- Under the current crypto market conditions, token prices have dropped across the board. This includes LON that is held in the treasury and tokens accumulated from transaction fees (feeToken) To ensure the long-term sustainability of Tokenlon, we need to actively manage the treasury portfolio
- Tokenlon receives transaction fees in different tokens, including WETH, USDT, and other altcoins. You can find the token list here
- Right now, the treasury consists mainly of $LON from every buyback triggered. To reduce market volatility risk, we need to actively manage the treasury portfolio
- Fees from altcoins (feeToken) are slow to accumulate, and losses from on-chain buyback of these tokens are big. Under current market conditions, it is challenging to maintain the value of altcoins, timely treasury portfolio management is urgently required.
- According to the design of the Tokenlon protocol, the relayers responsible for matching orders can pay Ethereum miner fees for some users’ transactions. The design of relayer paying the miner fees can increase the success rate of users' trades, therefore, bringing a better user experience. As part of the treasury design, the fees collected by Tokenlon protocol will be first used to reimburse relayers the miner fee paid by them.
- As of 21st June 2022, gas fees owed to the Relayer are at 914.45 ETH. With the lower ETH price, this is a good opportunity for settlement
- Do a one-time retrieval of tokens accumulated from transaction fees (feeToken) using the current fee balance from Tokenlon contracts and deposit it into the treasury.
- Tokenlon core team will manage the treasury portfolio off-chain, with the status of the treasury open to the community at all times to ensure transparency.
- At the same time, we want to encourage the community to submit your TIP for any improvements to the treasury management strategy
- Community management team to use the treasury multi-sig wallet to initiate the feeToken retrieval process
- Retrieve accumulated feeTokens and deposit them into the treasury
- Carry out portfolio management by converting these tokens (feeToken) to ETH
- Only LON, xLON, and/or LON LP token holders can vote
- Voting start time: 2022.6.22 15:00 UTC+8
- Voting cut-off time: 2022.6.24 15:00 UTC+8
- A. Support
- B. Reject
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