CICADA IP-001 : Unlock the conversion function of ltCIC to rtCIC

Current Status

1. All existing rtCIC holders are participants from the fair launch. The rtCIC-to-ltCIC conversion mechanism is now active, allowing rtCIC holders to convert to ltCIC at any time to access liquidity.
2. ltCIC holders fall into two categories: (a) those who purchase directly from the DEX; (b) those who obtained it via conversion from rtCIC.
3. As ltCIC cannot be converted back to rtCIC, ltCIC holders are currently unable to access rebase rewards with limited access to advanced ecosystem features.

Voting Proposal

1. Once the governance proposal to activate the conversion of ltCIC to rtCIC, users will be able to freely convert ltCIC to rtCIC. This will enhance demand for ltCIC and expand its utility scenarios.
2. Subsequently, this will foster additional real-world use cases for rtCIC through strategic ecosystem partnerships.
3. Broaden treasury revenue streams to augment the sources supporting rtCIC rebases.

Governance Vote Eligibility: Any address holding rtCIC is eligible to vote, with no minimum holding requirement. Voting weight is determined by the amount of rtCIC held by the user. Voting Mechanism: A snapshot of all rtCIC-holding addresses will be taken prior to the commencement of the vote to determine eligibility. Each eligible address may cast only one vote. Modifications to submitted votes are permitted. Voting Period: The voting window will remain open for 168 hours (equivalent to 7 days), after which it will conclude automatically. Approval Criteria: (1) The total participation rate of the vote must reach at least 51% of the total rtCIC in circulation for the proposal to be deemed valid. (2) Provided that the proposal is deemed valid, the proposal must receive support from at least 67% of the valid votes. Both conditions must be satisfied concurrently; failure to do so will result in the proposal being deemed unsuccessful.

Governance Outcome Approve: Enable ltCIC→rtCIC Reject: Defer the Conversion