CIP: title: Transfer Misallocated vCoW as COW to GNO Lockers author: Ben Smith (@bh2smith) status: Draft created: 2022-03-09
In the initial cow token airdrop, there were some overlooked (non-wallet) smart contracts holding substantial amounts of GNO that received an allocation. Such contracts are incapable of ever claiming their airdrop nor could they actually move the funds if someone were to claim on their behalf. Based on some rigorous calculations, the total amount of “misallocated” vCoW tokens airdropped to GNO token holding accounts is approximately 4.8M.
This means that GNO holders’ airdrop allocations should have been approximately 10% higher than they were!
The proposal here is to distribute these 4.8M misallocated vCOW as COW to the Gnosis DAO, earmarked to be used for the same purpose as its 50M vCOW allocation that is vested to those who locked their GNO. Since this allocation error only affected GNO holders, it seems appropriate to add this to the LGNO distribution.
Included in this list of misallocated funds are the following top 3 smart contracts on each network (making up for 98% of the entire misallocation):
- 0x7f30a53f290fc551a089bd83107906be649a92bd (StakeGNOMerge) ~ 1.104M
- 0xbf74c12d6e6a8c2bd7f36a917250e2bf8bffefc1 (OWLAirdrop) ~ 348k
- 0x3e8468f66d30fc99f745481d4b383f89861702c6 (UniswapV2 GNO/WETH) ~ 10k
- 0x918a1f8ee8f8f9e0802071929ce5fe9eff60ac8c (StakeGNOMerge) ~ 1.622M
- 0x647507a70ff598f386cb96ae5046486389368c66 (SBCWrapperProxy) ~ 1.330M
- 0xf6a78083ca3e2a662d6dd1703c939c8ace2e268d (OmniBridge) ~ 306k
For a complete accounting of misallocated and deterministic generation of the funds, please visit the allocation project repo (specifically this pull request).
While this CIP doesn’t specifically target the advancement of CoWDAO or CoW Protocol, it would result in an appropriate resolution for the misallocation. Furthermore, it would put the tokens in the most appropriate hands with respect to those who were originally entitled.
Technically, after the claiming period has ended, a successful vote on such a proposal would result in a single transaction from the CoW DAO Safe to the Safe holding the Gnosis Airdrop allocation at address 0x849D52316331967b6fF1198e5E32A0eB168D039d for the amount of misallocated COW tokens (as computed in the repository linked above). From there, Gnosis DAO will take care of including the tokens in the LGNO vesting schedules.
To briefly summarize how we arrived upon the 4.8M (
4771935312471552405095051 atoms to be exact)
Filter the unclaimed allocations on both networks by those which are smart contracts (i.e. not externally owned accounts)
Fetch and classify the bytecode deployed at each eligible smart contract.
There were 3 categories: “Wallet”, “Not Wallet” and “Unverified”. Since it is unclear what code is behind the unverified contracts, they were excluded from consideration.
Tally up the total Airdrop of each allocation given to a “Non Wallet” contract.
Since the Gnosis DAO plans to distribute the funds to locked GNO holders as soon as vCoW becomes swappable, this proposal should go into motion before this proposal. It is proposed to send the outstanding ~4.8M COW to GnosisDAO in the same transaction block that would make vCOW swappable.
Note that Once the claiming period has ended it is technically possible (although highly unlikely) that some claims would have been made on behalf of these contracts. We would have to adapt the above computed total of
4771935312471552405095051 to account for any claims.
An alternative suggestion to transferring to the Safe referenced above would be to transfer the tokens directly to the vesting contract. Doing this would result in no action from the Gnosis DAO and the tokens would then be distributed proportionally to those who locked GNO in addition to the 50M. At this time, the vesting contract address is unknown, but it is expected to be known by the time vCOW becomes swappable.
The goal is to put the tokens in the hands of those who were meant to originally receive them. For practicality reasons it would require a lot of effort to distribute them directly to each of the originally eligible recipients. As a straightforward and simple alternative, we would suggest that the tokens be distributed to those who locked GNO proportionally on the vesting schedule defined there.