Ribbon Governance Proposal 1

The Ribbon team proposed the first Ribbon Governance Proposal (RGP) on May 31st — a proposal to change the way exit fees in the Ribbon Vaults are handled. Read the full proposal here.

Vote Outcome

Over the course of 3 days, the RBN token holders voted on the proposal through a Snapshot vote.

Some statistics about the vote:

• Over 37% of the RBN circulating supply voted in this proposal
• Over 98% of RBN voted for the proposal
• Over 360 addresses participated in the vote

Proposal Execution

The team has executed the actions outlined in the proposal, and the proposal is officially in full-effect right now. These are the transactions that were executed:

• Update the ETH Theta Vault with new feeRecipient
• Update the WBTC Theta Vault with new feeRecipient
• Update the ETH Put Selling Vault with new feeRecipient
• Transfer all WETH balance from current feeRecipient into ETH Theta Vault
• Transfer all WBTC balance from current feeRecipient into WBTC Theta Vault
• Transfer all USDC balance from current feeRecipient into ETH Put Selling Vault

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