The award absolves a DeFi (Bamboo DeFi) from the request to remunerate native tokens (Bamboo) generated by liquidity mining.
Blockchain Arbitration Society is an association considered the “world’s first virtual crypto jurisdiction“. It has member companies that want to give legality to legal and commercial relationships that arise in the blockchain and crypto environment. For this reason, they have created an Arbitration Court to which they submit their legal problems. As they themselves point out: “it is better that crypto problems are solved by the community itself and not by centralized structures”. So says Ignacio Ferrer-Bonsoms, lawyer and president of the Association.
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Bamboo DeFi decided to submit all possible conflicts that may arise in its community to the association. All this in order to provide more security to its users.
In the case at hand, the plaintiff considered that, by providing liquidity, without having withdrawn previous rewards (obtained in the said pool), he had lost the bamboos earned through liquidity mining. Specifically, a gain announced in the protocol of 39.1871 bamboos. To prove this, he provides a photo and a video that he accompanies in his claim. Therefore, he requests the BAS to admit his petition and to give him cause, in the Spanish language, to request Bamboo Defi to reintegrate the 39,1871 Bamboos to his wallet; and also that Bamboo Defi fixes the problem of losing the accumulated Bamboos in a pool when more liquidity is provided.
On the other hand, the defendant, Bamboo Defi, points out that the aforementioned bamboos under discussion (39,2995) are remitted from a contract called “zoopkeper” to the plaintiff’s wallet. And that this is precisely what is stated in the bscscan cited by the plaintiff himself. And for this reason, the petition is meaningless and should be dismissed. Therefore, Bamboo DeFi has nothing to repair in its protocol.
The Judge of the BAS Arbitration Court considers that the data contained in the bscscan has a value of veracity, practically like a notarial act. In this sense he refers that: what is contained in it enjoys a veracity that none of the intervening parties can alter, and therefore, that it has an absolute value in my opinion, for the purposes of proof. Finally, it should be noted that Bamboo Defi has undergone audits of its smartcontracts, which provides a guarantee of performance.
With this award, the Blockchain Arbitration Society issues its first ruling in a legal dispute generated between two parties of a crypto project, whose resolution is accepted by both and which generates a precedent for future contractual disagreements with the defendant. Bamboo DeFi provides a guarantee of security and transparency for its users and for the rest of the community the peace of mind of being able to trust a community that ensures its legal environment.