Return unclaimed Airdropped INST to Governance Treasury

Summary

Proposal to return the unclaimed INST tokens back into the Governance Treasury fund that were initially airdropped to users back in June 15, 2021. This includes both Ethereum Mainnet and Polygon.

Proposal

This proposal will return the 8,612,197 INST Mainnet tokens at the time of this writing back to the Treasury Address plus 768,906 INST tokens on Polygon. Here is breakdown of unclaimed tokens by protocol:
  • Compound: 3,640,497
  • Aave v2: 3,097,446
  • Maker: 1,874,254
  • Polygon: 768,906

You can view the up to date numbers here

Reason

Instadapp launched its token about 3 months ago, one of the ways to receive this token was to manage your existing position on the Instadapp platform. We saw a huge increase in TVL following this announcement but claims from external positions were still relatively low. This means that we saw a lot of new users start and open DeFi Smart Accounts and start farming the on-going liquidity mining rewards more than we saw external/older positions migrate into Instadapp to earn rewards. Similarly we saw better results (more claiming and more TVL growth) from Liquidity Mining Rewards, also LM rewards align better with our overall goals as these rewards are actively rewarded for maintaining your position on Instadapp, if you use Instadapp you get tokens which increase your say in the protocol and its future.

Result

Reclaim 8,612,197 INST tokens on Mainnet and deposit into Governance Treasury account.

Reclaim 768,906 INST tokens on Polygon and deposit into Governance Treasury account.

Vote on Snapshot

Status: Passed :white_check_mark:

Proposal on Snapshot

9 Likes

Great idea @miscao. Fully supportive.

1 Like

@miscao I second this.

1 Like

I fully support this reasonable decision!

Fully support! Having that INST for LM rewards and other programs down the line makes more sense going forward.

Fully support this idea!

This snapshot is closed and has passed:

Status: Passed :white_check_mark:

Proposal on Snapshot

4 Likes