Title: [Termination of $REL Token Claims and Disposal of Unclaimed Tokens]
Authors: [Kurt]
Date Created: [2024-06-17]
Abstract
The claiming period for the $REL tokens from the First Season of REL Airdrop will conclude on July 2, 2024. This proposal outlines two options for handling unclaimed tokens: burning them by sending them to a blackhole address, or returning them to the DAO reserve for future deployment. Both courses of action are designed to encourage active participation in our protocol and help maintain token value stability.
Motivation
Despite allocating a significant share of 50,000,000 $REL tokens for the airdrop, approximately 80% of these tokens have remained unclaimed, and several addresses are no longer active in the Relation Protocol. To address this situation and ensure efficient token distribution, we propose two approaches for handling the remaining unclaimed tokens: burning them or transferring them into the DAO reserve.
Rationale
This initiative aligns with the community’s vision to promote an active and engaged ecosystem. An active community is crucial for the organic growth and adoption of $REL. The proposal seeks to incentivize community participation by ensuring optimal token utilization. To ensure equal representation in this RELP, we propose that each REL holder possesses the same voting weight, regardless of the amount of $REL held.
Key Terms
- To Burn $REL: To send all unclaimed $REL tokens to a blackhole address, effectively removing them from circulation. This action will reduce the total supply of $REL tokens and potentially increase the value of the remaining tokens.
- To Return $REL: To transfer all unclaimed $REL tokens to the DAO reserve for future deployment in initiatives that benefit the Relation Protocol ecosystem. This option allows for more flexibility in utilizing the tokens to support the growth and development of the protocol.
Steps to Implement
- Develop, test, and deploy smart contracts to execute the chosen course of action for unclaimed tokens.
- Communicate and educate community members regarding this update through various channels.
Timeline
- Development and Testing of Smart Contracts: Week 1-2 post approval
- Deployment of Smart Contracts: Post development and testing
- Community Communication: Post deployment
Budget and Distribution
This proposal does not require any additional funding, as the procedure will be facilitated using existing resources. Any minimal cost arising from this process will be handled under the limitations of our existing treasury budget.