Overview

Our Liquid Locker for RAM, xRAM & veRAM has seen unprecedented levels of redemptions due to a rumour about an airdrop to veRAM holders, in light of the new Ramses.xyz deployment on HyperEVM chain.

As a result, a lot of speculators have bought ELR from the market and redeemed it back to underlying veRAM, which has reduced the veRAM under protocol's management to a small critical mass, beneath which it is not feasible to maintain the weekly & monthly operations.

As it stands, we have a position of 2.8 million veRAM + RAM, worth $43,000 + $12,000 = $55,000 notionally, which is 0.32% of total veRAM.

With weekly rewards of $10,000 on average at Ramses, this position earns us $32 each week on Arbitrum in total, which is not enough to sustain the protocol.

NOTE: None of this veRAM + RAM underlying was received as a Grant from Ramses Protocol. Ramses Team did inject 500,000 RAM but received ELR receipts, which have already been redeemed back to veRAM.

Proposal

To Acquire the veRAM position from the El-Ramses $ELR protocol, and in return Airdrop an equivalent value to current ELR holders, Stakers & Liquidity Providers.

Guru Network / Eliteness Treasury will continue to hold the veRAM position and participate in the weekly voting at Ramses, likely directing all the votes towards the ELITE/ETH liquidity pool.

If an airdrop occurs, existing ELR tokens will lose all value and the holders will receive an equivalent amount of ELITE.

This proposal seeks to:

• Option 1: Airdrop $ELITE
• Option 2: Airdrop $RAM equivalent to ELR holdings of users,
• Option 3: Do nothing.

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Background

Docs - https://ftm.guru/docs/el-ramses Dapp - https://eliteness.network/el-ramses

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For further discussion, please join the eliteRingsScUSD channel in the Eliteness.Network server! https://discord.com/invite/QpyfMarNrV