Executed

TIP-120: Return Unvested Tokens


ID 105922...6684

ID 105922...6684

Proposed on: Aug 19th, 2022

Proposed on: Aug 19th, 2022

Votes

Actions

Type

Address

Details

Custom

0x38Af...1E5f

acceptBeneficiary(..)

Custom

Account

0x38Af...1E5f

Method

acceptBeneficiary(..)

Custom

0x7D80...fE0F

acceptBeneficiary(..)

Custom

Account

0x7D80...fE0F

Method

acceptBeneficiary(..)

Custom

0x7D80...fE0F

unlockLiquidity(..)

Custom

Account

0x7D80...fE0F

Method

unlockLiquidity(..)

Custom

0x9928...590A

transfer(..)

Custom

Account

0x9928...590A

Method

transfer(..)

Custom

0x9928...590A

transfer(..)

Custom

Account

0x9928...590A

Method

transfer(..)

Custom

0x378C...B7dA

redeemLiquidity(..)

Custom

Account

0x378C...B7dA

Method

redeemLiquidity(..)

Custom

0xc728...212B

approve(..)

Custom

Account

0xc728...212B

Method

approve(..)

Custom

0xc728...212B

transfer(..)

Custom

Account

0xc728...212B

Method

transfer(..)

Proposal

TIP-120: Return Unvested Tokens

Fei Labs will stop participating in the Tribe DAO upon completion of the TIP-121 proposal here https://tribe.fei.money/t/tip-121-proposal-for-the-future-of-the-tribe-dao/4475. This DAO vote will only transfer any unvested Fei Labs tokens to the DAO and move TRIBE from the DAO timelock to the treasury, with no actions related to TIP-121.

There are two timelocks of such unvested tokens of note, the TRIBE timelock which has 88909000000000000000000000 (~88.9M) unvested TRIBE and the FEI-TRIBE LP Timelock which has 132453262024125114893965413 (~132.4M) unvested LP tokens. The end date for the vesting used is July 1, 2022. All of these tokens will be returned to the DAO by granting ownership of the timelocks to the DAO. The DAO could claim the tokens from the timelocks as needed or simply account for them as not in circulation.

Note the LP Timelock includes a portion 23996686013920804984559112 (~24M) LP tokens which are locked for Fei Labs early supporters. These will be transferred to a new timelock and remain as liquidity, after returning the team’s unvested LP tokens to the DAO.

The FEI-TRIBE LP Tokens which return to the DAO would be broken up into FEI, which would be burned, and TRIBE, which would be sent to the treasury. The benefit of breaking up these LP tokens is having certainty on the number of TRIBE in the treasury and FEI removed from circulation for accounting purposes.

Votes
Status