We are excited to introduce Bounce Social verified Pool and you can now create fixed swap pools with social verification for a safer and trusted auction experience.
Decentralization and user protection:
We have tried to solve the issues with scam pools across the Bounce platform while maintaining the spirit of decentralization. From our perspective, It is unfair to prevent creation or ban any pool since we cannot determine the legitimacy of a pool. However, we can use social interaction to bring more trust and social control to a pool. So we introduce Bounce social verified pools to enhance user experience and increase the qualiy of the auctions.
The mechanism of the Social verified pool is similar to the orginal auction pools. However, there are two main differences:
- When you try to create a social verified pool, you need to fill in a project information page to let participants know more about your pool or project. This includes project name, website and related details. This will be recorded on chain and presented to participants.
- Unlike the original creation of a pool, where the creator initiates and launches the pool, the social verified pool needs to be “approved” by the Bounce community. When an auctioneer launches a pool, the pool will start in pending status. There is a 48 hour time window for this pending status. Within the 48 hours, BOT holders have the option to stake their BOT tokens to support the pool. Once you stake for a pool, your BOT tokens will be locked until the pool is closed. There is no systematic incentive for BOT staking in social verified pools, but projects themselves can bring about incentives for stakers. Once the total staked amount in a social pool reaches 300 BOT, the pool will automatically launch to the public.
- You can both be a supporter (stakers) and participant in a pool
- If a pool does not get enough support in the 48 hours time window, auctioneers and existing stakers need to claim their tokens back.
- If a pool is successfully launched, stakers will need to claim their supportive tokens back.