DAO Token Transfer, Burn & Mint

General
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Summary:

Following the plan for Establishing the TrueFi Foundation and progressive decentralization, the next step in this process moves ownership of TRU tokens from Archblock (fka TrustToken) owned multisigs to DAO ownership. For a number of operational reasons these TRU tokens will be burned, and the ability to re-mint TRU will be transferred to the DAO.

This post is a walkthrough of what is going to happen soon as a consequence of TFIP-2, TFIP-3 and DAO separation efforts.

Impact:

This process will reduce TRU total supply by ~242 million tokens. Circulating supply and max supply will not be impacted.

Approx. 242,793,676 TRU tokens will be burned across two addresses below.

  1. 0xc7AB606e551bebD69f7611CdA1Fc473f8E5b8f70 (multifarm distributor for DAO pools)
    1. note: 500,000 TRU will be left in this distributor to satisfy remaining emissions to tfUSDC for an additional 50 days at 10,000 TRU/day
  2. 0x4A10ab6Af3A7d1FEa49aADc99059d581B3fba7E7 (TRU multisig distributor)

Timeline

:bulb: Prerequisite: TFIP-3 proposal passes

1. Burn & Mint operation for Incentive Tokens

  1. TRU tokens residing in distributors would be revoked. Reasoning: some distributors might have lots of TRU tokens, e.g. at least multifarm distributor 0xc7AB, holding ~107M TRU)

    distributor.empty()
..
..

  2. Incentive TRU tokens will be burned by Archblock’s “Multisig Distributor” 0x4A10a

    TRU.burn(balanceOf("multisig-distributor"))

  3. Ownership of TRU contract will be passed to TrueFi DAO governance (in accordance to TFIP-2)

    TRU.transferProxyOwnership(DAO timelock) 
TRU.transferOwnership(DAO timelock) 
stkTRU.transferProxyOwnership(DAO timelock)

  4. At any later point in time TrueFi DAO will be able to mint TRU tokens to the DAO Incentives Address. This will be a separate governance decision.

    TRU.mint(..)

2. Transfer of TRU tokens from multisig addresses to DAO Treasury address

TRU tokens in wallets 0xe74b and 0x96078 will be sent to the DAO Treasury Address

Results of simulation on mainnet fork, 5.12.2022

Screenshot 2022-12-05 at 2.31.02 PM
Screenshot 2022-12-05 at 2.31.02 PM1136Ă—668 133 KB

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How does this effect TRU tokens stored via Coinbase?
Today I have 50,000 tru tokens, will I still have 50,000 tru tokens after the DAO Token Transfer, Burn and Mint?
Thanks,

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Everyone’s TRU tokens will be unaffected. This is effectively a transfer of tokens from ArchBlock-controlled addresses to the DAO treasury. You’ll still have your 50,000 TRU tokens after these actions are performed. :slight_smile:

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Excellent, appreciate the clarification.

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Thanks for the posts @kaimi, @TylerEther, and others. Just a heads up that we are proceeding with this as planned today!

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Just noting here- this is now complete.

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Polish_20221221_095431680
Polish_20221221_0954316801080Ă—273 57.7 KB

:v:t4:

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Following the recent TRU burn/mint actions, TRU circulating supply logic needs to be updated across market data sources such as CoinGecko, CoinMarketCap, and this API. I have put together updated calculations on TRU supply and will be working with others to implement these changes across providers.

At time of writing on Jan 10 2023, circulating supply is 957,701,620 TRU.

For detailed calculations, please see screenshots below from this spreadsheet.

image

image
image1822Ă—534 117 KB

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