I’d like to propose a new vote for the DAO to provide unredeemed MUSE rewards owed to the MUSE-ETH LP stakers. Many stakers were not able to redeem their earned rewards because the contract reached its 1M Muse cap. This was not communicated, not the expected behavior, and entirely unnecessary.
Stakers provided critical value to the Uniswap ETH-MUSE pair in exchange for promised Muse rewards. When they went to redeem them at the end of the staking rewards period, they were told the contract was invalid. As it turns out, the Muse rewards were not minted and not progressively accounted for in the total Muse supply, so when the staking period ended, these stakers were simply met with a malfunctioning contract (and wasted gas).
Providing liquidity until the very end of the staking period was an important value provided to the Muse community (which is why it was incentivized in the first place), and the unclaimed rewards would both be known to the admins, as well as likely to be <10K Muse. This is the right thing to do and will prevent future legal and trust issues with the community.
The incentive program was running on the Masterchef contract which is a standard in the industry and is not a “malfunctioning contract”. Every change of parameters was agreed upon and voted on by the DAO in the previous proposals you might have voted on.
If the current vote (ending in 2 days) doesn’t allow anymore the minting of Muse. Another way would be to propose clear numbers with list of wallets to be rewarded Muse from the treasury. If significant interest is shown it could be brought as a vote to the DAO.
As a reminder, this is a public and open DAO and the “admins” are just contributor/facilitator that help the DAO like anyone else can contribute and become “admin” by contributing.
Thanks Jules, perhaps it wasn’t malfunctioning, but the behavior of ‘first come, first served, last come, not served’ is not how rewards are traditionally paid out, and if well understood would have (understandably) created a run on the LP which would have not at all been in the best interest of the DAO. That many of us who are the strongest HODLers provided stability by holding “until the end” and then received literally nothing as a reward should generally be seen as undesirable behavior for the trust and health of the MUSE community going forward.
I appreciate your suggestion on wallet lists. Is this something that can be produced easily by the Muse team? I am not capable of figuring out which wallets have outstanding rewards. I would certainly be in support of that approach and think it’s very wise.