Overview

Our Liquid Locker for veRETRO has seen a sharp decline in value, which has reduced the veRETRO 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 1.8 million veRETRO worth $2,000 notionally, which is 1% of total veRETRO.

With weekly rewards of less than $20, this position earns us a total which is not enough to sustain the protocol.

NOTE: None of this veRETRO underlying was received as a Grant from Retro Protocol/Team.

Proposal

To Send the veRETRO position from the EL RETRO protocol to @c2ba (Optimism Prime & Retro Team), 0x49a5492fdfe5acc966dd5f41310dfdfe8daa349c,

And in return Airdrop an equivalent value to current ELRETRO holders, Stakers & Liquidity Providers.

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

This proposal seeks to:

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

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Background

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

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