XIP#57: Proposal To Unwind Autoglyph Vault

Product
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We propose to unwind the Autoglyph vault and transfer the underlying Autoglyph NFT to the DAO wallet. This action aims to liquidate the NFT for ETH and distribute the proceeds pro-rata among the remaining vault token holders. Given the current illiquidity of the fractionalized NFT and the likelihood that many vault tokens reside in inactive wallets, this course of action serves the best interests of all fractionalised vault holders.

Proposal Details:

  1. Unwind the Vault:
  • Transfer Ownership: Initiate the process to unwind the vault holding the Autoglyph NFT, effectively dissolving the fractional ownership structure.
  • DAO Custody: Transfer the full ownership of the Autoglyph NFT to the DAO’s wallet for seller management.
  1. Liquidate the NFT:
  • Sale of Autoglyph: List the Autoglyph NFT for sale via OTC to secure the best possible price in ETH.
  • Market Timing: Consider current market conditions to time the sale optimally, ensuring maximum returns for members.
  1. Distribute Proceeds:
  • Pro-Rata Distribution: Allocate the ETH obtained from the sale proportionally among the remaining active vault token holders.

Conclusion:

Unwinding the Autoglyph vault is a strategic move to unlock the value of an illiquid asset for the benefit of all fractionalised vault members. By converting the NFT into ETH and distributing the proceeds, we provide tangible returns to all.

2

Thanks @MiladyKing

For any GLYPH token holders that would like to proceed with the unwind process please post a signed message in the replies below stating your preference (shutdown the vault and sell off the remaining item or remain as is).

If the majority holder >50% is for the process then vault shutdown proceeding will begin.

One point of note, there is no longer an NFTX DAO to transfer the Autoglyph towards, so the management would most likely sit with Flayer now.

3

thanks javery

see here on msig ui for the signed message (under messages). feel free to check via etherscan to verify signature:

5

Let’s shut this down and move forward :smiling_face_with_three_hearts:

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The Glyph Vault has now been shutdown.

Instructions for how to use your GLYPH tokens to claim the proceeds of the final Glyph sale will be added here in the next few days.

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Shutdown of the Autoglyph Vault on NFTX v2 (VauldID 4)

As part of shutting down the Autoglyph vault to distribute its underlying value (70.5 ETH), all remaining holders can now redeem ETH prorated to their fractionalized GLYPH holdings.

Steps to redeem:

  1. Give GLYPH approval to the ShutdownRedeemer contract
GLYPH.approve(spender = 0x96cf14C2A61b7142421397735e702e25f1aa7F30, amount = vTokenBalance in wei)

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As an example, if you’re holding 0.1 GLYPH vToken, the vTokenBalance to put in is 100000000000000000. To calculate the exact amount for your own holdings, a useful tool like the Ethereum Unit Converter comes in handy.

  1. Call redeem on the redemption contract
  • ShutdownRedeemer.redeem(vaultId = 4, vTokenAmount)

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Once you’ve performed step 1, you will need to call Redeem on the redemption contract linked above. The vaultID for the GLYPH vault is 4. The vTokenAmount is the same as in step 1.