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SIP-0007.md

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SIP-0007: Proposal to designate the Exchequer Multisig, and use of funds.

Background:

  1. There is a miscalculation in the cSOV/RBTC redemption process on the VestingRegistry contract, which leads to only 1% of the corresponding amount of RBTC being reimbursed on request. Therefore, a manual redemption process is required to facilitate the redemption payouts of the remaining 99% for Genesis pre-sale participants requesting a redemption of their pre-deposit.

  2. The Exchequer Multisig is designated to hold certain funds in the form of RBTC and SOV, in order to allow for flexible deployment of such funds in accordance with near term Sovryn protocol requirements.

  3. Such requirements include, but are not limited to:

    • For funds held by the Exchequer Multisig in the form of RBTC, the only approved use will be to facilitate RBTC redemptions for Genesis pre-sale participants who wish to redeem their pre-deposits within two months after SOV TGE, due to the miscalculation outlined in section 1.
    • Deployment of SOV for the purposes of exchange listings, market making, and partnerships with third parties.

Resolved:

  1. The Exchequer Multisig shall be a 3 out of 5 multisig held between the following wallet addresses:

    • 0x4f3948816785e30c3378ed3b9f2de034e3ae2e97
    • 0x7be508451cd748ba55dcbe75c8067f9420909b49
    • 0xeabb83a1cefc5f50c83bc4252c618d3294152a86
    • 0x27d55f5668ef4438635bdce0adca083507e77752
    • 0xdfd4da0e0e656af349e192b954baaef0fc1eba62

  2. The Exchequer Multisig will be allocated a total of 573,777.58 SOV.

  3. The funds being held by the vault contract of bitocracy 1.0 as RBTC (0xc7a1637b37190a456b017897207bceb2A29f19b9) are moved to the control of the Exchequer multisig in order to allow for the performance of any necessary redemptions requested by Genesis pre-order participants.

  4. After a period of two months post TGE, any remaining RBTC funds remaining in the Exchequer Multisig will be moved to the vesting registry contract of Bitocracy 2.0 (0x80b036ae59b3e38b573837c01bb1dB95515b7e6b).