VIP17 - veDAO Transition and WeVE Burn Plan

Title: veDAO transition and WeVE Burn Plan Status: WIP Author: alexcutler.eth Sponsors: Core Created: 5/16/2022

Simple Summary

The Core Team recommends we deliver maximal guaranteed value to back to $WeVE holders by distributing the full treasury and Velodrome airdrops.

Motivation & Rationale

As per VIP-15 of mandate of “delivering maximum long-term value for the veDAO community” the veDAO Team has determined that building a redemption mechanism to return maximal value back to WeVE holders fulfills it’s mandate.

Specifications + Implementation

The Core Team recommends…

Burning all unallocated treasury WeVE, increasing treasury per WeVE and VELO airdrop per WeVE by approximately 15–20% Distributing the full value of the veDAO treasury USDC ($1.1M+) to WeVE holders Seeking buyers for locked Solidly positions, including membership benefits of Solidex + 0xDAO (valued at $150k) and distributing to WeVE holders Upon completion of these steps, the team will do a full accounting of the treasury and communicate redemption values to the community. Ahead of the Velodrome launch, the team will create a redemption product where holders can burn their WeVE for a claim on the proportional treasury value and Velodrome airdrop. Treasury value will be distributed as USDC and the Velodrome airdrop as VELO.

The team also requests an additional 2,000,000 in WeVE to add to it’s bootstrapping reserve funds to add additional capacity to support Velodrome: Wheel and an accelerated launch.

Voting “Yes” allows the Team to proceed

Voting “No” rejects the plan