Proposal 14 - Reclaim 2/3 LP Rewards & OTC to BlockTower

As the community knows, early on the FODL DAO decided to vest 2/3 of LP rewards for 6 months to reduce total daily emissions. The 6 months is nearly up.

The approximate number of FODL which would begin vesting (the 2/3 of LP rewards for the past 6 months period is approximately 23M FODL). However, as > 90% of staking LP entitled to these vesting rewards are owned by the core team, we feel it would be in FODL’s best interest to reclaim these tokens for the DAO. As this effectively only affects the team, we hope the DAO sees the value in this.

The team proposes to the DAO that these ~23M FODL be reclaimed to the FODL Ecosystem fund. We further propose that of these 23M FODL, we OTC ~10M tokens to a VC fund for USDC— this USDC would be held by a FODL Treasury address, and used for salaries for FODL Core team over the next 18 months. This would further decentralize FODL away from the cash compensation the team has been operating on provided by 0xb1 enterprises.

We have struck a deal with one of the industry’s most successful and respected crypto funds, BlockTower, to sell these 10M tokens for 1.5M USDC. https://www.blocktower.com/

The remaining 13M tokens would be returned to the Ecosystem Fund for future use by the DAO.