Redemption of CityCoin Treasuries

friedger commented 6 months ago

Description

This issue is about a redemption process of the treasuries in favour of current CityCoin holders.

Holders should be redeemed fairly and proportionally based on the current amount of liquid CityCoins and the current amount of STX in the respective treasuries.

Final treasury after end of stacking and mining

City	Amount in STX	Amount in USD 2024, May 5th
New York	15,519,436.600244 STX	$35,733,440.29
Miami	10,241,497.066794 STX	$23,583,689.33

Background

After the community voted to stop stacking and mining CityCoins, this issue is about the use of the CityCoin treasuries.

The MIA CityCoin treasury was accepted by the Miami government. The NYC CityCoin treasury was not.

Open questions

It is to be defined

how the redemption for MIA and NYC differ.
whether the treasury should be invested e.g. in a liquid stacking service until all treasuries are redeemed.
how users can redeem in 10 years
how users can be incentivised to redeem early.
how to inform token holder about the redemption process.

friedger commented 6 months ago

Draft is writtin here: https://github.com/citycoins/governance/pull/34

friedger commented 3 weeks ago

Completed by #34

citycoins / governance