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OtterClamOtterClamby0x63B0fB7FE68342aFad3D63eF743DE4A74CDF462B0x63B0…462B

CIP011 - Matryoshka Principle (QiDAO)

Voting ended about 4 years agoSucceeded

Goal - Transforming our treasure to a governance token blackhole.

In this proposal, we will do the following changes:

  1. Convert FRAX into Qi and lock Qi to QiDAO for 4 years forever.
  2. Convert FRAX/CLAM to Qi/CLAM.
  3. Create Qi bond to accumulating Qi and put all Qi locked for 4 years.
  4. Use the revenue from QiDAO to buyback / mint new CLAM based on $CLAM price. If CLAM price is lower than backing, we buyback. If it's higher, we will mint new CLAM.
  5. Remove the concept of RFV and Runway. The only matter is backing per CLAM.

Why? Because we thought governance and ve model will become more and more important in DeFi. Currently the revenue of QiDAO is $100,000/week and we expect it will growth continually.

By this proposal, we can provide a way that our user can enjoy the revenue share of QiDAO but without locking their liquidity.

We also proposed remove the concept of RFV and runway. By this proposal, the RFV and runway doesn't matter anymore. We'll mint token based on protocol revenue, not target to $1 ultimately.

Off-Chain Vote

For
11.49K 97.8%
Against
246.5 2.1%
Abstain
6.68 0.1%
Download mobile app to vote

Timeline

Feb 16, 2022Proposal created
Feb 16, 2022Proposal vote started
Feb 17, 2022Proposal vote ended
Oct 26, 2023Proposal updated