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PrimapesPrimapesby0xAc57df25f08e67122c2D191546FDf1e027C0127dthade.eth

Sell vested $ACID in treasury

Voting ended over 2 years agoSucceeded

PROPOSAL: Start selling our vested $ACID for ETH.

We'd be able to sell around 14 $ACID per month. (sending myself 1 $ACID per month per this proposal: https://vote.primapes.gg/#/proposal/0x23d7c6d14914776349d4dc6130481b136b330d9ef8aaa3dd864d9bbf1beeeb2e)

We would convert $ACID -> $ETH. Use this to grow treasury, take a portion to reward contributors, allocate to other ways to earn yield, and pay for other developments.

REASONING:

With the most recent changes to $ACID, its hard to justify it not being a farm and dump token. At this point, everyone that has locked or even staked, since the beginning of $ACID or in the past 1-2 months, has farmed enough esACID to vest their locked amount in 30 days.

Our treasury has 15 locked $ACID and 65 esACID. With the new vesting terms, we will now be able to vest 15 $ACID PER MONTH.

3 options with our vested $ACID tokens.

  1. Lock more $ACID, earn more esACID, vest more esACID into $ACID.
  2. Stake to earn currently 67% APR in wstETH.
  3. Sell.

What we've been doing with our $ACID is staking and earning wstETH. We currently have gotten .21 wstETH from staking $ACID. The yield at this point is very minimal and while staking we're getting diluted by people locking for esACID and vesting. We'd be benefiting a lot more by just selling our $ACID as it vests.

In my opinion, nobody cares about the high APR in wstETH right now. The price action proves this. Plus, the yield isn't worth it considering the price of $ACID will most likely go down significantly as people sell their vested $ACID.

Unless you really love the protocol and want to continue growing your stack of $ACID for when ETH finally hits $10k, I believe most people are farming and dumping their $ACID.

Off-Chain Vote

For
56 PRIMAPES98.2%
Against
1 PRIMAPES1.8%
Abstain
0 PRIMAPES0%
Quorum:114%
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Timeline

May 20, 2023Proposal created
May 20, 2023Proposal vote started
May 23, 2023Proposal vote ended
Oct 11, 2024Proposal updated