Swap Olympus DAO’s BTRFLY holdings and all future vesting for $3.75mm in gOHM from Redacted DAO (“Redacted”).
Since its inception, Redacted and Olympus have enjoyed strong collaboration and cooperation. Over time, however, the strategic missions of the protocols have diverged. As such, in the spirit of cooperation, we believe the swap will be mutually beneficial, allowing further consolidation of the Olympus treasury while simplifying Redacted’s token vesting and token structure.
gOHM Price: $2,850
Total gOHM sent to Olympus from Redacted: 1,315.8
Total BTRFLY sent to Redacted from Olympus: 5,429.23
Cancellation of future Olympus vesting in Redacted
Mutual release of all claims against the respective DAOs, contributors, multisigs,...
A vote in favor of this proposal supports these dependent actions of Redacted and from Olympus:
1a/ Redacted DAO will terminate all future vesting of BTRFLY to Olympus DAO immediately upon proposal passing.
1b/ Redacted DAO will make a payment to Olympus DAO in gOHM tokens, equal to 790 gOHM tokens at a fixed price of $2,850 USD per gOHM immediately upon proposal passing.
2a/ Olympus DAO will pay Redacted DAO all of the unlocked BTRFLY in its possession, equal to at least, 2629.78 BTRFLY(78.38 in wallet and 2,551.40 unlocked rlBTRFLY) immediately upon proposal passing.
2b/ Redacted DAO will make a further payment to Olympus DAO in gOHM tokens, equal to 245 gOHM tokens at a fixed price of $2,850 USD per gOHM immediately upon receipt of the tokens aforementioned in (2a).
3a/ Olympus DAO will send all of the unlocked BTRFLY in its possession to Redacted DAO at each subsequent payment date, with payment dates being at a minimum two Payment Dates:
On September 30, 2023 for at least 2,641 BTRFLY
On November 15, 2023 for all remaining BTRFLY
3b/ Redacted DAO will make a pro-rata payment to Olympus DAO of the remaining 280.8 gOHM, relative to the portion of total outstanding BTRFLY sent by Olympus DAO at each 'Payment Date' specified in 3a. These payments from Redacted DAO will occur within 3 days of Olympus DAO corresponding payments of BTRFLY.
This proposal will not go into effect unless the Redacted governance also approves of this agreement (Link).
The purpose of these mutual snapshot votes is to settle any potential disputes between Redacted and Olympus. The cancellation of the vesting for Olympus and a symmetric release of claims against Redacted is sufficient consideration for this release of claims against Olympus. Failure to complete any of the steps above will void this agreement.
For: In favor of swap + cancel vesting
Against: Against swap + cancel vesting
If there is sufficient support, we will move to OIP in 48 hours.