# BIP-2: Establish the Babylon Foundation


### **Goal**


Establish an ownerless, non-profit organization dedicated to supporting the Babylon protocol.

### **Summary**

The goal of the Babylon protocol is to be **completely owned by the community**

At the moment, the Babylon protocol can only operate on-chain through governance proposals submitted through the [Babylon Governor](https://medium.com/babylon-finance/introducing-babylon-governor-6d9e45d7ca3c)

Therefore, the Babylon protocol at the moment cannot take actions in the real world like hiring contributors or transferring assets to bank accounts. 

We want to create an **ownerless Babylon Foundation** that will empower the Babylon community with the power to operate outside the blockchain. 

To do this, the Babylon Foundation will **only execute actions approved by BABL token holders**.

With a Babylon Foundation in place, we’ll be one step closer to Babylon’s complete decentralization.

### **Status & Process**

The proposal is currently being discussed.
Discord will be used first to discuss this proposal with the community.
After some consensus has emerged, an on-chain proposal will be created using Tally.

### **Explanation**

The team has been moving towards [progressive decentralization](https://a16z.com/2020/01/09/progressive-decentralization-crypto-product-management/).

The first step was when the initial team deployed the [Babylon Governor](https://medium.com/babylon-finance/introducing-babylon-governor-6d9e45d7ca3c) and gave it control over the protocol treasury. 

Now the community is voting to activate the [Babylon Mining Rewards](https://medium.com/babylon-finance/babl-mining-program-4829c313268d) which will allocate 50% of the total BABL supply to Babylon users. 

If the proposal is approved and executes, **Babylon users will also own the controller** and will be able to change the main parameters of the protocol like fees and BABL distribution mechanics.

The next step in decentralization will be to to create a foundation that can represent the protocol and the [BABL token](https://medium.com/babylon-finance/announcing-babl-8f41b58c52c5) holders in the real world.

### **The Foundation**

The proposed Babylon Foundation foundation shall be **ownerless, not for profit, and will only be able to carry out actions approved by BABL token holders** through a governance proposal.

[Ethereum](https://ethereum.org/en/foundation/) itself and other protocols in the space like [dYdX](https://dydx.foundation/about) have created foundations for the same purpose. We believe that a foundation is the best model for a DeFi protocol to operate as a legal entity.

The Babylon protocol will use the Babylon foundation to operate and transfer assets to other corporate entities when needed. For example:

Signing partnerships with corporate entities.
Hiring contributors that require to be paid through bank accounts.
Investments in other asset classes.
Supporting the ecosystem through grants and fellowships.

### **Specification**

No code or on-chain transactions are required.

### **References**

[1] [Babylon Governor](https://medium.com/babylon-finance/introducing-babylon-governor-6d9e45d7ca3c)

[2] [Babylon Mining Rewards](https://medium.com/babylon-finance/babl-mining-program-4829c313268d)

[3] [BABL Token](https://medium.com/babylon-finance/announcing-babl-8f41b58c52c5)

[4] [dYdX Foundation](https://dydx.foundation/about)

[5] [Ethereum Foundation](https://ethereum.org/en/foundation/)

[6] [Google doc of this proposal](https://docs.google.com/document/d/1nrWts9gc_RyX-DEpTMQceGmwmRDDzLr-QpQ6Ugl7yB4)



BIP-3: The Prophets Arrival 
# **Goal** 
We want to propose an NFT drop that doubles as an IDO. 

You can read the full proposal here: [BIP-3](https://docs.google.com/document/d/1p751X2x1lf97OdGHB7eNlcVFViYNl0iu9d5P0MY9JVM/edit).


BIP-3: The Prophets Arrival 

# **Goal** 

We want to propose an NFT drop that doubles as an IDO. This proposal is intended to reward beta users, bootstrap BABL liquidity, raise money for the treasury, and finally, as a call to arms to attract more settlers to Babylon. 

You can read the full proposal here [BIP-3](https://docs.google.com/document/d/1p751X2x1lf97OdGHB7eNlcVFViYNl0iu9d5P0MY9JVM/edit#heading=h.9nx23hy4wk5q).


# BIP-4: Uniswap V3 Pool + Harvest Vault

We want to propose the creation of an Uniswap V3 Pool for BABL/ETH, along with the creation of a Harvest Vault to stake the LP tokens.

This will bootstrap liquidity for BABL, the governance token of the protocol.

Our friends at 🚜 Harvest finance will lead the proposal and assist with the creation of the pool.

Full proposal [here](https://docs.google.com/document/d/1d3ZCVrvekktGhbiPLMNzw_1n8-12iYerm5GI2XAN_MY/edit)

# BIP-3: The Prophets Arrival 

## Goal 
We want to propose an NFT drop that doubles as an IDO. You can read the full proposal here [BIP-3](https://docs.google.com/document/d/1p751X2x1lf97OdGHB7eNlcVFViYNl0iu9d5P0MY9JVM/edit).

# BIP-3: The Prophets Arrival

## Goal 
We want to propose an NFT drop that doubles as an IDO. This proposal is intended to reward beta users, bootstrap BABL liquidity, raise money for the treasury, and finally, as a call to arms to attract more settlers to Babylon.  You can read the full proposal here [BIP-3](https://docs.google.com/document/d/1p751X2x1lf97OdGHB7eNlcVFViYNl0iu9d5P0MY9JVM/edit#heading=h.9nx23hy4wk5q).

# BIP-15: Referral Program

Full Doc below
https://docs.google.com/document/d/1mzyW5N1cw3Q_pMZcCyI1G9vAHGwLU35VlPiTwpBOys4/edit#heading=h.9nx23hy4wk5q



# BIP-18: ✅ Verify partners’ gardens

![preview image](https://static.tally.xyz/6fd4a192-1cb1-4dc7-b4bf-0f2eb165142f_400x400.jpg)

Full Doc below:

[https://docs.google.com/document/d/1rO_CXw4N9lFv5vWppFjop1QPp05CyHgX8-pJnfkceuc/edit?usp=sharing](https://docs.google.com/document/d/1rO_CXw4N9lFv5vWppFjop1QPp05CyHgX8-pJnfkceuc/edit?usp=sharing)


# BIP-20: Idle Finance Bounty

Through this governance proposal, we want to reward @adamb (username in discord) for the development of the Idle Finance Integration with 250 BABL.

https://docs.google.com/document/d/1CJb827-tRJnCHEJHoNQuMSzzOkJDovk5ph5kA6blUR4/edit#



# BIP-21: Security Bounty- Rewards

Awarding 2200 BABL to cover an Immunefi security bounty.

The vulnerability could have exploited our rewards distributor and stolen up to 15k BABL in a single transaction.

# BIP-25: Security Bounty- Rewards

Awarding 5000 USD (+500 USD as 10% as Immunefi fee) to cover an Immunefi security bounty (min high category reward). The vulnerability could have exploited our garden transfer function to increase user considered balance eligible for rewards up to double.

Proposal	Votes	Total votes
BIP-27: Security Bounty Rewards Executed Aug 24th, 2022	85.6K 0 0	85.6K 2 addresses
BIP-26: Balancer V2 Development Bounty Executed Jul 15th, 2022	114.56K 0 0	114.56K 3 addresses
BIP-25: Security Bounty- Rewards Executed Jun 28th, 2022	136.94K 0 0	136.94K 3 addresses
BIP-23: Fuse Hack Actions Executed Jun 17th, 2022	56.78K 0 0	56.78K 6 addresses
BIP-22: 🫀The Heart of Babylon - Reloaded Executed Jun 7th, 2022	41.75K 0 0	41.75K 3 addresses
BIP-21: Security Bounty- Rewards Executed Jun 1st, 2022	49.01K 0 0	49.01K 3 addresses
BIP-20: Idle Finance Bounty Executed Jun 1st, 2022	49.01K 0 0	49.01K 3 addresses
BIP-19: 🛡️ Babylon Shield Executed May 13th, 2022	49.01K 0 0	49.01K 2 addresses
BIP-18: ✅ Verify partners’ gardens Executed May 6th, 2022	86.35K 0 0	86.35K 3 addresses
BIP-17: HackMoney Grant Executed Apr 13th, 2022	72.47K 0 0	72.47K 6 addresses