Title: Put NFT-based HFT in sanctuary, align NFT vesting period with team and early backers
Submission Date: 12/29/2022
- Simple Summary: Alter HFT rewards as follows:
- Vest all to-date unvested HFT for NFT holders according to the following schedule:
If the total unvested amount is <25K HFT:
- 100% vested and unlocked at one-year cliff (linearly over a 60-day period beginning on Nov 7, 2023)
Otherwise, if the total unvested amount is <50K HFT:
- 50% vested and unlocked at one-year cliff (linearly over a 60-day period beginning on Nov 7, 2023)
- 50% vested and unlocked daily over the 12 months thereafter
Otherwise, if the total unvested amount is <75K HFT:
- 33.33% vested and unlocked at one-year cliff (linearly over a 60-day period beginning on Nov 7, 2023)
- 66.66% vested and unlocked daily over the 24 months thereafter
For all other users:
- 25% vested and unlocked at one-year cliff (linearly over a 60-day period beginning on Nov 7, 2023)
- 75% vested and unlocked daily over the 36 months thereafter
- Put the NFT holder HFT awards in a “sanctuary” – neither the amount nor the vesting schedule would be changeable by any subsequent proposal
- Abstract: The Hashflow community has been divided, and the polarization is apparent given the focus of recent proposals. These proposals have generated dissent between the first camp, who want to eliminate emissions, and the second camp, who are loyal users who want to keep the rights to their previously earned HFT (and rightly so).
This proposal recommends a way forward that would be amenable to both camps, and would allow governance to focus on what matters the most: improving the trading experience, creating new technology and new partnerships, launching the Hashverse, and creating more utility for HFT.
On the one hand, we would extend vesting pertaining to NFTs. This should allow for Hashverse to be fully rolled out (more token utility), and resonate with the community members who are fighting to slow down emissions.
On the other hand, NFT holders would a) get their rewards in full b) not have to worry about subsequent proposals trying to alter their rewards.
Many NFTs were purchased on secondary markets and these owners have expressed their concerns about their tokens being treated in a manner that is inconsistent with other Hashflow early backers. This proposal addresses those concerns by standardizing these vesting periods and rendering these tokens immune to any further DAO proposals.
- Motivation: What problems will this proposal address/solve? What’s the value-add?
This proposal aims to create a middle ground that:
a) increases the confidence of HFT holders
b) addresses a lot of the FUD currently running in the community
c) aligns the community on a shared goal of creating the best trading experience, as well as generating utility for HFT
- Specification & Rationale:
For 1: A snapshot would be taken of all unvested HFT for NFT holders. Distribution of this balance would be paused until the one-year cliff, at which point, 25% of this balance would be unlocked and distributed linearly over a 60-day period beginning on Nov 7, 2023. The remaining 75% of the balance of unvested HFT would be distributed evenly and monthly over the following 36 months (once the initial 25% has been fully distributed).
For 2: There is no need for formal implementation. Any subsequent proposal attempting to amend these terms shall be deemed to pose systemic risk to the DAO.
Benefits (Pros): Finding a way to unite the community and have it focus on the best interest of the protocol.
Downside (Cons): Not a lot, given the current state of things.
Voting: “Yes” to implement, “No” to skip