SDGP#52: Finalization Process for Unclaimed Rewards in Legacy Stake DAO Merkle Trees
Introduction
This document outlines the procedures and rationale for finalizing the claim processes for unclaimed rewards distributed through legacy Stake DAO Merkle trees. By establishing clear deadlines and transferring unclaimed assets to the Stake DAO treasury, aiming to enhance operational efficiency and asset utilization within the DAO.
Summary:
This proposal establishes definitive claim deadlines for several unclaimed rewards across legacy Stake DAO Merkle tree 0x414cbb5c7cf637b7030965b5ee84504c64c10c29 : 3CRV rescued 3 years ago from the old sdveCRV fee distributor, cvxPRISMA from the Prisma airdrop, and GNO rewards from a previous sdCRV votes incentives. After the respective deadlines pass, any unclaimed assets will be systematically transferred to the Stake DAO treasury, reducing maintenance overhead for underutilized claim interfaces.
Context:
Stake DAO has historically implemented various Merkle tree mechanisms to distribute rewards to users. Currently, significant assets remain unclaimed across several distribution systems:
- 3CRV rewards rescued from the sdveCRV fee distributor
- cvxPRISMA tokens from the Prisma airdrop
- GNO rewards from old sdCRV votes incentives OTC
Despite extended availability periods, meaningful claim activity has ceased for these assets. The current situation necessitates maintaining legacy claim interfaces in the Stake DAO UI where no significant claims occur anymore, creating unnecessary maintenance overhead.
Rationale:
The prolonged duration of unclaimed rewards indicates potential unawareness or loss of access by the rightful owners. To ensure optimal fund utilization and maintain Stake DAO’s commitment to operational efficiency, instituting final claim deadlines is necessary. Post-deadline, transferring unclaimed assets to the treasury will enable the DAO community to effectively reallocate these resources for productive use.
Additionally, with the Resupply launch, converting the unclaimed cvxPRISMA to RSUP tokens promptly is strategically advantageous, justifying an accelerated deadline for this specific asset.
These actions are carried out under the governance protocol outlined by Stake DAO, ensuring compliance with relevant operational frameworks governing asset management and redistribution.
Means:
This proposal requires:
- Update the relevant Merkle trees to enforce the final claim deadlines and facilitate the transfer of unclaimed rewards to the treasury.
- Communication efforts to notify potential claimants about the impending deadlines.
Technical Implementation:
Smart contracts will be developed to incorporate the following functionalities:
- Set and enforce the final claim deadlines for each asset class
- Once the respective deadlines are reached, update the Merkle roots to enable only the Stake DAO treasury to claim remaining assets
- Automated transfer mechanisms with comprehensive testing to ensure security and accuracy
- Identify potential risks related to the transfer and conversion process, and outline contingency plans to mitigate risks
Timeline and Roadmap:
- Proposal Approval (Week 1): Secure community endorsement for the proposal
- Announcement Phase (Weeks 2-3): Announce the final claim deadlines:
- One year window for 3CRV rewards and GNO rewards
- One month window for cvxPRISMA (expedited due to Resupply launch)
- Development Phase:
- cvxPRISMA (Weeks 4-5): Develop and test Merkle tree updates and conversion mechanism
- 3CRV & GNO (Weeks 50-53): Develop and test merkle tree updates
- Execution Phase:
- cvxPRISMA (Week 6): Update Merkle tree, and transfer unclaimed assets to treasury
- 3CRV & GNO (Week 54): Update Merkle trees and transfer unclaimed assets to treasury
- UI Cleanup (Week 55): Remove legacy claim interfaces from Stake DAO UI
Proposal Specifications:
- Admin(s): veSDT holders
- Community Feedback Period: Minimum of 3 days
- Voting Duration: 7 days
All actions and implementations described in this proposal will adhere to applicable laws and regulations to ensure legal compliance and uphold the integrity of Stake DAO’s operations.
- YES
- NO
0 voters