[TEMP-CHECK] DAO Dissolution

Summary:

Sentiment check vote to dissolve the DAO and enable redemption for AUXO to WETH.

Context:

Following recent events and discourse, it became very clear the mismatch between part of the community and the original migration plan vision regarding tokenomics and future developments. Due to the stall in both PRV redemption and budget approval, Core team operations have been paused. The team has discussed intensively over the past weeks about the situation and came to the conclusion that the dissolution of DAO is the outcome that would solve all differences and the least harmful to token holders. The Core team has no interest in keeping people captive, as well as it has no interest to support changes in tokenomics which we believe will not work and ultimately lead to a dissolution down the line. At the time of writing, several key members of the team have resigned from their position.

Implementation:

This is TEMP-CHECK proposal, it does not include details of how AUXO redemptions will work which would be announced at a later stage.

Shall YES reach quorum: All operation will be suspended, including but not exclusively to distribution, compounding, farming, PRV redemption, etc. Remaining farms will immediately be unfolded and all funds will be swapped to WETH. The AUXO/ETH Uniswap pool will be removed.

Subsequently, development to enable redemption will begin together with precise documentation on how to redeem Auxo.

At an high-level, they will include:

• Making all ARV redeemable to Auxo
• Making all PRV redeemable to Auxo
• Final NAV calculation net to pending liabilities/debts
• Deployment of a redemption contract to exchange AUXO to WETH.

The final steps are subject to the Alchemix redistribution plan being completed for the stolen funds during the hack of June 30, 2023. While those funds have been returned to Alchemix, the redistribution plan is still a work in progress.

Shall NO reach quorum: The DAO will require a community counter-initiative that addresses and resolves the current conflicts, including a handover plan, a budget proposal and a staffing strategy.