Stake DAO

Summary This proposal aims to set a definitive claim deadline for the remaining unclaimed Wrapped Bitcoin (WBTC) associated with the Bitcoin Covered Call strategy. Post-deadline, any unclaimed WBTC will be systematically transferred to the Stake DAO treasury.​

Context Two years prior, Stake DAO introduced a Merkle tree mechanism to protect users amid the renBTC phase-out. The Bitcoin Covered Call strategy was subsequently discontinued, and all renBTC assets were converted into Wrapped Bitcoin (WBTC). Approximately 150 BTC were secured and made claimable via a Merkle contract, enabling users to directly claim their WBTC. Presently, 3 BTC, valued at approximately $250,000, remain unclaimed after this period.

Rationale The extended duration of unclaimed WBTC indicates potential unawareness or loss of access by the owners. To ensure optimal fund utilization and maintain Stake DAO’s commitment to transparency and operational efficiency, instituting a final claim deadline is deemed necessary. Post-deadline, transferring unclaimed assets to the treasury will enable the DAO community to effectively reallocate these resources.

Means This proposal necessitates minimal resource allocation, specifically focusing on:

Development and deployment of a smart contract to enforce the final claim deadline, update the Merkle tree accordingly, and facilitate the transfer of unclaimed WBTC to the treasury.​ Communication efforts to notify potential claimants about the impending deadline.​ Technical Implementation A smart contract will be developed to incorporate the following functionalities, including updating the BTC Merkle tree:​

Set and enforce the final claim deadline.​ Once the deadline is reached, the Merkle roots will be set so that only the Stake DAO treasury can claim any remaining WBTC. The transfer will be automated, and comprehensive testing will be conducted to ensure security and accuracy.​ Timeline and Roadmap Proposal Approval (Week 1): Secure community endorsement for the proposal.​ Announcement Phase (Weeks 2): Announce the final claim deadline and provide a one year window for users to claim their WBTC.​ Development Phase (Weeks 54): Enforce and test the merkle tree updates. Execution Phase (Week 54): Post-deadline, update the merkle tree route to enable the transfer of any unclaimed WBTC to the treasury.​ Proposal Specifications Admin(s): veSDT holders​ Community Feedback Period: Minimum of 3 days​ Voting Duration: 7 days​