Transfer unclaimed Tinlake rewards to Centrifuge DAO Treasury
High-level objective
This proposal, if passed, will transfer unclaimed Tinlake tokens to Centrifuge DAO Treasury which will beneficially impact the self-sustainability of the Protocol.
Background
Over the past several years, CFG tokens were distributed to Tinlake investors as bootstrap rewards on Tinlake. However, after the Centrifuge Community approved CP61, the distribution of rewards on Tinlake was stopped.
Due to various reasons during the rewards distribution, not all Tinlake investors wanted to claim them. This resulted in a certain amount of unclaimed tokens being held in Tinlake wallets.
Up to date, Tinlake wallet holds 4,693,255 CFG tokes.
There has already been discussion among community members on the Governance Forum regarding the transfer of Unclaimed Tinlake Rewards to the Centrifuge DAO Treasury. Based on the feedback received on this topic, I would like to propose the following proposal to the Community.
Description of Activity
The primary purpose of this proposal is to provide ample time for Tinlake Investors to claim their rewards and transfer any unclaimed tokens after the provided period from the Tinlake wallet to the Centrifuge DAO Treasury wallet.
These transferred CFG tokens could be used for the benefit of protocol improvement for example Pool rewards on the Centrifuge Chain, Development, self-sustainability, future proposals etc.
The action plan structure:
Create an Opensquare snapshot vote
If the Opensquare snapshot vote passes provide 30 days period for claiming the rewards from the date of the approval of Opensquare Snapshot, after which any remaining tokens will be sent to the Centrifuge DAO treasury.
After 30 days from the approval of the Opensquare snapshot vote(if it is passed) upload an empty claim tree.
Create an on-chain governance vote for transferring unclaimed rewards from the Tinlake wallet to the Centrifuge DAO Treasury wallet.
Remove the pallet in the future upcoming Centrifuge Runtime Upgrade.
Change or improvement
Discontinue rewards claiming on Tinlake 30 days after the date this proposal passes (if it is passed)
Increasing Centrifuge DAO Treasury funds will ensure the ongoing development and maintenance of the protocol and will guarantee future development and innovation of the Protocol, as well as support other activities that are deemed to be in the best interest of the protocol and token holders.
On Tinlake, and thus I assume still on the Centrifuge App, users would have to be invested in a pool for 30 days before they could claim rewards. Completely redeeming from all pools would reset this counter, so they’d need to invest again for 30 days to be able to claim.
As you can imagine, this would be an issue here if users realize they still have unclaimed rewards but aren’t actively invested. @jeroen / @annamehr — do you know if this rule is still in place, and if so, can it be deactivated to facilitate people claiming their rewards?
Secondly, I’d suggest 60 or 90 days for the reward grace claiming period so that we have time to market it / inform users. I understand the dev/support overhead of keeping this in place, but 30 days feels too short of a time to me!
If investor withdrawed all his investment from Tinlake without claiming the rewards this lead me to think, that he won`t to claim his rewards at all. The proposal to stop the rewards has passed in August…
If the investor still have the active investment in Tinlake, so in this case the investor still can claim his rewards anytime from now until the upload of empty merkle tree (if the proposal passes)
We are almost there with the timing and even more.
The discussione started 1 month ago 15-11-2023.
RFC was posted 15-12-2023
In the best scenario the OpenSquare Snapshot vote will start 23-12-2023. Minimum Duration 7 days.
If the proposal will be accepted by the CFG token holders and passed, from that moment will be calculated +30 days => ~30.01.2023
Even without calculation the discussing time the min time from RFC will be around 45-50 days.
One of the recent similar proposal you can find in Arbitrum DAO (Arbitrum, a major layer-2 scaling solution for the Ethereum blockchain) AIP-7:
Timeline after execution of the proposal: ~14 days for claiming Arb rewards
11.09.2023 execution of the proposal
24.09.2023 transfer of tokens to Arb DAO treasury
After the end of the claiming period following CP81: Unclaimed Tinlake Rewards that was approved by Centrifuge DAO 29/01/2024 15.02 CET time the empty Merkle tree was uploaded and the claiming was discontinued.
The next steps:
Create an on-chain governance vote for transferring unclaimed rewards from the Tinlake wallet to the Centrifuge DAO Treasury wallet.
Remove the pallet in the future upcoming Centrifuge Runtime Upgrade.
The Centrifuge Community will be informed via this topic once the transfer is done and once the pallet is removed.
Best.
Update: 22th March 2024:
With CP94: Runtime Upgrade the rewards were transferred into Centrifuge Treasury :
!
Tinlake investors please claim your rewards before 29/01/2024
More information: