QIP-0046 · failed

Accept $HONK as collateral for $QUACK staking

Permit $HONK holders to post $HONK as collateral for $QUACK staking positions at a 65% loan-to-value ratio, ahead of the Honker closing.

Proposer

0xTreasury.eth

Posted

Jul 7, 2026

Closes

Jul 21, 2026

For

4,982,117

Against

8,140,662

Abstain

402,309

Rationale

Allowing early cross-collateralization would let $HONK holders participate in $QUACK staking before the exchange ratio takes effect, supporting liquidity through the integration period.

Proposed action

Admit $HONK as eligible collateral at 65% loan-to-value, with liquidation thresholds reviewed monthly by the Custody Subcommittee.

Risk factors

$HONK reserves are seasonally illiquid while geese are on their breeding grounds. A margin call issued during the northbound migration could not be met with underlying assets until autumn. Delegates opposing the proposal cited concentration risk in a single flyway.