Overview

This proposal distributes USDC held by the Timelock to ESS holders through a two-phase, pro-rata claim, and opens that claim for participation.

Mechanics

Phase one (lock): before 2027-02-01 00:00 UTC, an ESS holder locks ESS to claim a pro-rata share of the USDC. Locked ESS is delegated straight back to the holder for the duration of the lock, so holders keep full voting rights over it.

Phase two (unlock): after 2027-02-01 00:00 UTC, a holder unlocks to reclaim their ESS and sweep a further pro-rata share of the USDC left behind by holders who did not lock.

Any USDC still unclaimed after the deadline may be recalled to the Timelock at its discretion.

Actions

1. Transfer the USDC from the Timelock to the claim.
2. Accept ownership of the claim, opening phase one.

Resources

• Contract: https://etherscan.io/address/0xf297d6DD4D436D7DFbD0b865AEe44a01f9c749C3
• Source: packages/emptyset-reserve/contracts/claim/Claim2Step.sol
• Repository: https://github.com/equilibria-xyz/emptyset-mono