TEC Token Sunset

🧭 TEC Strategy & Governance
1

GM! This post outlines the final implementation plan for the TEC token sunset.

Sem and I are managing the technical execution, and I have to say, it’s great to be working with Sem again in the TEC :smiley:

1. Snapshot Details (Important)

As stated in the previous forum post, To prevent last-minute speculation, the amount each address can claim will be based on:

the LOWER of:
(1) TEC balance held on July 23, 2025 (when the sunset plan was publicly announced), or
(2) TEC balance at the dissolution date (when this proposal passes & the snapshot is taken).

This means 2 things:

  1. People who sold TEC after July 23rd should really buy TEC back.

  2. Anyone who accumulated additional TEC after July 23 will have those excess tokens deducted from their final claimable amount, so those people should sell the TEC they bought.

Here is a spreadsheet outlining the differences in balances from July 23rd and Nov 26th:

2. Addresses Requiring Balance Deductions

If the final snapshot were Nov 26th, these would be the amounts will be subtracted from their balances before calculating claims:

Amount to Deduct Address
14,348.58 0xd0cCFeEF904cCE8e0C70014dB37e5133a6A8AA1c
5,073.765377 0xD4FE5d6111bCC563Dbc1830CB30ce8140628123F
160 0xB941365430A16659658bb23B88eFAede1D839354
64.7089312 0x404a8094656CBfe38353F637E815fCc05820E949
41.16796195 0x82079d8B7fa26D82b3db500c84b213b4B6A013c7
20.4681082 0xcb84A9c28e74A87E118Cf23889CF2D4C16dE8c5e
4.511925333 0x006004d6c39590d39310a0d34181e15d9aDe3902
2.273129121 0xcD6b980029E6E6e0733ac8eC3E02be9410D09799
1.638111116 0x66dF5A7715C5D4AfbBFA52435c66aa20733be0d1
1.452293064 0xCa423977156BB05b13A2BA3b76Bc5419E2fE9680
0.1143463414 0x08F498Ad4952628546D8EE700605b9131a0C6e8e
0.08712505665 0xeAD571eDa530604e6Bb354B0D574efaB23c60d69
0.07959812275 0xd39B2A01D4dca42F32Ff52244a1b28811e40045F
0.04969817151 0x4ACb6C4321253548a7d4Bb9C84032Cc4eE04bFD7

This is not the final adjustment, that will be done based on the snapshot at dissolution and the extra funds that would go to these speculators will instead be split pro rata to every other TEC holder.

Special note! It seems like 0x711B4F66c19a741D7dB95AC87641BD8635FB21c8 may have sent 14k TEC to 0xd0cCFeEF904cCE8e0C70014dB37e5133a6A8AA1c…. I hope they send it back. :confused:

3. What We Are Building

We are replacing the bonding curve with a minimal withdrawal / claims contract that distributes the treasury to TEC holders.

Core Features

  • Users call contract, TEC is taken from their address, and they receive a proportional share of treasury.

  • Pro-rata payout based on circulating supply (excluding TEC held by DAO contracts, LPs, or burned).

  • Two-token distribution:

    • rETH
    • DAI

  • ~6-month claim window (after which Giveth can close claims).

  • After window closes:

    • claimRemaining() becomes callable by grants.giv.eth
    • All unclaimed funds → giv.eth

  • No hacked-wallet logic in the contract

    • All edge cases are handled manually before or after the window.

You can read the contract source code at GitHub: TECClaim.sol. It includes tests that cover all edge cases we could think of and all the life-cycle of the claim contract.

We simulated the vote and the post-vote transactions in a Tenderly simulation using EVMcrispr, and everything is good.

4. Frontend & Hosting

5. Pre-Deployment Treasury Work

Before the contract goes live, the Stewards team is:

  1. Sending all reachable treasury assets to 0xb98bcd4911d16715a28cd7b83b158ccc41969534

  2. Removing liquidity:

    • TEC/OP LP → recover TEC + OP
    • TEC/GIV LP → recover TEC + GIV

  3. Convert all volatile assets into RETH and stable assets into DAI, and bridge to Optimism.

  4. Send all TEC, RETH & DAI to the Common Pool, except for amounts needed for the final contributor payments.

6. Governance Steps

The final TEC vote.

The proposal will:

  • Withdraw the rETH from the ABC and send to the Common Pool
  • Approve the claims contract to withdraw rETH + DAI from the Common Pool.
  • Burn the TEC in the Common Pool
  • Define the dissolution timestamp for the snapshot.

7. Claims Preparation Post-Vote

Before the opening of claims we will prepare:

  • TEC Balance Snapshot after dissolution
  • Final applicable TEC balances after taking into account the lower of the July 23, 2025 and dissolution date balances.
  • Total circulating TEC supply considering TEC balance deductions and subtracting the amount of TEC held in the Common Pool, and any other TEC owned contract to ensure correct pro-rata calculations.

8. Timeline

  • Governance vote: first week of December
  • Claims open: mid-December
  • Hard deadline: Before Christmas
  • Edge Case Reporting Deadline: January 31, 2026
  • Claims Close: June 20th, 2026

9. Edge Cases & Manual Handling

Lost / Hacked Wallets and other edge cases

  • Report edge cases to @ZeptimusQ on telegram.
  • If we are notified before the Edge Case Reporting Deadline, Giveth may manually send funds from the unclaimed pool after claiming the left over funds.

Unclaimed RETH & DAI

  • After the window, all remaining funds are sent to giv.eth.

Final Notes

This post is the authoritative description of the TEC sunset implementation. If anything here contradicts an older post, this is because it was technically difficult, this version is the final version.

Please add comments or questions below, we’ll iterate quickly.

Thanks everyone for helping bring the TEC experiment to a responsible and transparent close.

:yellow_heart:
Griff + Sem

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