Osmosis Proposal: #812

Claw Back SAIL DAO Funding

Status:

Passed

Yes70.6%

Turnout:61.28%

Quorum:20.00%

Yes: 70.6%

153,302,375 OSMO

No: 6.1%

13,183,399 OSMO

No With Veto: 1.3%

2,749,016 OSMO

Abstain: 22.1%

47,944,947 OSMO

Voting Period

Proposer

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Deposit End

Submit Time

The Sail DAO has been an interesting experiment with mixed results. However, reckless incidents with respect to token management by the Migaloo Foundation, who control 43% of the DAO’s vote power, have called into question whether risks being taken by custodying Osmosis funds in the SAIL DAO are worth the benefits.
Current loss of community funds due to these incidents is estimated to be approximately 77,000 OSMO.
This proposal would claw back OSMO liquidity to the community pool using the Authz execution message granted to the Osmosis gov module by Sail DAO proposal 1.
No LP positions are proposed to be unwound as part of this proposal. This includes the liquidity of Eris Protocol and Backbone Labs. Competition in the LST marketplace remains critical to Osmosis’ success, and unwinding these positions is not conducive to that success. The proposal simply changes the holder of the LP shares from the Sail DAO treasury to the Osmosis community pool.

The full proposal, including evidence supporting the incidents in question and a breakdown of Migaloo Foundation's performance, can be found here: https://forum.osmosis.zone/t/claw-back-sail-dao-funding/2938