SUDAO-IP-11: Mechanics of suINT KPI Options Redemption (PASSED)

SUDAO-IP-11: Mechanics of suINT KPI Options Redemption

Rationale:

In SUDAO-IP-7 a one time proposal to solve the blockers around distribution of our suINT 1st epoch KPI Options.

The main blocker being:

A snapshot vote is unable to trigger the SU safe into the actions of approving contract collateral or minting the Long / Short tokens. We require an alternate method.

Our epoch 1 KPI Options (suINT) has now expired and the DAO currently holds 75,000 suINT short tokens and 2,976 suINT long tokens.

It is hereby put forth that the Treasury team’s Gnosis Multi-sig safe handles the steps in a similar mechanic described in SUDAO-IP-7 to allow us redeem our now expired KPI Options for their underlying collateral ($UMA tokens).

Content of the proposal

Proposed Mechanics

  • The SU DAO Treasury’s Polygon safe will be authorized by a successful vote of this proposal to send 75,000 suINT short tokens and 2,976 suINT long tokens to the Treasury’s team Multi-sig.
  • The Treasury team Multi-sig will redeem our expired KPI Options for their underlying collateral ($UMA tokens)
  • Immediately following the redemption of said tokens, the Treasury team Multi-sig will send the redeemed $UMA tokens to the SU DAO Treasury’s Polygon Safe.

What on-chain actions might this proposal entail:

Ratification of this proposal via quorum on a snapshot vote would trigger the SU DAO Treasury’s Polygon Safe to send 75,000 suINT short tokens and 2,976 suINT long tokens to the Treasury’s Team Gnosis Multi - Sig.

Here’s the Treasury’s Team Gnosis Multi-sig Address:

0x321Ae246673ab8F31A73d7bB5900C7B97D4AD38A

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Thank you for working on this. Out of interest have any if our partners been affected by a similar issue?

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Gracias :grinning: - I don’t think anyone has tried using Snapshot to trigger a vote to Mint / redeem KPI Options. Although it’s not impossible to do so, we need someone to write the JS for the transaction and we don’t have anyone that can do that at the moment so this is the only viable alternative at the moment.

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Hello, sorry for the noob question, but can we have some more data, what’s the equvalent of this KPI’s in UMA tokens? Thank you!

1 Like

1 Short token = 0.45 $UMA
1 Long token = 0.15 $UMA

75,000 Short tokens would be 75,000 * 0.45 $UMA
2,963 Long tokens would be 2,963 * 0.15 $UMA

More info here - Umaverse

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