Hi everyone, quick note regarding rewards and gas refund distribution (Epoch 35) after the migration to VLR.
As you may have seen on the forum: PIP-55 Reward Mechanism Automation, WakeUp Labs Update Thread - #39 by WakeUpLabs, we’ve been working with WakeUp Labs on several adjustments to the distribution system calculations.
These adjustments were successfully implemented.
At the moment, the distribution proposals haven’t been created yet for just two reasons:
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Funds need to be reallocated across the different GovCo Wallets. Instead of keeping all funds on Ethereum Mainnet, they need to be distributed across the various blockchains where the rewards will be executed. (The Velora Community Signers are currently handling these transfers).
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oSNAP does not currently support integration with BASE. For this reason, while the scripts that calculate distributions already take BASE into account, the actual transactions will not be executed automatically. Instead, once the Snapshot proposal is approved, we’ll manually propose the necessary on-chain transactions. (This is a standard procedure that has been done before — the only difference is that UMA’s oracle won’t trigger execution this time).
We’re already in touch with the oSNAP team, helping them resolve the issues on their side so that the process can be fully automated in the next distribution.
Finally, it’s worth noting that we’ll submit the on-chain proposal and complete the pending steps ASAP, to stay as close as possible to the standard distribution timeline (one week after the epoch closes).