Element DAO

EGP-24 Title: Reclaim (Clawback) unclaimed voting rights that have been distributed Author(s): Windra Type: Protocol Proposal Status: Proposed Date Proposed: <2023-02-08> Date Ratified:

Sentence Summary

• Reclaim the unclaimed voting rights (ELFI) from the initial distribution event and direct it back to the DAO Treasury.

Paragraph Summary

• On March 31st, 2022 the Element Labs team distributed voting rights to various different parties, users, and individuals deemed qualified to participate in the DAO operations and voting of the newly formed Element DAO. Close to a year later, a decent % of the distributed voting rights have still not been claimed and utilized as intended. This proposal is to suggest that the unclaimed voting rights ought to be reclaimed by the Element DAO to be re-distributed into the right hands via grants, participants, DAO contributors, liquidity programs, rewards, bounties, etc.

Motivation

• Some of the motivation behind this proposal is to redirect voting rights (ELFI) from the uninterested (users who did not claim) to the ones who are active contributors of the DAO and the protocol. The initial distribution event covered a wide array of different protocols, users, and contributors of the Ethereum network, but a vast majority of those who were optimistically given the opportunity to participate are indifferent towards it.

• The simplest solution towards this issue is to allow the DAO to decide where the unclaimed voting rights ought to be distributed towards instead of the unclaimed ELFI being stuck / unclaimed for an unknown period of time (possibly forever).

Specification

Proposed technical solution would be to look at the distribution smart contracts to see what the total amount is unclaimed, and send that amount to the DAO.

Proposed Code

Step 1:

That the governance contract should burn the tokens from these contracts:

Airdrop: 0xd04a459FFD3A5E3C93d5cD8BB13d26a9845716c2

ZkAirdrop1: 0x5ae69B714859A3C15281e0a227D9B8C82F03b966

ZkAirdrop2: 0x63A2548f0a3795a35Ff62121E5f8C24Ada9831F8

ZkAirdrop3: 0x72D3acDAd21dF959DB2C112A0a5982d03759a154

ZkAirdrop4: 0x508071cEEf3d24D94b6783c0808fe1A417DDa485

ZkAirdrop5: 0x805bb52e4D9795B44C1ecd191Bd31F1D4a9C2dA5

ZkAirdrop6: 0xb7726ee8d589fd3e74C0369aB8F08D5d847bC86A

Step 2:

Then mint a corresponding number to the treasury contract 0x82eF450FB7f06E3294F2f19ed1713b255Af0f541

Step 3:

Code for the contract:

pragma solidity ^0.8.15;

interface ELFI {

function burn(address account, uint256 amount) external;

function mint(address account, uint256 amount) external;

function setOwner(address who) external;

function balanceOf(address who) external returns(uint256);

}

contract AirdropReclaim {

ELFI constant elfi = ELFI(0x5c6D51ecBA4D8E4F20373e3ce96a62342B125D6d);

function reclaim() external {

uint256 total = 0;

address[] memory toDelete = new address;

toDelete[0] = 0xd04a459FFD3A5E3C93d5cD8BB13d26a9845716c2;

toDelete[1] = 0x5ae69B714859A3C15281e0a227D9B8C82F03b966;

toDelete[2] = 0x63A2548f0a3795a35Ff62121E5f8C24Ada9831F8;

toDelete[3] = 0x72D3acDAd21dF959DB2C112A0a5982d03759a154;

toDelete[4] = 0x508071cEEf3d24D94b6783c0808fe1A417DDa485;

toDelete[5] = 0x805bb52e4D9795B44C1ecd191Bd31F1D4a9C2dA5;

toDelete[6] = 0xb7726ee8d589fd3e74C0369aB8F08D5d847bC86A;

for (uint256 i = 0; i < toDelete.length; i++) {

uint256 toBeDeleted = elfi.balanceOf(toDelete[i]);

elfi.burn(toDelete[i], toBeDeleted);

total += toBeDeleted;

}

elfi.mint(0x82eF450FB7f06E3294F2f19ed1713b255Af0f541, total);

elfi.setOwner(0x81758f3361A769016eae4844072FA6d7f828a651);

}

}

Test Cases

• N/A

Security Considerations

• N/A

Technical Review Plan or Audit Information (If already available)

• N/A

Next Steps:

I would like to have a discussion about this with anyone who has a perspective on the subject. After all things have been cleared, I would like to push this towards off-chain snapshot.