, while they are great for the Network because of the transactions, are also personally financially beneficial for the developers and all TAP holders.
For these reason we want to reduce the funds that we ask for from the Foundation Grant program, and the CPF fund when it is launched, and fund new ICONbet Games and marketing promotions with ICX that is generated from the ICONbet platform itself! We are a P-Rep with a dapp that is generating income for owners of TAP so why isn’t the P-Rep getting any of the ICX generated from the excess? It makes sense to us to use our profits to create more games, marketing, and other things that will bring MORE profit to the platform and all TAP holders.
So here’s what we did:
One of the OG players of ICONbet wanted to sell their TAP that they earned early on for a very nice profit (who can blame them?!) and instead of it going to the market to random buyers who would probably flip it for a profit, the OG was super amazing and agreed to sell their 5,000,000 TAP to the P-Rep at a rate of .011 which was slightly below the market value (but it was all done in a single easy transaction).
They created a private ICONSwap swap for our P-Rep wallet for 55,000 ICX for 5,000,000 TAP. We claimed our I-Score for May which was 41890037.6261346. We transferred 13,141 ICX from the Developer Fund wallet, and 1,000 ICX from the Marketing Fund wallet back to the P-Rep main wallet. We then send 55,000 ICX to the ICONSwap dapp and received 5,000,000 TAP in our P-Rep main account.
This can all be confirmed here: https://iconation.github.io/iconswap/#/swap/3693
ICONbet Community P-Rep Main Wallet:
https://tracker.icon.foundation/address/hxb11448743cbb63fcf29609401cdc5782793be211
Transfers from Funds:
What does this ultimately mean for the P-Rep and the P-Rep Rewards?
This means a couple of things. Firstly it helps increase the amount of ICX that the P-Rep will be receiving every day because now it will be receiving ICX from two different sources; I-Score from the voters, and ICX divs from owning/holding TAP. Secondly it shows people that the P-Rep team FULLY believes in the ICONbet platform’s success and we now have skin in the game as well. This is the same kind of concept as staking ICX for the P-Rep bond (which we have also been doing). Both show our support for ICON and ICONbet. It also allows the P-Rep to earn ICX independently of the amount of bond we have staked which allows us to continue to increase the amount we have staked for our bond! I know that was a mind twist, but think about it this way: We will earn more ICX to help reach our bond requirement faster.
We are going to continue to acquire more TAP soon and once we’ve reached our goal all of the ICX generated by the TAP will be placed into the same categories that were set in our newest proposal and things will resume as normal (probably much better than normal!).
Closing Remarks
We are always looking into the future when we consider our actions with the P-Rep as we are very excited about the future of ICON and ICONbet. We don’t take any action without discussing it with multiple sources and getting feedback and hearing concerns/opinions. We should have been doing this from the very start of the P-Rep node, but hindsight is 20/20. We are looking forward to what the future brings for us all!
