LIP👊3: Implement a claim deadline for the first year of LUCHA yield

1. Proposal Number & Name

LIP👊3 - Implement a claim deadline for the first year of LUCHA yield

2. Keywords

$LUCHA, pending yield, unclaimed tokens

3. Simple Summary

This proposal enables the Luchadores community to decide (or refuse) the implementation of a claim deadline for the first year of LUCHA yield, enabling the recovery (to the treasury) of remaining unclaimed assets.

4. Context

The LUCHA yield, allocated to Luchadores (NFT) holders, was announced one month after the end of the mint and launched three months later on Christmas day. By then, no deadline was communicated regarding the expiration of the claiming process, and thus, by default, the claim was initially implemented as forever available.

Since last Christmas 2021, $LUCHA tokens have been claimable by LuchadoresNFT holders: 6.18% of the total supply has been allocated for it. The $LUCHA accrues at a rate specified by the Luchadores holdings depending on their attributes. The yielded token is then claimable here:

https://luchadores.io/yield

5. Goals

Recoup the unclaimed LUCHA yield of the first year to grow the treasury, in the perspective of gathering additional firepower to support the liquidity on the LUCHA token.

6. Means

The implementation of this proposal requires minimal development work to modify the year 1 yield contract and adjust all claimable balances to 0 (after the deadline).

To ensure that no active Luchadores NFT holder is disappointed, we'll also need to make sure to communicate on the matter frequently and well before the deadline.

Finally, the claw-back can be performed after the deadline, enabling the recovery (to treasury) of the remaining unclaimed LUCHA tokens.

7. Metrics

The $LUCHA token total supply is 100,000,000.

The first-year yield represents 6.18% of the total supply: 6,180,000.

As of the proposal writing (01/15/2022), the circulating supply (meaning the already claimed $LUCHA) is 3,474,502, which is 56.21% of the claimable yield.

8. Forward-thinking considerations

Once the LUCHA tokens have been recovered, this proposal calls for a follow-up one where the community decides collectively what should be done with the recovered asset. If used to develop the Protocol Owned Liquidity, they could help grow the Balancer Pool, making it possible to envision pleading for a BAL gauge in Balancer's governance, securing additional rewards for liquidity providers.

9. Implementation overview

Next steps:

1. Ramp up communications to ensure all active Luchadores holders claimed their Year 1 yield.
2. Adjust the Year 1 claiming contract to set all claimable rewards to 0 after the deadline.
3. Perform the remaining yield claw-back once the deadline has passed.
4. Start the discussion around LIP👊4 to present different possibilities to use LUCHA unclaimed help to develop the project

10. Voting options

What options should be voted on? To enable Luchadores holders to express their preferences regarding the deadline length, the suggested voting options are:

• ❌ No deadline

• ✅ 1 month

• ✅ 3 months

• ✅ 6 months

• 🥃 Abstain