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wBBK v2 Vote: Migration and 500k BBK Reward for Voters
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wBBK v2 Vote: Migration and 500k BBK Reward for Voters

BitBlocks TeamMarch 12, 20263 min read

Introduction

An important vote is open: the migration from wBBK v1 to wBBK v2, with a supply correction and a controlled swap mechanism. Besides deciding the future of BitBlocks' wrapped asset, everyone who participates in the vote is eligible for a reward of 500,000 BBK, shared among all wallets that cast a vote.

This post summarizes the proposal, how the reward works, and how to vote.

About the proposal

The proposal under vote is about creating wBBK v2 and discontinuing wBBK v1. Currently wBBK v1 has a structural issue: the contract allows up to 1 billion wBBK, while on the BitBlocks mainnet the BBK supply limit is 500 million. So wBBK v1 is effectively insolvent relative to the possible backing.

The proposed solution is:

  • New wBBK v2 contract, with parameters aligned to mainnet supply.
  • 100:1 swap: for every 100 wBBK v1 burned, the user receives 1 wBBK v2 (supply reduction).
  • Discontinuation of wBBK v1: no new minting; v1 will only be used for burning and exchanging for wBBK v2 during a transition phase.

The choice of the initial network for wBBK v2 (Arbitrum, BSC, Base, etc.) will be made in a separate proposal after this one is approved.

Direct link to the proposal: https://vote.bitblockscrypto.com/proposals/2

Reward for participating

Everyone who votes on this proposal takes part in a share of 500,000 BBK:

  • 500,000 BBK will be distributed among all wallets that vote (Yes or No) on the proposal.
  • Distribution is proportional to each wallet's voting power — i.e., the BBK balance each address had at the proposal's snapshot block.
  • Those who vote are included in the share; those who do not vote do not receive any part of the reward.
  • Minimum reward of 100 BBK per wallet.

So besides deciding whether wBBK v2 will be created, you can also be rewarded for participating in governance.

How to vote

Go to vote.bitblockscrypto.com, open proposal 2, and follow the voting flow: enter your wallet address and sign the message shown on the page using the BitBlocks Qt Wallet (File → Sign Message). Then choose an option (Approve or Reject wBBK v2) and submit your vote.

For the full step-by-step on how to vote on the platform, see the post Vote BitBlocks: Importance and How to Use It.

The wBBK v1 → wBBK v2 migration vote is an important step for the ecosystem and for the sustainability of the wrapped asset. Participating in governance and voting on this proposal also makes you eligible for the 500k BBK reward distributed by voting power among all voters.

Vote and be eligible for the reward: vote.bitblockscrypto.com/proposals/2