Motivation
Please observe the discussion in the RFC thread.
Specification
The vote will be single choice, winner take all with four options:
Proposal A
Proposal B
Proposal C
More discussion is needed
For example, if A gets 20% B gets 20% C gets 20% and “More Discussion” gets 40%, “More Discussion” wins.
Proposal A
If Proposal A wins, the protocol revenue split will immediately be changed from 75/25 veBAL/DAO to 50/50 veBAL/DAO.
Proposal B
If Proposal B wins, the protocol revenue split will immediately be changed to 35/65 veBAL/DAO and a follow on proposal will be presented to sell 250k BAL for USDC via OTC (“market sell”) within 30 days. Any DAO or other interested party is welcome to present a proposal to take some or all of this allocation.
Proposal C
If Proposal C wins, the protocol revenue split will immediately be changed to 35/65 veBAL/DAO and a follow on proposal will be presented to raise 1.5M USDC via Arbor bonds using BAL from the treasury as collateral. Some more details (subject to slight changes in the final proposal)
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6-12 month maturity
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10-15% max yield to maturity (interest rate)
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250% collateralization ratio (3.75M worth of BAL) - better rate if we increase the amount of collateral
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Include a convertibility ratio of 3-5x (If BAL 5x’s, lenders and convert into BAL)
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Bond issuance could be live within the next 4 weeks.
More Discussion Needed
If “More Discussion” wins, we will observe the latest comments in the RFC thread to see if any consensus has been reached around doing another vote on this topic. Please continue to direct all discussion towards that thread so it’s easier to keep track of.
Regardless of which proposal wins, a follow up discussion/proposal will be presented to the community by the end of July to re-assess the current state of affairs and determine if additional changes are necessary. All SP’s should have approved Year 2 funding packages by then.
