[CMP #16] Wind down of the Volta Club Protocol and Treasury Distribution

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Objective:

To wind-down the Volta Club protocol and facilitate the equitable distribution of treasury assets to all Volta token holders.

High Level Details:

This proposal outlines the steps necessary to wind down the protocol and distribute the treasury assets to our community of token holders in a transparent and orderly manner. It is proposed that UwU Lend continue its operations as usual, with Volta token holders receiving their share of the protocol respectively through UwU token streams.

Provide Low Level Details:

1. Dissolution Timeline

• Proposal Approval: Upon passing this proposal, a 30-day period will commence.
• Exchange Portal Setup: Within these 30 days, the team must establish an exchange portal, allowing holders to swap their Volta tokens for their corresponding share of the treasury assets.

2. Treasury Asset Distribution - Vesting Assets

• UwUStreams: Current UwU streams will remain active to ensure the continued operation of UwULend.
• UwUTokens: Treasury-held UwU tokens will be vested over a period of four years, with claiming available continuously.
• Liquid Treasury Assets: Liquidation Process: The liquid portion of the treasury will be liquidated to the fullest extent possible.
• Redemption Portal: Funds from the liquidated assets will be allocated to a redemption portal, where users can exchange their Volta tokens. The exact assets and amounts available for exchange will be calculated based on the total Volta tokens in circulation and the available liquid treasury value.

3. Exchange and Redemption Period

• Exchange Window: Users will have a one-year period to exchange their Volta tokens through the redemption portal.
• Contract Maintenance: The redemption contract will remain operational throughout this period to facilitate smooth exchanges.

4. Communication and Support

• Website and Socials: These platforms will transition to announcement-only mode during the wind-down process. Continuous updates and links to the redemption portal will be provided to keep the community informed.
• Discord Support: The Discord server will maintain a dedicated support section to address any questions or issues that arise during the wind-down process.

5. Business and/or Technical Requirements of the Implementation of the Proposal

• 5.1 Business Requirements

  • Transparent Communication: Regular updates must be provided to ensure all holders are informed about the progress and any changes in the wind-down process.
  • Equitable Distribution: Develop a fair and transparent method for calculating and distributing treasury assets based on token holdings and vesting schedules.
  • Community Engagement: Maintain active channels for support and feedback to address community concerns promptly.

• 5.2 Technical Requirements

  • Exchange Portal Development: Secure and user-friendly interface for token exchanges.
  • Smart Contract Management: Ensure the redemption contract is secure and operates without vulnerabilities.
  • Asset Liquidation Process: Efficient and secure liquidation of liquid treasury assets to maximize value.
  • Transparent reporting of liquidation outcomes to the community.

• 5.3 Resource Allocation

  • Team Responsibilities: Team members to oversee the development and maintenance of the exchange portal and redemption mechanisms.
  • Team members to oversee the support channels required for community feedback and technical assistance.
  • Timeline Management: Adherence to the proposed timelines for dissolution, portal setup, and the redemption period to ensure a smooth transition