Summary
This proposal converts:
- 100% of the remaining unclaimed RUBI in the Base Airdrop Contract, and
- 100% of the RUBI currently unlocked in the L1 Community Vesting Contract (~92M RUBI)
into Protocol-Owned Liquidity (POL) on Base.
All tokens will be consolidated into the DAO’s trusted Base multisig, which will deploy them into deep, long-range Uniswap V3 concentrated liquidity positions:
- 70% RUBI/ETH (0.3% fee tier)
- 30% RUBI/USDC (0.3% fee tier)
with wide ranges intended to serve as long-term, permanent liquidity.
This turns dormant or idle supply into productive treasury assets, deepens RUBI markets, and sets up the DAO to accumulate ETH and USDC as RUBI appreciates.
Tradeoff: This proposal fully deprecates the original airdrop. After execution, unclaimed airdrop tokens cannot be claimed.
Motivation
1. The Base Airdrop Contract Holds ~31% of All RUBI on Base
This supply has remained unclaimed for over 7 months. It:
- Provides no liquidity
- Supports no trading
- Generates no fees
- Offers no value to the DAO
RIP-02 recognizes this pool as abandoned and repurposes it into something mission-aligned: permanent, productive liquidity.
2. The DAO Has Far More Vesting Unlocks Than Operational Needs
Over the next 6 months, assuming the DAO maintains the same emission rates that are currently live, DAO needs are estimated as:
- ~20M RUBI for trading rewards and DAO growth
- ~80M RUBI for liquidity rewards
- Total: 100M RUBI
The L1 Community Vesting Contract has:
- ~92M currently unlocked, and
- ~400M RUBI unlocking per year (~33M per month), meaning
- ~200M RUBI will unlock over the next 6 months
So the DAO will have:
92M unlocked now + 200M vesting soon = ~292M RUBI available
against a 100M requirement.
The vesting rate exceeds the demand rate by nearly 2×, which means:
- The entire currently unlocked 92M RUBI is surplus
- Future vesting easily covers emissions and operations
- Deploying all unlocked tokens into POL is financially safe
This proposal intentionally deploys 100% of the current unlock into long-term POL.
3. POL Strengthens RUBI’s Markets and Reflexively Grows DAO Treasury
By deploying POL as:
- 70% RUBI/ETH,
- 30% RUBI/USDC,
- at 0.3% fee tier,
- with wide long-term ranges,
the DAO gains:
Deep permanent liquidity
Better execution for traders and aggregators.
Self-funding revenue
Uniswap LP fees accrue to the DAO multisig.
Treasury reflexivity
Because these POL positions start one-sided in RUBI, rising RUBI price causes the AMM to accumulate ETH and USDC for the DAO.
At approximately a 10× price appreciation, the position naturally becomes 50/50 by value. The total range for the UNI v3 position will be 100x arbitrarily to current levels. The DAO accumulates increasing amounts of ETH and USDC to support DAO growth. This transforms market wins into treasury growth.
4. Uniswap First, Rubicon Ultimately
Rubicon’s current AMM supports 50/50 liquidity, not concentrated-liquidity style POL. Uniswap V3 remains:
- the leading UX/distribution surface,
- the easiest CLMM venue today,
- a credible default for deep liquidity.
POL will start on Uniswap v3 for maximum accessibility. I contemplated using Rubicon’s own order book (possible!), but the distribution benefits of Uniswap compared to our order book (not nearly as many integrations) seem superior at this phase.
However, the long-term goal is to migrate POL onto Rubicon’s own order book / AMM stack as soon as it makes sense. This proposal does not lock the DAO into Uniswap; it provides a launch infrastructure for POL with flexibility to move.
Specification
RIP-02 performs the following high-level actions:
1. L1 Governance (Ethereum)
-
Calls
release(RUBI)on the L1 Community Vesting Contract.This transfers all currently unlocked RUBI (~92M) to the L1 Governance Executor.
-
Bridges all of these tokens to Base via the Base Bridge on L1.
Tokens are delivered to the Base Bridge Executor.
-
Sends a cross-chain governance message instructing Base-side actions (outlined below).
2. L2 Operations (Base)
Upon receiving the cross-chain message, the Base Bridge Executor will:
-
Call
withdraw(amount)on the Base Airdrop Contract to withdraw all unclaimed RUBI into the Bridge Executor.(This permanently ends the airdrop claim period.)
-
Transfer all bridged vesting tokens + all withdrawn airdrop tokens to the Rubicon Trusted Base Multisig.
This consolidates all POL tokens into a single treasury controller.
3. Multisig Actions (Base)
The trusted multisig will:
- Approve RUBI to the Uniswap V3 Position Manager
- Mint the POL positions:
- 70% RUBI → RUBI/ETH in the 0.3% tier, wide range
- 30% RUBI → RUBI/USDC in the 0.3% tier, wide range
- Set fee accrual to the DAO’s treasury (multisig or Collector module)
- Manage future:
- Fee collections
- Adjustments
- Migration to Rubicon’s native infrastructure when appropriate
Risks
Airdrop Deprecation (Medium)
This proposal fully removes the ability for unclaimed airdrop recipients to claim. Tokens are considered abandoned. The rationale is that the airdrop has been live ~6 months and inactivity is extremely high. Any users who have not claimed will miss their opportunity upon execution.
Market Volatility / IL (Medium)
POL is exposed to market movements. Wide ranges and ETH/USDC weighting reduce risk. The LP position, like any AMM can lose value to impermanent loss and toxic arbitrage flow with time.
Execution Complexity (Low)
This proposal follows the same cross-chain execution pattern as RIP-01 and uses well-understood primitives (vesting release, bridging, transfer, Uni V3 positions). That said, it will be the first time we release from the core Community Vesting Contract, which holds the vast majority of all RUBI.
Multisig Management (Low)
The DAO’s trusted multisig will manage the initial POL. Governance can always rotate, pivot, or migrate. This multisig is effectively the security bottleneck for the DAO as well and is a necessary feature of progressive decentralization. While the POL LPs could be moved to DAO control, our existing Collector contract on Base can only perform basic ERC20 actions and cannot manage a UNI v3 position - doing this through fully onchain rails would effectively burn the liquidity.
Benefits
- Deepest, most resilient liquidity RUBI has ever had
- Growing treasury exposure to ETH and USDC as RUBI appreciates
- Efficient use of idle and abandoned tokens
- Improved aggregator routing and user experience
- Strengthens both the market and the DAO simultaneously
- Enables future migration to Rubicon’s own liquidity infrastructure
- Fully funded treasury runway due to high vesting rate
Success Criteria
- All airdrop tokens are withdrawn and transferred to the multisig
- All currently unlocked vesting tokens are bridged to Base and transferred to the multisig
- POL positions minted successfully on Uniswap V3
- Fees accruing to the DAO
- Increased liquidity depth and tighter spreads on Base
- DAO Multisig or Treasury begins accumulating ETH/USDC on upward price movement
Important Reminder - 
RISKY
- RUBI is very risky. All users must accept risks and our Terms of Use.
- Rubicon is risky, only invest or use it with assets you can afford to lose.
- We are on a very uncertain march towards decentralization and scale as a movement. Be careful and good luck.
Ad Victoriam.
Proposal ID: 1
Author: Benjamin Hughes
Date: 11.13.25