Content: Vote Cancellation & Swap Stream Buy Back Offer
Classification: For External Dissemination
To assume that we expected anything short of contempt off the community to suggest a democratic vote that impacted swap payments would be misguided. We appreciate the passionate responses and valuable input received off a few rational community members. Nonetheless, the prospect of continuing with the misappropriation of value away from miners, masternode operators and new STRAKS investors to Swapizens via the dilutive impact of the swap payments still needs to be addressed.
To be clear: THE SCHEDULED VOTE ON SWAP PAYMENTS IS CANCELLED
Alternatively, we would like to give each Swapizen an option to sell their stream of STRAKS due over the next ~4 years to the development team.
Swap Buy Back Offer
We would like to use the 6.4 million STAK development fund to buy swap payment streams off community members on a 10:1 buy back ratio.
Assume that person X is owed 150,000 STAK over the remainder of the swap period;
- They decide to sell their steam of STRAKS payments under the buy back offer
- Person X receives an instant payment from the developers fund of 15,000 STAK
- Person X’s weekly swap payments are then sent to the developers fund over the remaining duration of swap term (i.e. just under 4 years).
Total STAK residual to pay under swap agreement: 17,575,903 STAK
Assume that 100% of Swapizens take up the buy back offer;
- Each Swapizen receives an instant pro-rata X% of 1,757,590 STAK
- All weekly swap payments are then sent to the developers fund over the remaining duration of swap term (i.e. just under 4 years).
- Maximum instantaneous increase in circulation following 100% Swapizen buy back: 1,757,590 STAK
We consider this approach to achieve the desired objective of alleviating the misappropriation and value dilution, albeit it to a lesser degree. The decision to participate is fully at the discretion of the payment recipient, and partial buy backs will be accepted.
How To Participate
More details on how to take up the offer will be provided in due course. This will be an open offer with no termination date at this time.