SIP-41: Proposal to move veSPA from Ethereum to Arbitrum

Re-voting after fixing an issue with Snapshot settings

Author: Core team Reference: SIP-35 Created: April 8th, 2023 Labels: Product-Features

Simple Summary / Abstract

To implement the migration of veSPA and SPA rewards from Ethereum and Arbitrum (SIP-35) we offer the mechanism of transition.

Motivation / Overview

As per SIP-35 we have paused staking of SPA on Ethereum and have come up with a migration plan for moving veSPA balances from Ethereum to Arbitrum.

veSPA balances on Ethereum are unable to play an active role in the growth of USDs.

Initially, veSPA was launched on Ethereum since Arbitrum hadn’t proven its security. Now that Arbitrum is the most popular and one of the highest used layer 2 chains, it’s important that we take steps to move the stuck SPA balances from Ethereum to Arbitrum.

veSPA holders on Arbitrum are able to benefit from the weekly SPA revenue share that comes from Sperax USD as well as the bribes that are being distributed to the veSPA holders.

Technical Specification

Wallets having veSPA balances only on Ethereum will be migrated to Arbitrum. Those wallets which have veSPA balances in the residual period or for which veSPA balances are expiring in 7 days or already expired will be locked on Arbitrum for 7 days with auto-cooldown turned on.

For wallets that have veSPA balances on both Ethereum and Arbitrum, the SPA token balances will be added to their staked veSPA balances in Arbitrum. The lockup expiry period will be maximum of their lockup period on Ethereum and Arbitrum.

Voting

For

Move veSPA from Ethereum to Arbitrum with the proposed technical specifications

Against

Develop alternative technical specifications

start

April 17, 2023

7:33 PM

end

April 20, 2023

7:33 PM

Voting

off-chain

Voting type

single-choice

Voters

5,624

Votes

518,952,164

Final Votes

closed

For

518.8M veSPA

99.98%

Against

111K veSPA

0.02%

item label

Placeholder title of a dao proposal

DAO name

0x000000000000

Mon 00, 2024 00:00

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