Should StaFi DAO stake treasury FIS?
Ended 7mos ago
closed
Description

Motivation

StaFi is actively undergoing decentralization, aiming to become a permissionless, contributor-driven DAO. In order to enhance transparency and promote long-term sustainability, we are releasing the details of the DAO treasury. Here is the list of the treasury's contents:

Address FIS Amount Available FIS Amount rFIS Amount Type
36JkR8Gzx2tAUaVzHeRQhbsfL5J14j1hrCrYo1F851FLcM4V 40,146 40,416 3,737,606 Genesis(StaFi Chain)
31XQjajM9x14JvUoXE6tMqkRzf2NfGxqmk45szTwHsF7vkq7 1,686,969.923 1,686,969.923 2,417,823 Genesis(StaFi Chain)
33UFoCxwXDJwWKKDBx6xp68X7rtBLXun5TvSxtoKmB6KwZnP 0 0 0 Genesis(StaFi Chain)
3327TuapxKGaDVaj6rSyywBQWmbZkiCNHRjfs8hCUzK3eeux 6,300,000 6,300,000 0 Genesis(StaFi Chain)
34e1uL9Y8pJnb2F13x1K3ppHJ4UF9txUYbM2CgqcdSewfsa2 6,300,000 6,300,000 0 Genesis(StaFi Chain)
31ocHCL7Dw8YJC9zeHT7UXiA4ZgjDwzWQgphRKGbSX41fcCg 6,308,683.771 6,308,683.771 0 Genesis(StaFi Chain)
33DgUpArHKJgYMepNaqkXFEzYipuD8UYfZsXDmG8ZbHStWAw 14,004,813.98 14,004,813.98 0 Inflated reward(StaFi Chain)
stafi1gy5jtfmxw9nyr0p4mkfh9lakegm3jxn3sjdvea 4,224,875.39 52,568 0 StaFiHub

We have a total of 36,231,969.82 FIS and 6,155,429 rFIS in the Treasury, which includes both the Inflation Treasury and the Community Treasury allocated from Genesis Sumup. This represents approximately 34.61% of the total supply.

Upon examination, it is evident that a significant portion of the FIS remains unused in the wallet balance, without being utilized by the core team or the community. This results in a substantial loss for the treasury and undermines the confidence of FIS holders. To address this issue and enhance the treasury's effectiveness, we propose staking the majority of the treasury FIS on the StaFi Chain.

Furthermore, we will ensure transparency by providing regular updates on the status of this portion of the treasury in the monthly financial reports.

Specification

Currently, the primary purpose of FIS in the treasury is to incentivize liquidity providers (LPs) to contribute liquidity to rTokens across various DeFi protocols and reward StaFi Hub validators for securing rTokens in the Cosmos ecosystem. LP incentives are regularly disclosed in the financial report, while the annual incentives for StaFi Hub validators amount to approximately 2 million FIS. Based on calculations, the combined annual expenses for LP and validator incentives total around 5 million FIS, which represents approximately 13.8% of the FIS held in the treasury.

To maintain flexibility and reserve funds for the next two years, as the one-year incentive of 2 million FIS for StaFi Hub is set to expire and requires reallocation. The plan is to designate approximately 9 million FIS (25%) as working capital, which includes the new one-year incentive for StaFi Hub. The remaining 27 million FIS will be staked on the StaFi Chain.

Action

If this proposal undergoes thorough community discussion without any objections, the core team will proceed with staking approximately 27 million FIS on the StaFi Chain. The earnings generated from this staking and the expenses from the treasury will be transparently disclosed in the monthly financial report.

Vote

For: Support StaFi DAO to stake Treasury FIS.
Against: Do nothing.

Please read the full SIP here.
You can read discussion around this in the forum thread.

Optionssingle

Votes·7

32Ri...LBji
32Ri...LBji
32Ri5hnwxxCjhTRLf33Y9NK8HHMRiLU73GnpeHbuGM3ZLBji
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# 1
104.58 VOTE
35hD...KMZv
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35hDZm19qnWq6rUaojxc1TBAZQzAXCuGbEYpc3JxTCMjKMZv
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# 1
1.21K VOTE
34pu...hraf
34pu...hraf
34puokGHCkw5ZXn36wJa4HTCwrdAZsDfe5oVcSMTkHqNhraf
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# 1
1M VOTE
31JR...YdGm
31JR...YdGm
31JRK5pKnQzN8Q9u9go7Zm7fGU89sWoE8e1Yrp7wgnxsYdGm
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# 1
8.13K VOTE
33F9...Houv
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33F9iamz8DsbzdnddKWqkh3ZWtAqyWvYbsJKnw74DFapHouv
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# 1
631.25 VOTE
31fV...7QFu
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31fVGbLbAiPubTKx8ZboxR7F85ypXSQUFze85YQkXwNU7QFu
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# 1
112.22K VOTE
36MU...JLCu
36MU...JLCu
36MUw88yEkRwDD5u1cPLExpYUs2f9JU8UpZj8sMETM4QJLCu
For
# 1
262.17 VOTE

Discussions·1

7mos ago

There're some data correction in the "Specification" and "Action" sections. The corrected data and relevant information can be found by reading the full proposal on the forum.

Information
Snapshot
Assets(4)
FIS
x10
rFIS
x17
FIS
x10
rFIS
x17
Timestamp
Created
Nov 03 2023 08:19
Start date
Nov 02 2023 16:00
End date
Nov 09 2023 16:00
Results
Voted
1.13M VOTE
Voters
7
Quorum
Quorum
1.13M
 / 
400K
 
quadratic-balance-of
For
1.51K VOTE
 
Against
0 VOTE
 
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