Summary:
The purpose of this proposal is to enable sdCRV holders to discuss and choose the method to be used when claiming the PRISMA token airdrop.
Context:
The Prisma protocol recently launched and announced the arrival of their governance token: PRISMA.
It follows the veTokenomics model with its own parameters and mechanics. For more information, please visit the following links:
- Prisma documentation: https://docs.prismafinance.com/
- Prisma Mirror articles: Prisma Finance
As Stake DAO has decided to vote in favor of the following Curve Governance Proposal: Whitelist the Prisma DAO CurveProxy contract - Proposals - Curve.fi Governance, sdCRV holders are eligible for the PRISMA token airdrop.
The purpose of this post is to allow sdCRV holders to discuss and choose which method will be used to claim the airdrop.
Rationale:
There are several options available:
- Prisma has announced that eligible addresses will be able to fully claim their tokens only after a 52-week lock period. The first option is therefore to wait until the end of these 52 weeks.
- Eligible addresses can also decide to accept a time-based penalty on the claimable amount, by deciding to claim before the end of these 52 weeks. The penalty decreases by 1/52 each week. The earlier a user claims, the fewer tokens they will receive.
- Finally, Convex has announced the cvxPRISMA token, the liquid derivative of vePRISMA (https://twitter.com/ConvexFinance/status/1691459191297474560). Eligible addresses will be able to choose to claim cvxPRISMA at a 1:1 ratio. However, the liquidity factor must be taken into account, as it may lead to a temporary depeg and therefore a decrease in airdrop value.
Means:
Human resources: Minimal developer time needed
Treasury resources: No treasury resources needed
Timeline and Roadmap:
As of now, Prisma hasn’t given any ETA for the airdrop, but it is supposedly happening in the short-term future.
Voting options:
- Wait for the 52-week lock and claim native PRISMA at a 1:1 ratio
- Claim the airdrop as cvxPRISMA
- Other (discuss other options)
Proposal specifications:
- Admin(s): sdCRV holders
- Community feedback: 2 days min
- Voting duration: 5 days