STP-20: Acquisition incentive for TLX aquisition
| Author | Fenway |
|---|---|
| Status | Draft |
| Implementor | TBD |
| Release | TBD |
Simple Summary
As per SIP-412, Synthetix is seeking to acquire TLX as the foundation for launching an integrated vault strategy.
This STP includes an additional acquisition term to pay a 6 month distribution, based on historical fee distribution, as negotiated with TLX.
Abstract
This STP proposes adding the following term to the TLX acquisition.
- TLX tokenholders will receive a pro rata distribution of 700k stablecoins 6 months after the start date defined in the transaction contract (i.e. the date TIP-14 passes and SIP-412 and SIP-413). The distribution weighting will also account for the duration a converted TLX holder held their SNX claim in their conversion address.
This is in addition to the existing terms from SIP-412, stated below.
- 18 TLX <> 1 SNX, this represents an 8% discount to the 30d average price.
- SNX received from acquired token conversions are subject to a 1 month lock and 4 month linear vest following the lock period.
Motivation
After negotiation with the TLX community and Tabby Council, this term was added to improve the attractiveness of the acquisition for the TLX community.
The Treasury Council has sufficient runway to fund this program from the Synthetix Balance Sheet.
Copyright
Copyright and related rights waived via CC0.