Objective:
Re-open quarterly redemptions for VOLTA holders, letting them redeem at liquid backing price plus a small percentage of illiquid assets (10%).
Details:
Dates
Quarterly redemptions will be open for 7 days, starting on the first day of January, April, July, October.
Whitelisting
Holders will have to vote on a dedicated snapshot.org proposal to whitelist their wallets and their current amount of VOLTA (identical to the voting power).
The snapshot will last 7 days and must be posted by the team 10 days before quarterly redemptions.
The whitelist snapshot must also contain an estimate of which and how many tokens will be received upon redeeming.
Calculations
Holders will receive the full liquid backing and 10% of the illiquid backing.
For all liquid assets, except SIFU, redeemers will receive the corresponding value in USDT.
Liquid and illiquid backing is calculated using the same criteria of performance fees.
If the treasury has or acquires other tokens deemed as illiquid, they will be added to the redemption using the same criteria, unless those tokens are not available on Ethereum and can’t be bridged.
For example, if each VOLTA is backed by:
- 2 SIFU
- 25 $ of other liquid assets (ETH, stablecoins, etc. excluding SIFU)
- 10 UwU
- 30 ITP
Then redeemers will receive:
- 2 SIFU
- 25 USDT
- 1 UwU
- 3 ITP
Execution
The day before a quarterly redemption, the exact liquid and illiquid backing is calculated.
The Volta team will create a contract on Ethereum to let users redeem VOLTA for a basket of assets, using the calculations described before.
When the redemption starts, the team will fill the contract with enough assets to let all whitelisted holders redeem their VOLTA.
When the redemption ends, the contract will be closed and remaining assets will be sent back to the treasury.
Only wallets that registered on the whitelist snapshot will be able to redeem their VOLTA, up to their whitelisted amount.