Treasury Liquidation (Kill Switch)
A kill switch has been built into the system that when executed, dissolves the entire ecosystem. The kill switch can only be executed when 25% of all wallets that are eligible to vote cast a vote with 90% of the votes being in favor of executing a treasury liquidation.
When a treasury liquidation occurs;
- The unlocked portion of the DAOs liquidity is removed from the liquidity pools and deposited in the treasury,
- All smart contracts, not vital to the liquidation process are destroyed,
- The claim function is enabled.
- Each NFT can then claim its proportionate share of all treasury funds and MFI directly to the wallet holding it.
- For any remaining tokens that have not yet been fully vested the claim for that portion of tokens will remain open until they are fully vested.
The claiming process works as follows;
Each treasury asset is divided by the total number of MFI tokens in staking. To claim, an NFT holder signs an on-chain claim request through the app and in return, they receive their portion of the treasury assets and MFI tokens in their wallet.
This function was built to guard treasury funds and act as a failsafe. It is fully automated and ensures that all NFT holders receive their proportionate share of all treasury funds irrespective of what happens to the MetFi ecosystem.