Goal - Transforming our treasure to a governance token blackhole.
In this proposal, we will do the following changes:
- Convert FRAX into Qi and lock Qi to QiDAO for 4 years forever.
- Convert FRAX/CLAM to Qi/CLAM.
- Create Qi bond to accumulating Qi and put all Qi locked for 4 years.
- 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.
- 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
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- Author
0x63B0…462B
- IPFS#Qmd89PBL
- Voting Systembasic
- Start DateFeb 16, 2022
- End DateFeb 17, 2022
- Total Votes Cast11.74K
- Total Voters102
Timeline
- Feb 16, 2022Proposal created
- Feb 16, 2022Proposal vote started
- Feb 17, 2022Proposal vote ended
- Oct 26, 2023Proposal updated