Float Protocol (Bank) (BANK) news

16 Apr 2023, 10:41

# FIP 029 - Treasury distribution and Community Ownership ## Summary Dissolve the Float Protocol Treasury and hand Float Protocol completely over to the Community. ## Motivation It has been a wild ride so far. Float Protocol was and still is one of the first truly decentralised floating currencies for web3. Unfortunately, despite cries for decentralisation, the crypto community is not exactly ready to move over to *DeFi Money*. Although FLOAT has worked as expected and survived through some of the greatest market downturns in history, the truth is that FLOAT has struggled to find product market fit since its launch in 2021. Moreover, it does not look like this is going to change any time soon. It seems appropriate to accept this reality and put forward a plan to remove the current Core Team, commiserate supporters and place the project in the hands of the Community via the process outlined in the following steps: ### Process 1. No BANK Team Tokens are to be minted and The Core Team shall not receive any BANK Team Tokens (be they vested, minted or non-minted). 2. Remaining FLOAT, BANK, FLOAT-ETH and BANK-ETH LP tokens in the [Treasury](https://etherscan.io/address/0xF7778C13eA98a857312F2b6a6f3bbc4Ac344fF67) shall be burned (The liquidity remains on the DEX, the Treasury is no longer the provider/controller). 3. Remaining funds in the Treasury and Developer multi-sigs (ETH, WETH, USDC, DAI, SUSHI, ENS) will be used to purchase WETH from the market at the market price. All WETH obtained will be sent to the autonomous Float Protocol [Basket](https://etherscan.io/address/0xf3b29cead29cbeb35cf9371504da2ff4770c59ec). 4. Remaining Treasury sundry tokens will be burned. 5. All multi-sig signers of the Treasury and Developer multi-sigs will be removed. This process is to be carried out within 90 days of the Proposal passing should it be approved by the Community. Alternatives to dissolving the treasury multisig were considered, but ultimately either required new untested code, or opened up possibly exploitable scenarios given the low liquidity in pairs and/or the need for secrecy of the plan. For instance, we considered direct buybacks of BANK for WETH. However, to perform this process as, for example, Yearn does, it requires significant liquidity to prevent a short term manipulation to extract funds by changing the prices. ## Points of Information The Float Protocol contracts and front-end code are open-source and on GitHub and Etherscan. Example code for arbitrage bots to participate in the Protocol Dutch Auctions is also available on the Float Protocol GitHub, enabling builders and traders to continue expanding on top of Float Protocol. The Core Team will no longer maintain or assume any responsibility to maintain Float Protocol. FLOAT and BANK will continue to live on, the Dutch Auctions will still run and the Protocol will be put in good stead with additional funds added to the battle-tested Basket via this Proposal further supporting the value of both FLOAT and BANK. This Proposal places FLOAT in the realm of complete autonomous decentralisation. ## The Vote Vote Yes, to dissolve the Float Protocol Treasury and hand Float Protocol over to the Community. Vote No, to do nothing.

# FIP 029 - Treasury distribution and Community Ownership. ## Summary.

# FIP 029 - Treasury distribution and Community Ownership ## Summary Dissolve the Float Protocol Treasury and hand Float Protocol completely over to the Community. ## Motivation It has been a wild ride so far. Float Protocol was and still is one of the first truly decentralised floating currencies for web3. Unfortunately, despite cries for decentralisation, the crypto community is not exactly ready to move over to *DeFi Money*. Although FLOAT has worked as expected and survived through some of the greatest market downturns in history, the truth is that FLOAT has struggled to find product market fit since its launch in 2021. Moreover, it does not look like this is going to change any time soon. It seems appropriate to accept this reality and put forward a plan to remove the current Core Team, commiserate supporters and place the project in the hands of the Community via the process outlined in the following steps: ### Process 1. No BANK Team Tokens are to be minted and The Core Team shall not receive any BANK Team Tokens (be they vested, minted or non-minted). 2. Remaining FLOAT, BANK, FLOAT-ETH and BANK-ETH LP tokens in the [Treasury](https://etherscan.io/address/0xF7778C13eA98a857312F2b6a6f3bbc4Ac344fF67) shall be burned (The liquidity remains on the DEX, the Treasury is no longer the provider/controller). 3. Remaining funds in the Treasury and Developer multi-sigs (ETH, WETH, USDC, DAI, SUSHI, ENS) will be used to purchase WETH from the market at the market price. All WETH obtained will be sent to the autonomous Float Protocol [Basket](https://etherscan.io/address/0xf3b29cead29cbeb35cf9371504da2ff4770c59ec). 4. Remaining Treasury sundry tokens will be burned. 5. All multi-sig signers of the Treasury and Developer multi-sigs will be removed. This process is to be carried out within 90 days of the Proposal passing should it be approved by the Community. Alternatives to dissolving the treasury multisig were considered, but ultimately either required new untested code, or opened up possibly exploitable scenarios given the low liquidity in pairs and/or the need for secrecy of the plan. For instance, we considered direct buybacks of BANK for WETH. However, to perform this process as, for example, Yearn does, it requires significant liquidity to prevent a short term manipulation to extract funds by changing the prices. ## Points of Information The Float Protocol contracts and front-end code are open-source and on GitHub and Etherscan. Example code for arbitrage bots to participate in the Protocol Dutch Auctions is also available on the Float Protocol GitHub, enabling builders and traders to continue expanding on top of Float Protocol. The Core Team will no longer maintain or assume any responsibility to maintain Float Protocol. FLOAT and BANK will continue to live on, the Dutch Auctions will still run and the Protocol will be put in good stead with additional funds added to the battle-tested Basket via this Proposal further supporting the value of both FLOAT and BANK. This Proposal places FLOAT in the realm of complete autonomous decentralisation. ## The Vote Vote Yes, to dissolve the Float Protocol Treasury and hand Float Protocol over to the Community. Vote No, to do nothing.

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