Allow buy backs of pABI at a discounted price. Give pABI holders the same governance as ABI holders, and lock any bought back or traded pABI for the full three years (no linear vesting).
The team has decided to allow a buy back of pABI at the same discount price currently ABI is trading at in the market. For this purpose a uniswap v3 Pool has been setup with an initial liquidity of 50k DAI, and the team will provide more if needed. The pABI liquidity is a concentrated pool and will guarantee a price of $1.4-1.6 per ABI.
The acquired pABI will be moved to the Team DAO wallet and provided to contributors over a three year locked period (no linear vesting).
Due to the recent market downturn, some pABI holders had requested an exit. Given the stressed prices and to be fair to ABI holders, the price offered is much lower, however it allows them to sell the entire allocation without waiting for a three year unlock.
The team wants to align incentives with contributors and give them a much bigger locked stake in ABI. For this purpose the team is putting in funds to buy back the pABI at a discount.
How this helps us:
We can now offer a much bigger allocation to core contributors. Some of whom have recently joined us in marketing, sales & development.
The tokens will be unlocked in three years (when all pABI vest) so the long term incentives for contributors will also be locked regardless of market conditions.
Allows an exit at discounted prices for those who need one.
What will happen:
Any pABI sold or traded on the uniswap pool will be locked for the entire three years.
No change for any pABI holder that does not sell into the pool or trade their token.
Acquired pABI will be used to incentive new DAO members and give them a meaningful vote also.
Allow any wallet holding pABI to vote at the same weight as regular ABI holder.
After the three year unlock, each pABI may be directly redeemed for ABI with no backing or any other conditions.
Treasury backing will not go down as the funds for buybacks are coming from the team wallet and not backing.
- Yes - Lets vote
- No - (Please provide feedback)