[LIP-2] Removal of BOLT token from Lightning Liquidity Mining programme

Summary

I propose to remove BOLT from Season 1 of Lightning Rewards programme and be disqualified from any future rounds.

The ZWAP rewards allocated to BOLT should be redistributed to the ZWAP LP pool instead.

Motivation :

There is overwhelming evidence that the BOLT team has been arbitrage trading ERC-20 tokens to ZRC-2 tokens. The way they are doing this is by minting new ZRC-2 BOLT and buying ERC-20 BOLT at 1/3 the cost.

The freshly minted ZRC-2 BOLT is then being sold on the market on ZilSwap, and the proceeds (in ZIL) is then transferred to what looks like a Binance deposit address.

Evidence listed below with titles -

1 Million ZRC–2 Bolt Minted

https://viewblock.io/zilliqa/tx/0x9a9a1a29300818f0c7f6c2a44e6571f60d2f8cbd2c41ada714ee3f07d6c2886c

Bolt team approves token sale

https://viewblock.io/zilliqa/tx/0x038d5d4a311c8cb27ce50f3eef495cdded0b1793608988f4075a713c3022d2ca

The selling starts

https://viewblock.io/zilliqa/tx/0x92f9b296602426bef9c6ece778e0078372380c7f8eef57d8e56891ba3bc0ef4e

https://viewblock.io/zilliqa/tx/0x1f34ff64c80c68f8046da81c4631119ae60c01efa3e48de435abf8c9d0b830d3

https://viewblock.io/zilliqa/tx/0xbcd3a677af293aeecec29514df1475226554ebca84e3720caf0b199b5c71c604

Zilliqa transferred to unknown address

https://viewblock.io/zilliqa/tx/0x07f5626c118f8221c3826815d8804e167f51e7e83d648acec1e0b1c262f8d5e9

Album of photos from Co-Founder

Specification :

Allowing arbitrage trading in the hands of teams with no set supply on selected platforms is a dangerous move, and this could easily happen again as BOLT is currently listed on ERC-20, ZRC-2, and BEP2 with no clear supply cap across all tokens generated on all 3 networks.

Therefore, I propose to remove BOLT from the Season 1 of the Lightning Rewards and from future rounds for creating tokens from thin air and selling on the community for their own gain.

By voting for “For” your voting for this proposal

By voting “Against” your voting against this proposal

  • For

  • Against

0 voters

11 Likes

Please substantiate with the txn_ids and screenshots for evidence. It will be good for record keeping.

4 Likes

its actually 4 blockchains (3 i suppose as one twice)… ETH in 2 contracts, BSC… and ZIL…

2 Likes

https://viewblock.io/zilliqa/address/zil1l6w5u3h7ph3f4hhlhgq2pu5afcnrdmc40gue52?network=mainnet

2 Likes

I have the screencaps. Give me a minute to put them up

2 Likes

Evidence against BOLT, for their lies, false info and abusing control of the smart contracts to arbitage profits for themselves.

Address used Zilliqa Address zil1wzz6vd9ejckvz3259nw5f4qz3rm74d3rn2p349 | ViewBlock

On 19/03/2021, BOLT team Mints 1 million ZRC2 BOLT, TX:n can be found here

Few hours later, BOLT team approves ZRC2 BOLT token to be used by the ZIlswap contract, TXn can be seen here

Minutes later, a sell of 45 577,809 BOLT tokens happens, swapping it to 110,000 ZIL, the TXn can be seen here

Shortly after, another sell of 98 702,383 BOLT tokens happens on Zilswap, swapping it to 200,000 ZIL, the TXn can be seen here

Just after, a transfer of 310,000 ZIL to is sent to a unknown address, the TXn can be seen here

Shortly after, yet an another sell of 58 299,903 BOLT to 100,000 ZIL happens, TXn can be seen here These funds remain in the original address as of now.

Album of Christels screenshot in ZIlswap Community Christels lies - Album on Imgur

16 Likes

The BOLT team abused their rights to arbitage ERC20 BOLT and ZRC2 BOLT price difference with their control of the smart contracts, aswell lied to what they were doing, they did not add liquidity but rather sold BOLT to ZIL on open market netting significant profit on the price difference

11 Likes

3 Likes

To further fine tune this proposal, I would like to suggest that BOLT should be removed and disqualified from Season 1 lightning rewards. Their Rewards will be redistributed to ZCH and REDC. This maintains the ZWAP rewards for PORT and ZLP (1/3 of pool each) while rewarding ZCH and REDC zwap holders (1/6 of pool each) which have projects that are worth developing

9 Likes

I propose that BOLT will be removed from Season 1 Lightning Rewards aswell disqualified from any future rounds, aswell lose their “Registered Tokens” status on Zilswap.

8 Likes

So taking into account all the inputs, what seems best for the zil community is

  1. Vote to Remove Bolt from Registered Tokens and disqualify for season 1 rewards and any subsequent rewards with immediate effect.
  2. Redistribute the ZWAP rewards from Bolt to ZCH and REDC in equal proportions
  • PORT = 165.27 ZWAP
  • ZLP = 165.27 ZWAP
  • ZCH = 82.635 ZWAP
  • REDC = 82.635 ZWAP

This way, we remove the bad apple, we maintain the rewards for PORT and ZLP and not penalise their ZWAP holders, and we reward the more deserving projects of ZCH and REDC and their zwap holders too. WIN-WIN!

11 Likes

After doing my own research, I agree completely for this. Bolt is priced at USD0.017 in exchanges, but priced at USD0.24 in zilswap. This created a huge arbitrage gain for Bolt team to dump their Bolt at Zil Hodlr and buy back from open exchange at a lower price. Totally unethical.

6 Likes

When wil end this vote? And is it immediately official and active?

This forum is a preliminary gauge of interest by the team. If the community is interested in pushing forward with it, an offical vote will be put up at vote.zilliqa.com

3 Likes

Disagree to ZCH and RedC getting the rewards since their % was extremely low. $CARB was left out despite showing itself as one of the earliest token minted on zilswap.

It should be fairly given to ZLP and Port.

1 Like

The token is a complete joke and I think the only people who will disagree with this proposal are the people who created BOLT. My worry about the proposal is that it could be easily manipulated by BOLT devs as it was done in the initial vote. An address that held a huge supply of BOLT managed to push through BOLT in the first proposal

4 Likes

Bolt should not have been placed in season 1, you cant do shit with it besides trading. It does not meet the requirements.

4 Likes

Someone just mentioned that Bolt is making up email accounts and voting. Sick!

5 Likes

Wouldnt surprise me one bit, as we can see from their scummy behaviour, lies and deceits done already.

4 Likes

This poll is utter BS. Not a single comment defending BOLT, not a single person in the ZIL community would want BOLT dumping on the ZIL community, the against votes are RAPIDLY catching up!! Fake accounts r being made.

Zil get rid of this shit and stop supporting it, no more ZIL grants, ZIL support.

Delist! It’s on 4 chains!

7 Likes