[CMP #11] - Re-open quarterly redemptions (liquid backing only)


[CMP #11] - Re-open quarterly redemptions (liquid backing only)



Snapshot:

https://snapshot.org/#/cmp.bestfork.eth/proposal/0xdbe4da5ff25d9ab26b7a70c924d9fb39a82450001bed404d477038ecd9669d48

Objective:

Re-open quarterly redemptions for VOLTA holders, letting them redeem at liquid backing price.

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, no illiquid assets will be distributed.

For all liquid assets, except SIFU, redeemers will receive the corresponding value in USDT.

Liquid backing is calculated using the same criteria of performance fees.

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

Execution

The day before a quarterly redemption, the exact liquid backing is calculated.

The Volta team will create a contract on Ethereum to let users redeem VOLTA for a SIFU and USDT, 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.


Voting has now closed for CMP #11.

[CMP #11] - Re-open Quarterly Redemptions did not pass , with 89.81% of votes opposed.