[ABIP-21] - Redeem pABI for ABI

Summary

As a follow up to [ABIP-20] there is an overhang of pABI supply that needs to be settled. This proposal is to allow a direct redemption of pABI against the ABIv2 with no extra collateral needed to be added as backing or vesting needed.

This will motivate both the current contributors and team, and also future users who buy ABI or use the system that the supply shown is the final number with no other rebase, p or any other type of tokens.

Motivation

As part of the initial setup of Abachi, pABI was sold as an option to convert into ABI by paying the backing. The assumption at the time was that the protocol would be running at a premium to backing. This assumption has been proven wrong by every single rebasing protocol, including Olympus DAO, which was at a 4x-10x premium when we started and even higher before that.

pABI buyers are the longer term supporters of the protocol and include the founding team & investors. While some have had to redeem their pABI since our launch, there are a few that have absolutely stood tall and not even asked a single question.

The team was not confident in any launch during the phase every protocol was either getting rugged or its backers being liquidated. Our focus was on survival, and this decision may or may not have been the best, but we are still standing. Nonetheless, timelines were missed and we need to get back into build mode to make up.

After the launch, the pABI holders have had a few opportunities to redeem. Team bought back pABI at open market using a v3 pool. Abachi Labs bought back pABI at OTC. Lock pABI to vest for gABI without paying a backing

It is important to mention here that the team tokens, and those bought back after market have not been vested and missed out on rebase rewards. They are still locked in the main DAO wallet.

This we think is the best path forward as it allows the team, long term investors to have confidence in the protocol and the backing. It also locks the team into delivery to realise any of those tokens.

Numbers pABI issued = 385500 Current ABI supply = 311,811

Total v2 initial circulating supply (ABI+pABI) = 697311 Total v2 unlocked circulating supply (Removing team locked tokens) = 411311

Keep in mind the unlocked circulating supply also includes the ABI in LP pools, and the true unlocked circulating is: ~350,000

See locking info below Backing v2 unlocked = $2.8 (Current market rates, higher if BTC/ETH higher) Backing v2 ABI + pABI = $1.69 (not a meme ) Backing v2 total 1m proposed supply = $1.1

Locking The team has agreed to lock the 286,000 pABI that will be converted into a multi-sig until a fully working protocol is delivered or voted otherwise.

Methodology

Once the v2 token and contracts are launched and the LP pools have been established, the team will allow a redeem feature for pABI via the app. Since the holder list is not big, these will be directly airdropped as the new token to holders.

Vested pABI will also be converted into ABIv2 at a pro-rata basis.

Follow up The proposal will be followed up with one more that will setup the LP pools for the new tokens and also allow for added liquidity to acquire ABI via the v3 pools below backing giving ABI a hard floor. (edited)

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