End Ricochet Rewards Program, Replace with 1000 USDC Wave Pool for Contributors

Proposal Summary

This proposal suggests ending Ricochet's Rewards Program, which borrows from protocol fees to reward contributors. Instead, it proposes a new Wave Pool program that distributes 1000 USDC to the top contributors by token vote monthly. The remaining treasury will be preserved to support auditing, insurance, and market making. The Wave Pool program will be funded by borrowing against ETH, and contributors will be encouraged to seek funding through bounty/grant programs with partners. Future rewards for contributions must be settled in RIC.

Proposal Details

1. The current rewards program has not resulted in sufficient returns, and hence, it is proposed to end the program.
2. The treasury will be preserved to support auditing, insurance, and market making for the protocol's future development.
3. A new Wave Pool program will be run monthly, and 1000 USDC will be distributed among the contributors proportionally based on a Snapshot vote.
4. The existing Aave position will be closed
5. The Ricochet treasury will not be used to stream rewards to incentivize contributors, and contributors will be encouraged to seek funding through bounty/grant programs with partners.
6. Any future bounties or rewards for contributions must be settled in Optimism RIC, similar to successful DAOs with governance tokens like RIC.

Overall, this proposal aims to cut spending from the treasury and unwind the Aave Vault by ending the current rewards program and replacing it with a Wave Pool program. It encourages contributors to seek funding through external sources and settles future bounties and rewards in RIC.