Context
The $MCB price action has been concerning, and one of the main reasons is that the previous FTX and Alameda holdings of 239756.63 $MCB flowed to third-party resellers on the market after the FTX and Alameda liquidation process was initiated.
Proposal
To stabilize market expectations and MUX community interests, MUX contributors propose to purchase the entire 239756.63 $MCB holding from the verified third-party reseller using funds from the POL. The negotiated purchase price is $4.1/MCB.
The to-be-purchased $MCB will be locked inside the treasury (the tokens will not be locked into veMUX to dilute current lockers’ shares) for at least one year. After at least one year, the $MCB tokens can be used for community purposes, including but not limited to $MUX emission (replacing the current emission after it runs out and won’t increase the emission). Future usage of the to-be-purchased $MCB will need to go through the governance process and will require approval from veMUX holders.
Next Steps
- Community discussion surrounding this proposal
- Community members vote to approve/disapprove of this proposal
