[3F Mutual] Update smart contract to stop buying MKR tokens and store ETH to the Hakka Guild Bank instead

gm! After internal discussion within the core team, we would like to submit an improvement proposal to the Hakka community regarding Hakka’s insurance product, 3F Mutual.

As a reminder, 3F Mutual is one of the very first products of the Hakka Finance ecosystem.

It is an insurance platform protecting users against DeFi de facto systemic risk, i.e. the initiation of the Emergency Shutdown event by MakerDAO

This event is triggered when the market is subject to severe fluctuations, program vulnerabilities or system failures. If that happens, 3F Mutual active users are compensated with the entirety of the insurance pool (currently 1888 ETH).

Whenever a user gets insured:

• most of the money invested goes to the insurance pool
• a part of it goes to the shareholders
• another to the referring user (if applicable)
• and one last part goes to the guild bank (collectively owned by HAKKA holders), in the form of ETH and MKR tokens.

More info: https://medium.com/hakkafinance/why-you-should-buy-3f-mutual-insurance-1c8adb8cbbcb

The improvement proposal concerns the last part: buying MKR does not make as much sense now as it used to. Should we update the insurance contract by exclusively sending ETH to the Hakka Guild Bank?