TL;DR Return of Dispose of unvested pKLIMA in good faith. In a post Cooler world without a working DAO Olympus will not be able to provide active continued support and value to KlimaDAO.
Disclosure: I hold a very small amount of Klima (~$650 worth).
KlimaDAO was formed as a friendly fork of Olympus’ codebase to build a Carbon backed currency on Polygon Mainnet. Unlike most other forks, KlimaDAO has maintained a very different vision compared to OHM and has targeted a very different market and yet did share a close community and was launched with full support from Olympus. In return for using the codebase and support from Olympus Devs prior to launch KlimaDAO provided Olympus with 70,000,000 pKLIMA (pKLIMA can be converted to the liquid KLIMA token by providing 1 BCT). **OlympusDAO did not have to provide any additional capital or seed funding**.
Olympus to date has vested 19,178 of these pKLIMA and staked them, with the last vesting happening 651 days ago. The 19,178 BCT required to vest these was acquired OTC for ~68 OHM (equivalent to around $75,500 at the time) from a broker, paid in OHM. Important to remember, that at that time the narrative for OHM was one of “liquidity blackhole”, and Olympus treasury was largely averse to selling tokens it accrued, instead these tokens (and those accrued from other similar deals and Olympus Pro) were viewed as growing the diversity of the treasury and making OHM backed by a diverse basket of assets. These staked KLIMA eventually grew to 339,077.72 KLIMA tokens. As part of treasury conversion to stablecoins (as mandated by TAP28), Olympus sold these KLIMA tokens for $374,440.594451.
We propose that the above realized return of (at least) ~$300,000 is a good compensation for the code and initial dev help that OlympusDAO provided. Given that the working DAO is going to be dissolved post Cooler and On-chain Governance, there’s no continued value that OlympusDAO can provide to KlimaDAO. The pKLIMA OlympusDAO holds vests exclusively based on bonded supply expansion, and without liquid bond markets at KlimaDAO it is highly unlikely any remaining pKLIMA will accrue further value to OlympusDAO. With this context, we propose that OlympusDAO dispose off (or return to klimaDAO) the remaining pKLIMA as an act of good faith to remove this overhang and uncertainty that this may result in for Klima Protocol and Klima token holders. (we note that Olympus recently agreed to forego its future claim on Redacted Protocol for similar reasons and in good faith - after realizing some of the value in the form of an OTC deal).
The options that can be presented in a formal TAP can be the following (final poll options will be based on community feedback)
Burn all remaining pKLIMA by sending it to polygon burn address.
Send remaining pKLIMA to KlimaDAO treasury.
Keep at most 1,000,000 pKLIMA, burn the rest.
Keep at most 1,000,000 pKLIMA, send rest to KlimaDAO treasury.