TL,DR

This referendum is to finalize the WAVE-to-BNC conversion rate option for Liquid Wave. On-chain, WAVE is settled into BNC first (to avoid settlement discrepancies), then the resulting BNC is locked and distributed as bbBNC under the winning lock period. The three proposed options are primarily defined by the WAVE-to-BNC conversion rate.

Based on the finalized campaign accounting across all three rounds, a total of 135,229,420 WAVE can be converted to 135,229–256,935 BNC, which will then be locked and issued as bbBNC under the lock period defined by the winning option below:

Options	Total WAVE Amount	Conversion Rate (WAVE→BNC)	Estimated BNC Amount	Lock Period	Where to Vote
Option A	135,229,420	0.0010	135229	1 year	To be posted on chain
Option B	135,229,420	0.0015	202844	2 year	To be posted on chain
Option C	135,229,420	0.0019	256935	4 year	To be posted on chain

You should vote AYE on the Option that you want to see win - and must vote NAY on other two options that you do NOT want to see win.

Background

WAVE was used as the unified campaign accounting unit across three incentive rounds, representing users’ participation and serving as the basis for the final conversion into BNC.

WAVE was accumulated across prior Liquid Wave campaign rounds, and we have now completed the final accounting of the total convertible WAVE. To close out WAVE in a transparent and community-led way, we need a single, governance-approved conversion rule that every participant can verify and rely on.

WAVE origin & distribution overview (Rounds 1–3)

Round 1

• Total WAVE: 63,857,644.990708

Round 2

• Total WAVE: 25,104,075.003988

Round 3

• Total WAVE: 46,267,700

Total conversable WAVE (all rounds)

• 63,857,644.990708 + 25,104,075.003988 + 46,267,700 = 135229419.995 ≈ 135,229,420 WAVE

Why a “final conversion rule” is required

Now that the total WAVE supply has been fully accounted for, we need a single, governance-approved conversion rule to:

• close the WAVE accounting lifecycle with a clear settlement outcome,
• remove long-term uncertainty around how WAVE will be converted,
• reduce expectation gaps by ensuring every participant follows the same transparent rule.

This referendum therefore aims to finalize one community-selected option that defines:

• the WAVE → BNC settlement rate, and
• the bbBNC lock period applied when the settled BNC is distributed as bbBNC.

Goals & Design Principles

Goals

• Provide a clear, final conversion path for WAVE into bbBNC.
• Let users choose the tradeoff they prefer between higher conversion and longer lock duration.
• Keep the final rule simple to understand, vote on, and implement.

Design Principles

• Community choice first: the final rule is selected via referendum.
• Transparent arithmetic: outcomes can be easily calculated by any user.
• Mechanics-aligned: settlement remains WAVE → BNC; distribution remains locked as bbBNC.

Definitions & Settlement Logic

• WAVE: Liquid Wave campaign points accounted across all eligible rounds (per the final snapshot/accounting).
• Convert rate (WAVE → BNC): the rate used in the on-chain settlement calculation.
• bbBNC distribution: users will not receive liquid BNC from this conversion; the settled BNC amount will be locked and issued as bbBNC.
• Lock period: the duration of the bbBNC lock applied to the distributed position, determined by the winning option.
• For this WAVE-to-BNC conversion, a minimum conversion requirement applies: the vBNC amount derived from WAVE must meet the minimum threshold required to create a bbBNC position, which is at least 50 vBNC.

Options Overview

Each option defines a WAVE → BNC settlement rate and the bbBNC lock period used for distribution.

Voting Rule

• Vote for one option: A / B / C.
• The option with the most votes at the end of the voting period will become the final WAVE conversion rate and bbBNC lock rule.

Example: User with 100,000 WAVE

• Option A (0.0010, 1 year):

  100,000 × 0.0010 = 100 BNC → locked as bbBNC (1 year)

• Option B (0.0015, 2 years):

  100,000 × 0.0015 = 150 BNC → locked as bbBNC (2 years)

• Option C (0.0019, 4 years):

  100,000 × 0.0019 = 190 BNC → locked as bbBNC (4 years)

Formula:

Settled BNC = WAVE × (WAVE → BNC rate)

Distribution: the settled BNC will be locked and issued as bbBNC under the lock period of the winning option.

Execution Plan & Timeline

• Referendums launch: we will publish three separate referendums (Option A / B / C), each corresponding to a different WAVE → BNC conversion rate + bbBNC lock period.
• Voting rule (winner-takes-all): please vote AYE on one referendum (your preferred option) and vote NAY on the other two; the option with the most AYE votes will be adopted as the final conversion rate and lock rule.
• Implementation: after the result is confirmed, we will update the runtime to support the selected conversion rate and the related settlement logic (estimated 1–2 months).
• Claim availability: the WAVE conversion claim is expected to open in 2026 Q1, after implementation and testing are complete.