Thank you for all your suggestion and feedback so far on the first proposal re. ITAM rewards. We have digested them and would like to move the discussion to this new thread with a new suggested potential implementation plan for discussion below.
If you haven’t read our Governance process. Please spend some time to read it here: Process for Governance Proposal for Alpaca Finance
As stated in the process, this is for discussion and only after community support, will it go to the next step.
Summary of the situation:
1.) ITAM was the first Grazing Range partnership which ran in April - May of 2021. These ITAM rewards were provided as extra rewards to ITAM-BNB farmers and BNB lenders. The distribution was completely different than our later Grazing Ranges. It’s not the case that users were staking explicitly to receive these rewards.
3.) Currently there are ~917k unclaimed ITAM (~USD 500k)
4.) ITAM was recently acquired and any tokens not swapped by March 31st 2022 will lose all of its utility
See excerpt below:
ITAM-to-ITAMCUBE token swap portal will close in [11:59PM UST] March 31, 2022.
“With this said, the token swap portal will close at the end of next month. If you have not yet swapped your ITAM token to ITAM CUBE token, we strongly ask you to do so as quickly as possible. For any ITAM token that has not been swapped afterwards will lose all its utility. We sincerely hope we can make it clear that Netmarble F&C will NOT support ITAM token and will NOT use ITAM token in any of its services and initiatives. Only ITAM CUBE.”
The direction below is based on the suggestion from @Bibendus
1.) An announcement period to make sure users are aware of the plan and give them time to claim.
2.) Any remaining unclaimed ITAM would then be swapped into ALPACA tokens. Note: given the timeline above, we would need to execute this prior to March 31st.
3.) Users will still be eligible to claim their rewards in ALPACA tokens proportional to their original share. (e.g., Alice was entitled to 1% of the unclaimed ITAM rewards. She would be entitled to 1% of the ALPACA acquired from swapping those ITAM)
4.) Users will have 12 months to claim their ALPACA rewards (the waiting period here is part of the discussion) Any unclaimed amount afterward would be burned.