TIP-121c: Final Redemption
This is a non-binding snapshot vote to build consensus on the final step of TIP-121, the Final Redemption.
There are 3 major components to Final Redemption:
- FEI backed 1:1 by DAI with zero fees
- TRIBE redeems pro rata of remaining PCV
- Revoking Governance powers for immutability
This proposal is structured to discuss only steps 1 and 2.
Step 3 to Revoke Governance can be completed after all prior components of TIP-121 have been verified and holistically reviewed for security.
The proposal to redeem TRIBE pro rata has one main blocker from Consolidation, namely the OTC of veBAL for 1M DAI with the Aave Companies. There is no estimated execution time for this, because Aave wants to due diligence the escrow contract.
This presents an option for the DAO to consider:
- “Start Redemption” - Give TRIBE holders the option to claim pro rata early, excluding the 1M DAI from veBAL OTC
- “Wait” - Wait an unknown period for the veBAL OTC before TRIBE redeems pro rata.
To give more color to “Start Redemption”, this would be an improvement over “Wait” in the sense that no TRIBE holder is required to claim as the redemption window would be open indefinitely. A holder who wanted part of the DAI associated with veBAL OTC can wait for the 1M DAI in order to have a full pro-rata claim. Those who prefer claiming early would forego the claim on the last 1M DAI in exchange for early redemption against the remaining PCV. The remaining PCV includes over 21M DAI, 50k stETH along with remaining liquid gov tokens.
“Start Redemption” can likely be proposed on-chain this week (with redemptions live as soon as executed), versus “Wait” which has an indeterminate timeline.
In a “Wait” scenario for TRIBE redemptions, the FEI backing 1:1 with DAI can still execute on chain beforehand.
Voting Rules
This proposal has 3 voting options, approval style with a 10M TRIBE quorum:
- Yes: “Start Redemption”
- Yes: “Wait” on OTC
- More Discussions
Either of the “Yes” options are Yes for the entire Final Redemption, and the specific winning option determines when to bring TRIBE Redemption to an on-chain vote. The entire Final Redemption includes:
- FEI backed 1:1 by DAI with zero fees
- TRIBE redeems pro rata of remaining PCV
- Revoking Governance powers for immutability
If a Yes option wins, the corresponding on-chain votes would be proposed as soon as they are audited and completed development.
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0xFc9c...013045 | 19.034M | More Discussions |
 0x4e47...515449 | 10.101M | Yes: “Start Redemption”, Yes: “Wait” on OTC |
 0x107D...435A43 | 10.001M | Yes: “Start Redemption” |
 0xEC5a...aEF097 | 5.638M | More Discussions |
 0xc8ee...f97EfA | 5.004M | Yes: “Start Redemption” |
VOTE POWER
Proposal Status
- Tue September 20 2022, 07:00 pmVoting Period Starts
- Thu September 22 2022, 07:00 pmEnd Voting Period
Current Results
1-Yes: “Start Redemption”
96.705M
2-More Discussions
85.375M
3-Yes: “Wait” on OTC
10.106M