This forum post outlines a proposal that the Eco Association plans to submit onchain during the current generation (Oct 9-23), in order to remedy a known issue to Trustee payouts caused by the Eco v1.5 upgrade.
This is the second in a sequence of several governance actions setting the protocol up for The Next Eco Era — with more coming soon.
Background
As outlined in the Eco v1.5 post linked above, Trustees and monetary governance are no longer active within the Eco Protocol. However, our former Trustees still have ECOx tokens that are supposed to be vesting, as the tokens they earned by submitting onchain monetary policy votes were intended to have a one-year vesting period and then be claimable thereafter.
As a result of the Eco v1.5 upgrade, the Trustees have been unable to claim their vesting tokens for the last few months. We appreciate their patience throughout this period.
Proposal Details
This proposal seeks to:
- Sweep the 3,547,980 ECOx from the now-idle TrustedNodes contract into the Protocol Treasury
- Pay out each of the 22 Trustee addresses what they are entitled to, as of this generation, based on their voting record and their claims/payouts thus far. Voting records can be viewed at https://ecoatlas.io.
- Reimburse the Eco Association for the ECOx balances it fronted during this period to Trustees who requested manual payouts
We expect to run a subsequent proposal in early 2025 to do a similar batch payout, due to the fact that TrustedNodes is no longer able to automate these ongoing distributions as originally intended.
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Annika,
Thank you for previewing this proposal! The Technical Team has prepared this proposal and the repository can be found here: Trustee Payout Proposal.
Alongside the repo’s native tests, we’ve produced Tenderly simulations of the enactment of the proposal, which can be found at this public explorer for our virtual fork of mainnet: Tenderly Fork.
The values calculated for each Trustee can be found in script/addresses.json and script/payouts.json in the repo. These values were calculated assuming each Trustee was eligible to claim a successful vote reward every two weeks, until October 28th. The values also take into account Trustees that have already claimed directly from the contract, and those Trustees who have had rewards fronted on behalf of the Eco Association. The final transfer reimburses the Eco Association for fronting rewards for Trustees during the term of the bug with the Trustee Lockup contract.
An official proposal deployment and submission will follow shortly.
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Proposal was successfully deployed at 0x787093310319DC0Ac9bf2BA65e30c9915f6315ec.
Please see the deployed proposal here on Etherscan plus an additional Tenderly simulation here.
And finally, the proposal was officially registered here: Ethereum Transaction Hash (Txhash) Details | Etherscan
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How will this affect the price of EcoX? The price is currently $0.09. I’m still waiting to understand how I can turn the 5,000 EcoX retro reward for Governance L3 into $5,000. This question wasn’t answered on Discord, so maybe the forum can help explain it to me. I know there are qualified specialists here who can explain it in simple and clear terms. Thank you, respected Eco Association and trustees. Also, is it possible to predict the price (since it previously reached as high as $1.4)?
