Giza DAO Redistribution
Hi, dear Gizers,
As the proposal of redistribution created by a wsGIZA token holder was passed, the whole DAO and team decided to respect the result and allocate the funds in the treasury of Giza DAO to each GIZA token holder. The following redistribution plan totally depends on the redistribution proposal.
What is a redistribution?
According to the passed redistribution proposal: Redeem a fixed DAI value per GIZA equal to GIZA risk-free value (risk-free value = treasury owned reserves divided by supply of $GIZA owned by users)
In short, a redistribution means distributing all the stablecoins in the GIZA treasury to all the GIZA token holders equally.
Status of the GIZA protocol
●Stake: When the redistribution begins, you can still stake or unstake freely, but there are no more rebasing rewards because rebase will increase the supply of GZIA tokens and affect the redistribution.
●Bond: When the redistribution begins, you can not bond anymore because it will also increase the supply of GIZA tokens. But if you bonded before, you can still claim your GIZA tokens.
●Wrap: When the redistribution begins, you can always use the wrap and unwrap function.
●Governance: Since the Giza protocol will be closed when the redistribution begins, the governance function will be canceled.
●All the other ongoing issues related to Giza DAO will be canceled.
Funds in the Treasury
Giza Treasury address: 0x6e273a49Ba8F77d03C0CF5a190f226DcA7D46E9F
●DAI — 3,684,703
●DAI tokens in the protocol owned GIZA — DAI liquidity
●MIM tokens in the protocol owned GIZA — MIM liquidity
●Note: The amount of stablecoins is the value of the liquidity divided by 2, the exact amount of stablecoins will be fixed when we remove the LP, and we will swap the MIM tokens for DAI on ftm.curve.fi after removing the GIZA — MIM liquidity.
●For example: If the protocol owns a 2M$ GIZA — DAI liquidity, the amount of DAI tokens in the liquidity is 1M.
●Total funds = DAI(3,684,703) + Stablecoins in the protocol owed liquidity (the amount will be fixed after we remove the liquidity pool)
The total funds will be distributed to all GIZA token holders in the redistribution.
Eligible GIZA Tokens in the redistribution
●GIZA tokens owned by the team — Not eligible (team tokens are already locked up for a year)
●GIZA tokens in the DAO address — Not eligible (GIZA tokens in the DAO address will be burnt)
●GIZA tokens after removing the protocol owned liquidity — Not eligible(these GIZA tokens will be burnt after removing the liquidity)
●GIZA tokens owned by users(including the tokens unclaimed in our bond) — Eligible
●User Owned GIZA supply = Total supply(280,417.9) － Team(16,651.7) － DAO(42,593.3) － Tokens in Lp(not fixed yet)
RFV of per GIZA Token
GIZA RFV decides how many DAI tokens you can get with one GIZA token during the redistribution
●GIZA RFV = Total funds in the treasury / User Owned GIZA Supply
●The GIZA RFV is not fixed yet. It will come out and be shown on our website when the redistribution starts.
●For example: If the GIZA RFV is 25 DAI, you will get 25 DAI with each GIZA token. It is just an example and does not represent the final result.
Redistribution Process for Users
●Start time: 14:00 UTC December 29, and there is no deadline for the redistribution
●Process: Go to our website and click on redistribution. When you start the redistribution, all the GIZA tokens in your wallet will be taken away and you will get the DAI tokens back. All the GIZA tokens renounced will be burnt. We will show the accurate number of GIZA RFV on our website when the redistribution starts.
Developer Steps before the Redistribution
●Start time: 13:00 UTC December 29, one hour before the redistribution.
●Redistribution contract address: 0xb0162866127D1EABA714a62cFd92E1627E887512
●Developer address: 0x6dd5fcD9bDaB8be8149E2596B8f5208a3f86061C
All the following steps will be performed by the developer address. You can always check the activities of this address when it starts to perform the steps.
●Detailed dev steps of the redistribution
- Burn the GIZA tokens in our DAO address
- Use a virtual reserve for GIZA tokens
Because every GIZA token is backed by at least $1, so the treasury will always keep some funds to back GIZA tokens which means we can not withdraw all the funds. To withdraw all the funds in our treasury and use all the funds in the redistribution, the devs will set up a new virtual asset and deposit the virtual asset into our treasury, in this way we will be able to withdraw all the funds and use all the funds in our redistribution.
3. Withdraw the DAI from our treasury and keep the DAI tokens in the dev address temporarily.
4. Withdraw the GIZA — DAI LP tokens from our treasury and remove the GIZA — DAI liquidity. Then keep the DAI tokens in the dev address temporarily.
5. Withdraw the GIZA — MIM LP tokens from our treasury and remove the GIZA — MIM liquidity. Swap the MIM tokens for DAI tokens on ftm.curve.fi. Then keep the DAI tokens in the dev address temporarily.
6. Burn the GIZA tokens from the liquidity pool.
7. Deposit all the DAI tokens in the dev address into the redistribution contract.
7. Start the redistribution.
Note: Please do not trade GIZA tokens from now on!!! Because there will be little liquidity of GIZA tokens once we remove the liquidity pool. No one is responsible for any losses on any GIZA token-related transactions. If you are a GIZA holder, just keep your GIZA tokens and wait for the redistribution, thanks.
The Giza protocol will be closed when the redistribution begins and all ongoing issues related to the Giza DAO will be canceled.