- OpCo currently holds BAL tokens that were previously designated to fulfill vesting obligations with multiple contributors with Orb team (including previous BLabs employees and future agreements);
- These BAL tokens are for use under direction of the DAO and, while governance has approved the transfer of these BAL under BIP-38, we believe that it reflects stronger governance for the tokens to reside in the DAO treasury until further governance vote;
- This proposal requests a vote to return 153,915 of undesignated BAL tokens to the Treasury
As our ecosystem grows and evolves, it is essential that we take a proactive approach to safeguarding our funds and using them in alignment with our shared objectives in the most effective way possible.
Under BIP-38, Orb Collective was funded 398,527 BAL tokens to fulfill grants to its staff. These tokens were intended to serve as compensation for “current and future team members”, with a 4-year vesting period and a 1-year cliff. These funds are currently being held at OpCo’s wallet, acting as an agent of the DAO.
In its first year, Orb implemented cost-saving measures and staff reduction, not fully exhausting its budget. According to this BAL Inventory breakdown posted last week, there’re 153,915 BAL tokens being held that are undesignated, made again available to the DAO.
This approach would ensure that the funds are utilized in a manner that aligns with the goals and objectives of the Balancer DAO community.
Noting that there is still another 164,169 BAL being held, from which a portion might be due to the current staff if they stay until July 31st, and another (bigger) portion will be made available to the direction of the DAO (ie. return of funds, transitioning contracts to another SP, etc.). See here.
This proposal requests that Balancer OpCo returns 153,915 BAL tokens that were not committed by Orb in Year 1. If yes, then OpCo wallet
0x3B8910F378034FD6E103Df958863e5c684072693 will transfer 153,915 BAL tokens to DAO Treasury