Postpone the Initial Unlocking of Solv Flexible Vouchers by up to One Year

Overview

This proposal aims to postpone the initial unlocking of Solv Flexible Vouchers up to one year to better align with market recovery. The starting point of vesting will commence no later than September 30, 2024.

Background

At the end of 2021, Solv initiated the Initial Voucher Offering (IVO) event. According to the IVO terms, all $SOLV tokens locked inside Vouchers will be unlocked linearly over 6 months starting from the public sale date. Based on previous governance, the Vouchers were scheduled to start unlocking before September 30, 2023, and finish unlocking linearly over the next 6 months.

However, current market conditions remain unfavorable, with contracting liquidity and asset value distortions in crypto markets. To protect the interests of long-term token holders, the Solv core team believes it is prudent to delay the TGE and accordingly postpone voucher token unlocks. We expect improvement in macro conditions by 2024, and therefore propose to conduct the TGE before September 30, 2024 and delay the start of Solv Flexible Voucher unlocks until then, aligning with the tentative TGE schedule.

If approved, users will begin receiving tokens no later than September 30, 2024, fully redeeming voucher values by the end of March, 2025. Note that if market conditions show significant positive signals before September 30, 2024, there is possibility to end the extension early and commence vesting ahead of schedule.

The Solv community and core team are on a mission to build the decentralized financial infrastructure of the future, providing a robust marketplace of financial instruments for DeFi users worldwide. The launch of Solv V3 a year ago represents a major milestone in realizing our vision of next-generation on-chain fund markets. Within 6 months of launch, it has already achieved $160M in fund issuance. We are energized by this momentum and have strong confidence in gaining further market traction in the next year.

We appreciate the community's continued support and understanding as Solv evolves. We also want to clarify the following incentives:

• Solv Flexible Voucher holders (as of September 30, 2023) will receive priority allocation of airdropped tokens at TGE.
• Holding duration and amount will be weighted in the allocation.

Timetable for the voting:

1. Lower house round (Discord round) for this draft starts on t (September 5th, 2023 at 11:00 UTC), through this link: https://dyno.gg/form/31cd6e75
2. The tally result: t+3 (September 8th, 2023 at 11:00 UTC)
3. If passed (i.e., more votes in support of the draft than not), we’ll put up an on-chain vote on t+5 (September 10th, 2023 at 11:00 UTC) on Snapshot. The vote will be live for 48 hours. Snapshots are taken pre-voting, which will determine your eligibility based on your Flexible Voucher holding (or lack thereof)
4. Final decision: t+7 (September 12th, 2023 at 11:00 UTC)

If this proposal passes, the Solv Flexible Vouchers’ starting point of vesting will be postponed and commence no later than September 30, 2024, aligning with the tentative TGE schedule.

BR,

The Solv team