MFP-2023/4 - Finalization of Cycle 1 Staking/Baking Program

Dear MONSTA Holders,

As we continue to grow and evolve as a community, it's crucial that we address outstanding matters from our past programs responsibly and ethically. In collaboration with the DCE holders, we are proposing some changes concerning the remnants of the Baking/Staking program. As this feature remains a part of our cycle 1 adventure, we believe it's important to involve the entire community in this decision-making process and have prepared this on-chain vote.

Background:

The Baking/Staking program marked a significant milestone in our community's journey. This program came to an end simultaneously with the vault opening on June 18th, creating a transition period for our users. However, some users chose not to unstake or unbake their tokens, resulting in their holdings remaining within the staking contract. This action has allowed these wallets to avoid potential tax implications or other activity requirements.

Considerations:

We've thoroughly reviewed this situation and found it unwise and unfair to simply burn all these leftover tokens, while recognizing the concern and potential impact of them remaining immune to activity requirements. We recognize the efforts and contributions of all community members and believe it's our responsibility to ensure that these remaining staked tokens are addressed equitably and fairly.

The Proposed Solution:

We propose the creation of a new multi-signature wallet where all remaining MONSTA tokens from the current baking/staking contract will be moved. These tokens will be held in reserve for issuing refunds to b/sMONSTA holders who return within a specified eligibility period. The separation of these tokens in a new multi-sig will allow for easier tracking and reconciliation at later stages. During the refund process, users who return within the stated eligibility period will be entitled to receive a refund of regular MONSTA tokens from the separate multi-sig wallet. However, there will be deductions for any applicable tax periods they would have been subject to during their absence. This means that users requesting refunds will need to take into account any tax periods that have elapsed since the conclusion of Cycle 1.

Sunset Period and Finality:

Refund requests will be accepted until 00:00 UTC November 27th, 2023, after which no further refunds can be issued. Users who return and qualify for a refund must verify their wallets with a moderator or team member to initiate the refund process. After the sunset period has passed, any remaining MONSTA tokens in the multi-sig wallet will be repurposed through burns and other community events which will be decided in conjunction with DCE holders.

Community Involvement:

This proposal is now open to the entire community for discussion and voting for a period of 72 hours. Your participation is crucial in shaping the outcome of this proposal. We encourage each and every token holder to review the details, ask questions, and express your opinions on this proposal.