TIP 31 : Improve Tokenlon treasury asset management under current market conditions（关于当前市场下 Tokenlon 社区财库健壮性的改进提案）

Background：

• In this crypto bear market, token prices have dropped across the board. This includes LON that is held in the treasury and tokens accumulated from transaction fees (feeToken) To ensure the long-term sustainability of Tokenlon, we need to actively manage the treasury portfolio
  • Tokenlon receives transaction fees in different tokens, including WETH, USDT and other altcoins. You can find the token list here
  • Right now, the treasury consists mainly of $LON from every buyback triggered. To reduce market volatility risk, we need to actively manage the treasury portfolio
  • Fees from altcoins (feeToken) are slow to accumulate, losses from on-chain buyback of these tokens are big. Under current market conditions it is challenging to maintain the value of altcoins, timely treasury portfolio management is urgently required.
• According to the design of the Tokenlon protocol, the relayers responsible for matching orders can pay Ethereum miner fees for some users’ transactions. The design of relayer paying the miner fees can increase the success rate of users' trades therefore bringing a better user experience. As part of the treasury design, the fees collected by Tokenlon protocol will be first used to reimburse relayers the miner fee paid by them.
  • As of 21st June 2022, gas fees owed to the Relayer is at 914.45 ETH. With the lower ETH price, this is a good opportunity for settlement

Proposal：

• Do a one-time retrieval of tokens accumulated from transaction fees (feeToken) using the current fee balance from Tokenlon contracts and deposit it into the treasury.
• The Tokenlon team will manage the treasury portfolio off-chain, with the status of the treasury open to the community at all times.
• At the same time, we want to encourage the community to submit your TIP for any improvements to the treasury management strategy

Action Items：

• Retrieve tokens accumulated from transaction fees and deposit it into the treasury
• Carry out portfolio management by converting these tokens (feeToken) to ETH
• Use the treasury multi-sig wallet to initiate changes to LON tokenomic factors to realize these changes

Voting Rules

• Only LON, xLON and/or LON LP token holders can vote
• Voting start time: 2022.6.22 15:00 UTC+8
• Voting cut-off time: 2022.6.24 15:00 UTC+8

Voting Options

• A. Support
• B. Reject

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背景：

• 加密市场整体低迷的情况下， 不管是社区财库中的 $LON，还是手续费合约中的 feeToken，币价均有明显的下降，需要更主动地维护合理财库仓位比例，以确保 Tokenlon 长期可持续发展
  • Tokenlon 捕获手续费的 Token list 包含 WETH、USDT 及各种长尾代币
  • 社区财库的资产主要为回购分配的 $LON，需积极管理仓位，降低财库的风险及波动
  • feeToken 中长尾代币积累慢，链上回购损耗大。而长尾代币在当前市场环境下难以保值，更需要及时的管理仓位。
• 根据 Tokenlon 协议设计，负责撮合交易的中继方能够为用户部分交易代付以太坊矿工费，代付上链矿工费设计能够提高 Tokenlon 用户交易成功率，带来更好的交易体验。作为财库用途一部分，Tokenlon 协议手续费沉淀会优先用于报销中继方为用户代付的矿工费
  • 截至 2022 年 6 月 21 日，Relayer 矿工费垫付欠款 915.45 ETH。目前 ETH 行情走低，是合适建仓并完成矿工费结算的好机会。

提议：

• 从目前 Tokenlon 协议捕获的手续费资金池，一次性取回现有积累的 feeToken，由 Tokenlon 核心团队更动态合理地在链下进行财库管理，财库账目始终保持公开透明受社区监督，同时鼓励社区通过 TIP 提案改进财库管理策略。

提案执行项：

• 执行现有 feeToken 一次性回流至财库收入管理钱包
• 财库管理执行长尾 feeToken > ETH 的调仓处理
• 由社区管理多签钱包，发起 LON 链上经济参数修订

投票规则

• 持有 LON、xLON 或 LON LP token 的钱包地址均能参与
• 治理投票开启时间：2022.6.22 15:00 UTC+8
• 治理投票结束时间：2022.6.24 15:00 UTC+8

投票选项

• A. 支持
• B. 反对