Atum and Midnight Rage Quit from vesta
-Founders Atum and Midnight “Rage quit” from their position at Vesta to ensure better future for all Vesta related members
-Demand treasury value buyout of their vested shares
-All unvested tokens will be returned to the treasury or burned
-Vesta continues un-impacted with current assets and IPs
In the last year in Vesta, there has been an unhealthy amount of internal conflict, bad structure and management, and bad faith behavior directed towards two of the co-founders, Atum and Midnight. Multiple attempts have been made over the year to fix the problems, but due to the lack of cooperation, lack of trust and general cultural differences, these attempts have not led to anything fruitful. The impact on the development of the products and on the Vesta brand have been significant.
Founders Midnight, Atum have taken the decision to “rage quit” from Vesta and let Mikey run it in the way he sees fit. In this proposal we are demanding fair compensation for the work, value and shares that was brought through the inception, the engineering of the products, the support and management of the company and the continued good faith towards the members, participants and co-workers at Vesta.
The motivation of this departure is to ensure the smooth operations and future at Vesta. As stated before, the current environment supporting all founders does not work efficiently and it is detrimental to the development of the protocol. By dissociating and compensating the current parties, we remove the friction brought by the conflicting opinions and mindsets and also make the removed founders whole for their significant contribution.
If we evaluate current Vesta treasuries, they have a total value of $10,414,603.27
Founders Atum and Midnight have not sold a single VSTA since the inception of the protocol, each accumulating a total of
1,693,692.14 $VSTA vested tokens (taken at block 129355810)
Current circulating supply of VSTA is roughly
25,514,788.88 $VSTA (snapshot taken at block 129356661, snapshot can be re-evaluated)
Evaluating current treasury value of VSTA would be:
Value of treasury / Circulating supply
= 10,414,603.27 / 25,514,788.88
= ~$0.40817 / VSTA
This would equal a total of $691,329.714 for each respective leaving founder. Both founders would agree on an amount of 650,000 USDC in order to leave a bit more resources to the protocol to operate.
Any member from the taken snapshot who holds VSTA that decides they want the same treatment as the leaving founders will also be able to redeem their VSTA as same as the leaving founders. The assets of redemption will be a mix of what is available in the treasuries (ETH, USDC, ARB) , The methodology is also subject to debate if this proposal is accepted by governance and will also be subject to another snapshot before being enforced. There is a one month period where users will be able to redeem
The founders would agree to ship the current V2 in progress before being compensated and will not be taking any salary to preserve the treasury resources as good faith towards the users of the protocol, the members and the remaining founder of Vesta. Once the V2 is shipped and stable, Atum and Midnight relieve themselves as founders and any other roles they occupy at Vesta, their association is officially over and they will receive their compensation.
Note: If this proposal were to be edited, deleted or not posted to snapshot in 48h, both leaving co-founders (Atum and Midnight) will be twapping their tokens to the market within 48 hours. In the eventuality where proof of bad faith is necessary, we will post a timeline of said proofs where nefarious actions were taken at Vesta.
While commenting on this proposal, please use the provided template.
: Status (Retail / LBP / Angel / Team)
: Preferred proposal (VSP-1 or VSP-2)
: Estimate amount of VSTA
For: V2 finishes development by the leaving co-founders and the team, Atum and Midnight rage quit, as well as any member who wishes to follow.
Against: Leaving co-founders will twapping their tokens to the market