TIP #003 - Fund the 12 Month Operational Cost of the Timeless Engineering Unit

Voting ended about 3 years agoSucceeded


Author(s): @mcfly

Contributors: @szeth, @zefram

Status: TIP

Date Applied: 2023-02-25

Date Updated: yyyy-mm-dd

Date Ratified: yyyy-mm-dd

Vote Start Date: 2023-03-03 16:40 UTC

Vote End Date: 2023-03-06 16:40 UTC

Budget Start Date: 2023-03-06

Budget End Date: 2024-02-29

Discord gov thread URL: https://discord.com/channels/986277978776420413/1079165482118156398

Summary

This proposal acts as a mandate from the Timeless community to engage with the TEU (Timeless Engineering Unit) and provide $1,49m USDC and 10m LIT in funding for the objectives defined on the Timeless governance forum and pre-approved by the Timeless community via Snapshot.

Specs

The timeless-fi/TIP-003-timeless-engineering-unit-funding repository contains the script needed to deploy and execute the governance proposal via the Timeless' governance multisig.

In summary, on 2023-03-05, the script will:

Transfer upfront 447,000.00 USDC to the TEU controlled multisig 0x798E6af7658A1f20e6B2A5c780D8577D4AEAF7dA.
Transfer upfront 10,000,000.00 LIT to the TEU controlled multisig 0x798E6af7658A1f20e6B2A5c780D8577D4AEAF7dA.
Create a 12-month stream of 1,043,000.00 USDC to the TEU controlled multisig 0x798E6af7658A1f20e6B2A5c780D8577D4AEAF7dA.

In parallel, the Timeless Governance Multisig will perform the following actions:

The existing 4-year linear LIT vesting streams for the Genesis team will be canceled by executing the LlamaPay's 'rug_pull' function. This action will prevent further token flows and enable the governance multisig to claw back any unvested tokens.
New LIT vesting streams will be created, featuring a 1-year cliff followed by a 3-year linear vesting period to the addresses controlled by the Genesis team. These vesting streams will end on January 01, 2027.

In order for this vote to conclude successfully and to determine if the TIP should be deployed in production, each of the following conditions must be true:

Quorum must be equal or exceed 20% of the veLIT total supply when the vote period starts.
Vote pass threshold: 66%.

Vote will start on 2023-03-02 12:00 UTC, and will end on 2023-03-05 12:00 UTC.

Off-Chain Vote

FOR

989.15K veLIT100%

AGAINST

0 veLIT0%

Quorum:160%

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Discussion

TIP #003 - Fund the 12 Month Operational Cost of the Timeless Engineering Unit

Timeline

Mar 03, 2023Proposal created

Mar 03, 2023Proposal vote started

Mar 06, 2023Proposal vote ended

Aug 25, 2025Proposal updated

Author(s): @mcfly Contributors: @szeth, @zefram Status: TIP Date Applied: 2023-02-25 Date Updated: yyyy-mm-dd Date Ratified: yyyy-mm-dd Vote Start Date: 2023-03-03 16:40 UTC Vote End Date: 2023-03-06 16:40 UTC Budget Start Date: 2023-03-06 Budget End Date: 2024-02-29 Discord gov thread URL: https://discord.com/channels/986277978776420413/1079165482118156398

Specs

The timeless-fi/TIP-003-timeless-engineering-unit-funding repository contains the script needed to deploy and execute the governance proposal via the Timeless' governance multisig.

In summary, on 2023-03-05, the script will:

Transfer upfront 447,000.00 USDC to the TEU controlled multisig 0x798E6af7658A1f20e6B2A5c780D8577D4AEAF7dA.

Transfer upfront 10,000,000.00 LIT to the TEU controlled multisig 0x798E6af7658A1f20e6B2A5c780D8577D4AEAF7dA.

Create a 12-month stream of 1,043,000.00 USDC to the TEU controlled multisig 0x798E6af7658A1f20e6B2A5c780D8577D4AEAF7dA.

In parallel, the Timeless Governance Multisig will perform the following actions:

The existing 4-year linear LIT vesting streams for the Genesis team will be canceled by executing the LlamaPay's 'rug_pull' function. This action will prevent further token flows and enable the governance multisig to claw back any unvested tokens.

New LIT vesting streams will be created, featuring a 1-year cliff followed by a 3-year linear vesting period to the addresses controlled by the Genesis team. These vesting streams will end on January 01, 2027.

In order for this vote to conclude successfully and to determine if the TIP should be deployed in production, each of the following conditions must be true:

Quorum must be equal or exceed 20% of the veLIT total supply when the vote period starts.

Vote pass threshold: 66%.

Vote will start on 2023-03-02 12:00 UTC, and will end on 2023-03-05 12:00 UTC.