Timelocked Changes and Compensation Plan Re. ARCADIUM Transfer Tax on Redemption
First of all, we would like to touch base with you about a case of mismatched expectations that occurred during the redemption from PREARCADIUM to actual ARCADIUM. The transaction fee was charged during redemption, so users ended up with 6.66% less ARCADIUM than they had in PREARCADIUM face value. Even though our documents did not say that this transfer would be exempt, this tax was not intended, and we do care about the fact that the quality of your experience with us matches your expectations.
Therefore, we have discussed several options for compensation plans using ARCADIUM that is available to us. It so happens that 35,000 additional ARCADIUM is available in the liquidity wallet because we did not originally know how much we would need for liquidity. This amount is sufficient to cover the entire one-time tax event of everyone’s ARCADIUM leaving the redemption contract. We believe that we may be able to create a script that would work with gathered data to simply send everyone the ARCADIUM tokens they were taxed.
In accordance with this, some changes have entered timelock. We have queued transactions to remove the ARCADIUM transaction tax from both a user-controlled wallet and the Layer 2 token redemption contract in both directions:
Once we finish the data grab for running the script that sends out ARCADIUM to those who were taxed, we intend to immediately make further redemptions tax-free.
This solution should allow us to prevent any investors from falling through the cracks, and everyone should receive (or become able to receive) their full ARCADIUM allotment within a short time period of one another.
We will be working on this solution tirelessly, and we hope to have it out to you without any unnecessary delays.
Thank you for your continued support! We apologize for any inconveniences you may have experienced and we assure you that we are working to correct them. Please continue to bring any further issues to our attention. We appreciate your help!