Hello,
This is a proposal to distribute the SAFE allocation received by the protocol through its different multisig to veANGLE and staked sdANGLE holders.
Context
The management of the protocol involved some multisig which held assets. This is the case of the governance multisig of the protocol, but also of the guardian and the AngleMaster multisig of the protocol. These multisig were Gnosis Safe multisig and got therefore eligible to the SAFE airdrop.
While some of the SAFE rewards are being vested, other are already accessible to the protocol. On the vested tokens, the different multisig control:
- AngleMaster: 3378.82 SAFE
- Guardian: 2625.8671 SAFE
- Governor: 94938.127 SAFE
These multisig continue to have utility nowadays, typically the governance multisig is now an emergency multisig which can track all onchain votes going through the protocol.
While veANGLE holders have already faced in the past the downsides of the composability of the protocol sometimes relying on infrastructure from other systems (cf Euler hack), as the stakeholders most incentivized on the long term success of the protocol, they should also be exposed to the upsides that this composability brings.
Proposal
The proposal is to allocate the 100,942 SAFE tokens received by the protocol on Ethereum across its different multisig to veANGLE and staked sdANGLE holders based on their token balance on the 1st of June 2024 at 3pm CET.
The bigger the veANGLE balance (or associated staked sdANGLE balance) the bigger the share of the rewards distributed.
Rationale
While rewards distributions were stopped after the Euler hack, and together with the recent PYTH distribution, this recreates a precedent with the protocol distributing what it earns across its various activities to the most central stakeholders of the protocol: veANGLE holders.
We are developing at the moment with Angle Labs several projects for the protocol and idea is that each of them directly benefits to veANGLE. And this proposal is a key step towards launching this movement.
Reason here for looking into future balances is to give the opportunity for those who have not renewed their lock in a long time, or those who did not enter the system yet to do it (through sdANGLE potentially).
Implementation
We propose to use Merkl as a tool to reward the LPs here. Merkl has generalized itself in a V2 that allows to reward any behavior, not specifically focused on concentrated liquidity. Merkl typically helped the Aave DAO run various rounds of its Merit airdrop.