TIP-121: Proposal for the future of the Tribe DAO

Proposals
61

Below is a suggestion for how to proceed with the completion of the consolidation step in the proposal and the next steps, the Fuse Hack Payment and Final Redemption.

The main part of the consolidation step has executed on-chain and the ETH and LUSD sales have already started and will complete at roughly 6pm PT, Tuesday Aug 30. In addition, a Tribal Council action to claw back Rari Team tokens to the DAO timelock has been queued. It is slated to execute Tuesday Aug 30 as well.

The “Explore OTC for gov tokens” has begun and any communities looking to buy one of the LQTY, FOX, INDEX, veBAL, veAURA, or veANGLE should post a quote here on this forum or in another forum post.

On Wednesday at 4pm PT, the best offers for each would be snapshotted along with a second option. For liquid tokens the second option would be “distribute pro rata”, for veTokens, the second option would be “give contract ownership to respective DAO” i.e. veAURA to the Aura DAO etc. The reasoning for this would be that these ve-token contracts can only have a single owner and would not otherwise have a distribution mechanism.

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For the Fuse Hack Payment, the next step would be a snapshot vote with 4 options, approval style:

  1. Distribute the value of ~57M TRIBE to the hack victims
  2. Distribute the value of ~82M TRIBE and ~4.5M stables to the hack victims (combining all Rari-related assets described above across a number of comments/suggestions)
  3. Issue a full hack payment to all victims
  4. No hack payment

If 1, 2, or 3 wins, an on-chain vote would be posted at some point between Sept 12 and the end of September, with an exact date pending the complete security audit of the distribution contract.

Given the timeline above, we suggest a snapshot date for the Fuse Hack Payment on Tuesday, Sept 6. This week, a complete accounting of protocol assets can be provided along with a methodology for computing Intrinsic Value to have a fully informed vote. This gives time for after the completion of the majority of consolidation, OTCs, and clawbacks.

The asset distribution portions of the Final Redemption step should be ready to post on-chain within 1-2 weeks of the Fuse Hack Payment.

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