Don’t forget to vote! Look at the BLOCKS DAO go!! Pay back the guys that lost money putting tokens into an uninsured vault!!
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Remediation, Burn and Tokenomics re-allocation proposal
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BLOCKS DAO
BLOCKS DAO
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Purpose:
To propose a response plan to address the impact of the recent hack at Revest Finance and re-allocate tokens within our tokenomics by: replacing the 715,000,000 BLOCKS tokens that were stolen; burning BLOCKS tokens; re-allocating tokens in our tokenomics; and creating a “DAO Governance” pool of tokens for rewarding community members that are involved in DAO sub-committees.
Background:
Over the weekend, 715 million BLOCKS Tokens were stolen from a partner and rapidly liquidated on the open market via conversion of BLOCKS to Ethereum (ETH). The tokens were held in an F-NFT on behalf of BLOCKS pre-sale investors. The attack and subsequent liquidation resulted in an approximate 98% decline in market cap of the BLOCKS DAO. As a result, the Founders, Advisers and Finance Committee worked together on a proposal to address the rapid decline in value and create a plan for moving forward as a stronger community.
Proposal:
The Finance Committee proposes the following:
Replace the 715,000,000 BLOCKS tokens that were stolen from the pre-sale BLOCKS token holders by:
a. Brian Foote, a founding BLOCKS DAO LLC member, contributing 250,000,000 BLOCKS tokens, and
b. The re-allocation of 465,000,000 BLOCKS tokens from the “Yield Farming and Staking” (250,000,000 tokens) and “DAO Builders and Partners” (215,000,000 tokens) token allocation pools.
Token Burn: The immediate token burn of 715,000,000 BLOCKS tokens in total from the “Yield Farming and Staking” (350,000,000 tokens) and “DAO Builders and Partners” (365,000,000 tokens) token allocation pools.
Re-allocation of tokens and creating “DAO Governance” token allocation pool: Re-allocating 870,000,000 tokens from “Liquidity Pools” (550,000,000 tokens) and “DAO Builders and Partners” (320,000,000 tokens) token allocation pools to “Treasury” (770,000,000 tokens) and “DAO Governance” (100,000,000 tokens).
The BLOCKS DAO will continue to discuss with Revest Finance any additional remediation measures to compensate the DAO for its damages. Finally, the BLOCKS DAO will implement additional cybersecurity enhancements and partner training.
This proposal will take care of our earliest BLOCKS holders and make the BLOCKS DAO stronger moving forward!
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Maybe they should all watch TRUST NO ONE on NETFLIX and think about having David Weil involved in Blocks Dao is a good idea.
His connection with FMFW and Justin Tubbs should be looked at as well.
Information
Strategie(s)
BLOCKS DAO
IPFS #QmYk6PR
Voting systemSingle choice voting
Start dateApr 1, 2022, 8:21 AM
End dateApr 3, 2022, 9:00 AM
Snapshot14,498,358
Current results
Approve proposal
313M BLOCKS
99.99%
Disapprove Proposal
17K BLOCKS
0.01%
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