TIP 54: tBTC & T, better together (Part 1)
AI summary
This proposal, TIP 54 Part 1, aims to reduce the fee for depositing tBTC (Threshold Bitcoin) to 0.1%. Additionally, it seeks to transfer 13 million T tokens from the DAO's treasury to a multisig wallet. These T tokens will be used to fund a rebate program for users, encouraging more tBTC deposits. This is a temporary check, and other parts of the larger proposal, like a token buyback program, will be voted on separately.
If passed, users depositing tBTC will pay lower fees, potentially increasing tBTC adoption. The DAO's treasury will decrease by 13 million T tokens, which will be used to incentivize users through rebates. The exact financial impact of the rebate program on the DAO's treasury beyond the initial transfer is not fully detailed in this part of the proposal.
Voting results
🐳 Whale votes
0 votes > 5% VPFull proposal
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The governance process for TIP 54 is broken down into two separate cycles.
Part 1 is the governance process for the second part of the proposal which includes deposit fees and rebates. This is a 3 day temp check snapshot. There are two actions resulting from this portion of the proposal:
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Lower the tBTC deposit fee to 0.1%
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Transfer 13M T from the DAO to the threshold treasury multisig to manage a fee rebate program
The remainder of the proposal including details of the buy back and make program are still under DAO discussion and will be put to a se…