Determine eTHENA ⇢ veTHE conversion mechanism

As per the community consenses, a "Split" (a.k.a. "Redeem") feature will be added to our eTHENA product. It would allow any willing user to re-convert their liquid eTHENA tokens back into veTHE, enabling a bi-directional movement between eTHENA wrapper and raw max-locked veTHE NFTs.

Major benefits of introducing this feature are:

• Establishing a Floor and Ceiling price for eTHENA, aided by Liquidity of other Wrappers via Arbitrage on Redeem<>Trade<>Mint.
• Remove the psychological barrier to entry that had spooked new users with a lower "magnitude" of liquidity despite it already offering 2x more relative liquidity.

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Discussions on this topic were open throughout January 2024, which concluded with 1 week of Proposing Period in Feb '24.

ETHENA community has put forward 4 proposals suggesting the mechanisms that this new feature could utilize. The elected option will be implemented by Guru Network and made available for public use shortly after the results.

Current list of proposals

1 - https://discord.com/channels/846476260371595284/1062133551107166279/1202193660830302263 by @543

Simple 13.37% redemption fees, in line with current performance fee to avoid erosion of Guru Network's interests in the product.

2 - https://discord.com/channels/846476260371595284/1062133551107166279/1203653774900600923 by @Ernie

13.37% redemption fees, 100% of which accrues to Guru Network and 0% to other holders. As this amounts grows, the portion allocated to Guru Network reduces and the portion allocated to holders increases.

3 - https://discord.com/channels/846476260371595284/1062133551107166279/1204068793962471444 by @SaversRock

13.37% redemption fees, half to Guru Network, half to holders

4 - Extension of Proposal 1. by @543

16.5% redemption fees, 4.25% to holders and 12.25% to Guru Network.

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Everyone who meets any of the following criteria is eligible to vote on this Proposal:

• Holds eTHENA
• Holds eTHENA/BNB LP
• Stakes eTHENA
• Farming with eTHENA/BNB LP on Thena Gauge (L1)
• Farming with eTHENA/BNB LP on L2 Farm

Votes are additive and the voter will have to vote only once with the combined voting power.

The voting will stay open for the next 7 days, from 11th to 17th of Feb, 2024, till the times as shown on the Snapshot portal. Please cast your votes well before the deadline.

To incentivize greater participation, all proposers and voters who join this space on snapshot.org will receive a retroactive airdrop of ELITE tokens on the Fantom chain.