Idea to restore missing colateral: ANGLE fundraiser

Assuming that no funds, or a small amount of funds from the Euler hack are recovered. One of the ideas that could be of use for the protocol, SLPs and token holders alike is a fundraiser.

Giving away money in exchange for nothing to fix the DAO hole is a hard sale. However, if ANGLE tokens were offered in exchange for helping raise funds for the DAO, it is a much easier sale.

Many alternatives can be used for this new fundraiser, but in a nutshell is: to mint new ANGLE tokens, putting them in a pool, and exchange them for a capped 17.5M fundraiser in USDC, DAI and FRAX (or whatever is the amount of funds missing is, if any funds are recovered).

In the event where, hacked funds are recovered and the fundraiser completed, these will be distributed to the new ANGLE holders who participated in the fundraiser depending on their holdings in the form of an airdrop. Alternatively, recovered funds could be distributed to all ANGLE holders depending on their ANGLE holdings.

If such a fundraiser was not a success, and if it didn’t reach the required cap of 17.5M (or any alternative) after a fixed amount of time, the protocol would move to more other proposed solutions.

Giving the fundraiser scenario, the biggest open question would be how many new ANGLE tokens would be minted. Any suggestions regarding the number of newly minted tokens is welcome.

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