This proposal enacts the shutdown of the Balanced governance system and establishes the final decision on the distribution of the DAO Fund and protocol-owned liquidity . —
Key Actions,
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Shut Down Balanced Governance: Retire the Balanced governance system and escrow the Balanced contracts to the ICON Network during the migration phase.,
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Redirect Future Fees: All network fees will be directed to SODAX to incentivise SODA staking and burn SODA .,
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Enable Instant Unstaking: Boosted BALN (bBALN) holders will be able to withdraw their BALN without a penalty fee .,
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End BALN Emissions: All ongoing BALN emissions will be permanently halted .,
DAO Fund Distribution,
The DAO Fund and protocol-owned liquidity will be converted to SODA and distributed to locked SODA holders .
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Conversion Ratio: BALN will be converted to SODA at a ratio of 1 BALN : 0.5 SODA.,
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Timeline: 6 months from the vote snapshot.,
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Distribution: SODA will be sent to everyone who has migrated BALN to SODA , based on the amount of SODA locked up compared to everyone else.