SIP019 - Rage Quit Option

In our previous announcement, we discussed the option to generate sustainable returns for all holders.

The strategy involves active investment in blue chip cryptos and quarterly buybacks using a combination of revenues and treasury. The strategy is based on our belief in crypto in the long term and we firmly believe it is one of the best strategies to generate sustainable returns.

Given the current global market conditions, we understand that not all holders agree to our strategy, thus we are considering a rage quit option with a fair claim to the treasury while we can focus on our strategy. The fair value is calculated in the same way as the community approval below:

https://snapshot.org/#/spartacusdao.eth/proposal/0x34656a7bd9e58821f4cb81d0ca374bd14fa3966235fe0e7c03397a7045d84340

FV = value of treasury on all networks / (total supply - SPA in LP).

The buyback tokens do not enter circulations since the current price is under the fair value.

To simplify the math, the total asset value on ETH mainnet is valued at $20,100,000 (subject to market change). We plan to convert Dai to USDC and bridge to FTM using Stargate.

SPA redeemers will receive pro rata USDC_lz, WFTM, USDC_multi on FTM. Based on our calculation, after conversion slippage and bridge fees, each SPA will be able to redeem:

USDC_lz: 34.40 USDC_multi: 9.78 WFTM: 7.94

Vote YES on the coming snapshot vote to place your address on the whitelist for the coming rage quit. Only addresses on the whitelist and the recent snapshot (must be on both) will be able to redeem during the rage quit event. Spartacadabra wsSPA stakers are whitelisted automatically and are advised to withdraw and vote if you wish to redeem.

The rage quit option will not alter our plan of diversifying the treasury portfolio. We will continue to invest in ETH, BTC and other bluechip assets using the remaining treasury assets for the long run.

Spartacus