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.
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.
0xc7AB606e551bebD69f7611CdA1Fc473f8E5b8f70 (multifarm distributor for DAO pools)
- 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
- 0x4A10ab6Af3A7d1FEa49aADc99059d581B3fba7E7 (TRU multisig distributor)
Prerequisite: TFIP-3 proposal passes
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() .. ..
Incentive TRU tokens will be burned by Archblock’s “Multisig Distributor” 0x4A10a
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)
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.