We’ve had a live discussion this past week both in Curia and in the Vesta discord regarding potential remediation steps to progress away from current founder deadlock in a way that is equitable to all VSTA holders.
It is now time to review a fair Snapshot Governance vote structure, which will be released 72hrs after the initial proposal went live in the Curia Forum, corresponding to Sept 18th at 6:08am UTC at the earliest. This 3-day cool-down period follows from Mikey’s discord message which has been ratified by the community via a discord vote.
The pending vote will present the two proposals posted on the Curia Forum i.e. VSP5 and VSP6, both of which have been heavily discussed by the community for the past few days and are objectively the most-researched and well-corroborated proposals presented.
Note that the snapshot vote will contain all pertinent details presented by the two proposals in the body such that each holder has all the relevant info presented. For the sake of brevity, links are provided here instead:
CHOICE 1: Proposal VSP5
- Objective: Sunset the token. Allow runway for Vesta2.0 funded by VSTA treasury.
- Vesta 2.0 Runway: $1.5m
- Token Redemption: Every $VSTA can be redeemed for ~$0.437.
- No expectation of future equity by VSTA holders
- Link: [Proposal] VSP-5 - "Optional Rage Quit to Give Team Runway" Specification
CHOICE 2: Proposal VSP6
- Objective : Unwind the project.
- Details :
- Vesta 2.0 Runway: No additional runway.
- Token Redemption: Every VSTA can be redeemed for ~$0.50
- Link: [Proposal] VSP-6 - Dissolve Specification
CHOICE 3: Try Again
- Objective : Ensure that there is a way to revert to the drawing board for a new proposal if a particular issue has been overlooked by the two prior proposals presented.
- In the event of VSP5 or VSP6 being voted in, the team will remove VSTA-ETH LP to ensure certainty in the circulating supply and all vesting will be stopped at the block number corresponding to the end of the Snapshot vote.
- In the event of either VSP5 or VSP6 being voted in, the team led by the multi-sig executors will ensure timely consolidation of all treasury assets including miscellaneous positions such as StakeDAO into USDC whilst maintaining ARB exposure. Large positions can be TWAPPED (rather than market sold) over a reasonable number of days to ensure best execution for the DAO.
- Currently there is a discrepancy between numbers of the two proposals. Whilst it is not large, updated circulating supply/Treasury numbers must be presented post vote. Circulating supply is ~21,819,866 given @sunshineplaza’s latest comments on forum. (This is not trading advice. Do not trade on the preliminary numbers provided here. They are subject to change).
- Team / Advisors / Angel Vesting. Team and advisors no longer work at VSTA in its current form hence it makes sense to burn their vesting. Angels have paid for their tokens in full and as such it makes sense to accelerate their vesting. This figure results in an additional ~994,936 tokens to the circulating supply in (3) per the latest figures provided by the team.
- Finally, all circulating VSTA is treated equally with equal claim, no token holder should be discriminated against