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TimelessTimelessby0x34c9c2E48F43DacE5192002c0d1C3C40EdF463Bd0x34c9…63Bd

TRC #33 Making veLIT a cashflow asset

Voting ended almost 3 years agoSucceeded

After an initial proposal (https://gov.timelessfi.com/discussion/11143-trc33-making-velit-a-cashflow-asset)

and an extremely extensive and engaging discussion (https://discord.com/channels/986277978776420413/1089403574435446834)

an acceptable initial plan has been proposed to take WETH that is flowing into the treasury through oLIT redemptions and distribute it to veLIT holders.

Specific details of the plan: 50% of past and future oLIT redemption WETH will be disbursed proportionately to all veLIT holders on a weekly basis over the course of 24 weeks (6 months).

To avoid a lump sum payment for past oLIT redemption WETH, of what has been collected so far (~360 ETH at time of writing), 50% will be spread out over 24 weeks to all veLIT holders.

Additionally, once this proposal goes into effect, for the next 24 weeks, 50% of all incoming WETH from oLIT redemptions will be distributed to veLIT holders.

At the end of 24 weeks, all distributions will stop. A new proposal can be initiated at (or just before) that time to determine the future direction.

Off-Chain Vote

Yes, let's get LIT
2M veLIT100%
No, let's find a better way
0 veLIT0%
Quorum:183%
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Timeline

Apr 24, 2023Proposal created
Apr 24, 2023Proposal vote started
Apr 27, 2023Proposal vote ended
Oct 26, 2023Proposal updated