RIP 28 | Redemption (of excess treasury)

RIP 28 | Redemption (of excess treasury)

Overview

1. Keep sufficient treasury to develop and deliver the game.

2. Allow everyone to redeem ~$12 per Rome token from the excess treasury.

3. Give people new Rome tokens proportional to how long they’ve been in the project so they retain equity too.

This is proposal is based on the open discussion here taking into account the Team’s recommendations. https://forum.romedao.finance/t/open-discussion-rfc-redemption-of-excess-treasury/527

Motivation

1. This is clearly a divisive issue and should be voted on.

2. This proposal is certified feasible from the team’s perspective (please see their comment on the RFC)

3. Whilst there is demand destruction in crypto/macro world, long-term holders will continue to sell their votes to new investors interested in treasury redemption. Thus it is inevitable that they will acquire enough votes to pass a redemption, whether now or in 3/6 months, no matter how much the decentralized governance process is frustrated.

4. With this proposal we get to dictate terms before it’s too late and the redeem voters have total control.

Execution

This particular RIP 28 will form the 1st RIP covering redemption discussed in the RFC. It will establish 7 things specifically:

1. The redemption of treasury will happen at a rate of ~$12 per Rome token, available equally to all Rome holders executed in a reasonable time frame (beginning asap). This will use the following formula: total liquidatable $ value of treasury (including Rome/Frax liquidity) minus $4 million, shared equally amongst the total supply (excluding the Rome in the liquidity & dao).

2. Two years runway ($4 million) will be set aside for the main game development.

3. Everyone who redeems will be given new Rome token/s proportional to how long they’ve been in the project so they retain some equity.

4. There is interest to also vote on a “full redemption” option, which will be in separate RIP as to not split votes.

5. If this current vote passes, any future votes/RIPS trying to overwrite/change/reverse the redemption of ~$12 per Rome token will require a 25% quorum & super-majority of 75% to pass (with exception of a successful “full redemption” RIP outlined above).

6. If this current vote passes, any future votes/RIPS trying to frustrate the other RIPs related to completing this redemption proposal (and the the full redemption proposal outlined above) will require a 25% quorum & super-majority of 75%. For example, any changes to quorum, super majorities, voting threshold, the role of houses in governance, voting time-frame, or governance process will require a 25% quorum & super-majority of 75% to pass.

7. If this current vote passes, any future votes/RIPS changing quorum/voting threshold/super majorities/governance process for the use of treasury funds separately to typical governance requirements would require a 25% quorum & 75% super majority to pass.

In-depth detail of execution will be left for other RIPs, for example, all things related to the new Rome token, liquidation strategy & participation requirements.