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.
