TIP-39: Approving MAGIC Token Contract Operations to Clawback Past Contributor Tokens and Remove Admin Functions

Voting ended almost 2 years agoSucceeded

Summary

While performing discovery in connection with the Treasure Chain, Treasure’s core developers discovered a means by which the vesting tokens allocated to long departed contributors can be clawed back. This proposal seeks to authorize the DAO multisig to initiate a clawback of all unclaimed and unvested MAGIC tokens for past contributors. These funds will be reallocated to two primary purposes: (i) revocable allocations for contributors granted significantly smaller rewards after joining after the original team allocation had been fully allocated in 2021, (ii) supporting MAGIC liquidity and partner token launches in the lead up to the Treasure Chain.

This proposal will also authorize an upgrade of the original L1 MAGIC contract to remove the adminTransfer() and adminMint() function at the time of execution.

Read Full Proposal

Please click here to read the full TIP-39 proposal.

Voting Options

For Clawback + Function Removal: Approve (i) the token clawback of unclaimed and unvested tokens from former contributors; and (ii) the removal of the adminTransfer() and adminMint() functions from the L1 MAGIC contract.
For Clawback Only: Approve only the token clawback of unclaimed and unvested tokens from former contributors.
For Function Removal Only: Approve only the removal of the adminTransfer() and adminMint() functions from the L1 MAGIC contract.
Against: Reject all proposed actions.
Abstain: Refrain from voting on this proposal.

Voting Period

Voting commences now, ending Monday, April 29, 2024 at 1:40pm UTC (unix timestamp: 1714398000 - copy and paste here to see local time).

Voting Eligibility

The following holders of MAGIC can vote:
- (A) Stakers in the Harvesters or the TreasureDAO Governance Staking contract, and holders of MAGIC-ETH SLP on Arbitrum One.
- (B) Holders of all listed Magicswap LP tokens and stakers in Beefy’s mooSushiMAGIC-ETH vault or Balancer’s 50% MAGIC / 50% USDC weighted pool.
gMAGIC will be calculated on a 1:1 basis in (A) and 0.5 ratio in (B) (50% of MAGIC amount)

Off-Chain Vote

For Clawback + Function Removal

4.44M gMAGIC99.8%

For Clawback Only

21.6 gMAGIC0%

For Function Removal Only

19.14 gMAGIC0%

Against

9.49K gMAGIC0.2%

Abstain

77.94 gMAGIC0%

Quorum:148%

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Discussion

TIP-39: Approving MAGIC Token Contract Operations to Clawback Past Contributor Tokens and Remove Admin Functions

Timeline

Apr 25, 2024Proposal created

Apr 25, 2024Proposal vote started

Apr 29, 2024Proposal vote ended

Dec 03, 2024Proposal updated

Summary

This proposal will also authorize an upgrade of the original L1 MAGIC contract to remove the adminTransfer() and adminMint() function at the time of execution.

Voting Options

For Clawback + Function Removal: Approve (i) the token clawback of unclaimed and unvested tokens from former contributors; and (ii) the removal of the adminTransfer() and adminMint() functions from the L1 MAGIC contract.

For Clawback Only: Approve only the token clawback of unclaimed and unvested tokens from former contributors.

For Function Removal Only: Approve only the removal of the adminTransfer() and adminMint() functions from the L1 MAGIC contract.

Against: Reject all proposed actions.

Abstain: Refrain from voting on this proposal.

Voting Eligibility

The following holders of MAGIC can vote:

(A) Stakers in the Harvesters or the TreasureDAO Governance Staking contract, and holders of MAGIC-ETH SLP on Arbitrum One.
(B) Holders of all listed Magicswap LP tokens and stakers in Beefy’s mooSushiMAGIC-ETH vault or Balancer’s 50% MAGIC / 50% USDC weighted pool.

gMAGIC will be calculated on a 1:1 basis in (A) and 0.5 ratio in (B) (50% of MAGIC amount)