Proposal to reallocate unclaimed ITAM rewards to Governance Vault stakers

Hello alpacas! Now that our governance forum is up, I would like to bring up a discussion point that could potentially lead to a proposal that all the xALPACA holders can vote on.


Proposal: Reallocate ITAM rewards to Gov Vault stakers

Simple Summary:

Rationale:

  • Given the pool has been completed for 10 months, It’s likely that eligible wallets that have not claimed rewards are dormant and unlikely these rewards will ever be claimed.
  • By reallocating the rewards to Governance Vault stakers, we are serving the original purpose by distributing these tokens to the Alpaca community and getting exposure of our partners project to more users. We are also increasing the APR% for stakers.

Implementation:

  • If the proposal is passed by the community, the team will distribute ITAM rewards over 8 weeks to Governance Vault stakers - same as other Grazing Range pools.
  • We will make an announcement before executing the command to move the rewards, so original users who have earned ITAM will have time to claim their rewards if they wish to do so.

EDIT FOR CLARIFICATION:

1.) This is not a precursor to a vote. This is a discussion. It’s not an AIP. Please read more on the proposal process here: Process for Governance Proposal for Alpaca Finance

2.) 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. Most of them were not even expecting these rewards since it was the first Grazing Range.

3.) ITAM is currently listed on PCS V2 and a minor exchange XT. The issue is ITAM was acquired by another company. That means there is a chance that ITAM token could be delisted at some point, and users will be unable to sell these rewards.

29 Likes

In my opinion we shouldn’t change the claim rules so hard.

This will affect the reputation of the platform and it will become more difficult to attract new users. It is better to return to this issue in 2-3 years, see how many of the sleeping users have started taking their tokens and decide what to do with the remaining rewards

13 Likes

I agree with you we should not turn claim rules too hard

2 Likes

I thought we could put out an announcement and give the sleepers time to pick up their rewards. If not collected by the due date, the reward is redistributed.

11 Likes

I think this proposal to reallocate ITAM is awesome especially to the community !!!

1 Like

How could anyone make such a proposal, what a sinister alpaca

我觉得不应该这么做,用户未领取,不代表是你的,作为去中心化的产品,没有资格这么做,比特币还有很多丢失了的钱包,难道还允许重新挖出来吗?

现在这个itam收益在哪里领啊 我好像以前还有点

not claimed tokens, does not mean alpaca can forfeit them from owners!!!

Similar case: if you money save in bank, are you happy that bank forfeit your money if you do not withdraw it in a year???

this kind of proposal is so disgusting!!! who give you the power to forfeit other people’s token if they do not claim it in 10 months?

1 Like

Dude, this is just a community proposal, it doesn’t mean Alpaca are going to confiscate them. :slight_smile:

5 Likes

Very nice idea, I vote yes !

Maybe better to send this equivalent to burn wallet after 2-3 years? Or redistribute between holders after 2-3.

With prior announcement about it

1 Like

You can check if you have any unclaimed ITAM rewards on this page.

I don’t think it’s fair to reallocate those tokens just like this. Not everyone is checking regularly their investments. Many people have their tokens spread over different projects, different wallets and also over different blockchains. Even I sometimes cannot keep track of everything. Just because they haven’t claimed it after 10 months doesn’t mean they will never do. A better approach would be to announce on all available channels that after 24 months f.e. those tokens will be redistributed to the community if not claimed before. That would be fair. Just taking them could throw a bad light on Alpaca, and we all don’t want that to happen. Of course, we all like to have higher APYs, but we should be fair and not greedy.

4 Likes

Let me organize what I consider to be the benefits and drawbacks.

  1. the point in the rationale is really just a one-time boost to staker’s earnings

  2. then the corresponding bad might be the perception that the community, the product is too short-sighted to focus on the image of profit.

All things considered I don’t think it’s a good idea because we even have a lot of ALPACA lying dormant in the completed Graze Pool. Could we make the same decision for them?

My view is to respect the participants as they are, and it’s good that we can announce and remind them to be aware of the assets they still have unclaimed. But what to do with them remains up to them.

5 Likes

I basically agree with donalpaca’s opinion.
The amount of unclaimed money is large, and since we don’t know how many people will remember and claim later, we may receive bad publicity that our compensation was confiscated.
As Mr. Winance said, it is necessary to take at least enough time to make an announcement.

In addition to ITAM, there are probably a few other tokens distributed as rewards that have not been claimed yet.
If we are going to allocate tokens to the Governance Vault, I think it would be better to take this opportunity to formulate comprehensive rules that include other unclaimed tokens and tokens that will be newly distributed as rewards in the future.

7 Likes

good idea, I vote yes !

Thanks for all the feedback so far, everyone! Summarizing what I have heard so far, it looks like you all want to see a more comprehensive plan on how to handle unclaimed rewards:

From what have been suggested so far:

option 1: Never touch the unclaimed rewards

option 2: Make it a policy that unclaimed rewards after a certain period of time will be re-allocated

For option 2, we have several parameters we can further discuss:

  • How long to wait before acting on the unclaimed rewards

  • What to do with the unclaimed rewards - For this, I want to point out that we actually have multiple options - e.g., distribute to gov vault stakers, use for buyback and burn of ALPACA, etc.

4 Likes

I think i will go with option 1, just leave it there, it does not belong to the others

This is something to be considered carefully.