I am in favor of the tender framework (more so to acquire productive rather than dying protocols). Appreciate the team bringing this offer to the forums.
Have reservations though:
If this goes through a savvy trader would:
1. Buy SPA -> Redeem to gOHM -> Sell gOHM -> Free money
Because of the above, others would:
2. Use the v3 pool to sell and front-run the sells that are about to come from SPA holders by exiting out of their own red bags.
Their community seems very divided on this proposal. Lets assume 30% of them decide to sell. Are we absorbing 30% of the sell pressure from the treasury?
As it currently stands, this would be a no (personal opinion), and I would recommend the same to Abachi treasury & policy teams. This would be a much better aligned proposal had we been buying these assets at a discount. They are already at a discount right now at market because backing is higher than market price.
For this to be a good proposal my suggestions:
1. Lock the gOHM for 1 year or 6 months on redeem.
2. Lock the price at slight premium to market for the treasury. Not a premium to backing. Provide unlimited liquidity to redeem SPA -> gOHM at this price. e.g. $20 (currently trading at 15)
3. Remove the developer grant. Makes no sense. We are already bailing out the devs and core team, traditionally they would be the biggest token holders. Replace the grant with actual job offers via an interview process for those we think should be absorbed (like any other merger).