The motivation for this to keep the ARTH community members in peace but also not cause too much negative sell pressure on the ARTHX token.
The proposal is to create a new pool that accepts the ARTH token but locks it up indefinitely for users that deposit before the rebase happens. (This pool can be considered as a debt repayment pool with no guarantee that the debt will be repaid).
This pool will collect 25% of all protocol fees until all the debt is paid up. These are measures taken similar to what ALPHA protocol and others have done in order to pay up debt that have been caused due to a hack or something similar along those lines.
The ARTH miners get refunded back for their money. There is no definite timeline, it could be 1 year, 10 years, or possibly never happen.
Stop the swap of ARTH to ARTHX. Allow ARTH v1 holders to enter into the debt pool.
Allow ARTHX to be swapped back to ARTH and enter into this debt pool.
Current ARTH holders get ARTH at $1 (but later) and risk no re-bases or ARTHX dump.
The people who buy ARTHX during Genesis don’t have to fear a major ARTHX dump, because the large amount of Arth from the v1 whales won’t force a temporary flow into ARTHX.
It also prevents a large exchange of ARTH to Collateral right after Genesis, since a large amount of old ARTH is blocked in the pool and will only be released later and possibly gradually as the amount of mined ARTH increases.
Protocols such as Yearn finance for example generate up to 20mn$ in fees per month that goes to the token holders. If the protocol does succeed in the long term, then this debt will easily get paid off.
If approved, we can put up for a vote on the 27th and go live on the 28th, pushing the end of the Genesis by 1 day.
- Approve this Proposal
- Reject this Proposal