Proposals for ELENA

We received a number of proposals from USE and ELENA holders on what they expect the direction of this project is going. We have eliminated a couple of proposals which are not feasible, below are the proposals from our investors.

1. USE can be exchanged to DAI at a fixed rate of 0.41 DAI per USE.
2. Every ELENA can be exchanged to DAI at a fixed rate of 40 DAI per ELENA, USE can be exchanged at fixed rate of 0.36 DAI per USE.
3. Auto buyback USE from the market from the vault, when the price is stable at a certain level, continue buying back USE until it reaches $1, or vault runs out of capital.
4. None of Above

The proposals above represent different holders' intention. By voting proposal number 1 & 2 will give the investors of ELENA a clear exit and fixed return by distributing everything from the vault to USE and/or ELENA holders, this will also result in stopping reward for liquidity mining of USE/DAI lp. Proposal number 3 represents a potential of pegging USE back to $1, generating the most upside for both USE and ELENA holders, while still allowing investors who would like to exit the project with reasonable, maybe better return than the previous 2 proposals. If none of the above is what you wanted, you should have submitted your own, nevertheless, we still provide you the option to vote for number 4.

Please note that only ELENA holders are allowed to vote, as ELENA is the governance token of this project. To vote, please make sure you have ELENA in your wallet before the starting of the vote. If ELENA is staked in Governance, please withdraw it to your wallet.

The voting will start at 2AM, on May 27th, 2021. A snapshot of ELENA holders’ wallet will be taken at the beginning of the voting. Buying extra ELENA AFTER the voting starts will not be snapshoted, thus not able to vote.