ACTION REQUIRED: Transitioning from TEMP to NOS Post-Raft Exploit and Refocusing on Nostra
This proposal aims to guide the TEMP community through a significant strategic transition following the recent events surrounding the Raft project. This includes a shift in focus towards Nostra, adjustments in token allocation, and the discontinuation of TEMP in favor of NOS tokens.
Raft, a key project under Tempus, unfortunately suffered a security breach, resulting in substantial financial losses. Despite robust security measures, including two comprehensive audits, the exploit led to a loss exceeding $7 million. We have processed refunds for affected parties, ensuring a recovery of nearly 50% for those impacted.
Given these challenges, the vision for Tempus as a product studio is now deprecated. The product development related to Raft will be postponed until an envisaged re-launch in 2024 with better market conditions. As things currently stand, the TEMP token serves no material purpose other than to receive NOS. As a result, we propose to take some further steps.
Deprecation of TEMP: We propose to remove all TEMP liquidity and transfer all funds in the Tempus Treasury to the Nostra Treasury.
Revised NOS Allocation: We propose a revised NOS allocation scheme for TEMP holders. Instead of the previously voted upon 1 TEMP to 0.6 NOS ratio, legacy TEMP holders will receive NOS tokens on a 1:1 basis, subject to vesting. The team and investors will receive tokens on the same basis. The latest funding round for NOS was at $50m FDV earlier this year.
Launch and Vesting of NOS: NOS is slated to launch in Q1 2024. Legacy TEMP holders will receive locked NOS pre-launch. The vesting for NOS tokens will be determined by the team, aligning with the project’s long-term goals and market conditions. Important: The vesting period is currently envisaged at 2 years with a 6 month cliff. In any case, the vesting schedule for those allocated NOS under this proposal will be equally advantageous to the Nostra team and investors.
Discussion and Voting Process
Discussion Period: There will be a 7-day discussion period for the TEMP community to deliberate on this proposal, ask questions, and share insights. This period is crucial for ensuring community understanding and input.
Voting on Snapshot: Following the discussion period, voting will be conducted on Snapshot. This is an opportunity for TEMP holders to formally express their stance on the proposed strategic transition.
Action Items Post-Vote
Treasury Transfer: Upon the successful passing of this vote, Treasury-owned liquidity for TEMP will be removed, and the funds currently in the Tempus Treasury will be reallocated to the Nostra Treasury.
Snapshot: Subsequently, a snapshot of TEMP holders will be taken. This includes those who are staking TEMP or providing liquidity.
NOS Launch: Once Nostra is launched, instructions will be provided to legacy TEMP holders to claim their NOS from the NOS vesting contract.
Communication: Continuous updates and detailed instructions will be provided to the community throughout the implementation phase.
This proposal represents a pivotal moment for our community. The transition from TEMP to NOS, coupled with a focused effort on Nostra, aligns with our revised strategy post-Raft exploit. We believe this shift is critical for the long-term success and sustainability of our ecosystem. We encourage all TEMP holders to actively participate in the discussion and voting process. This thread will remain open for a period of 7 days, following which it will be moved to Snapshot vote.