- Title: [DRAFT] Reschedule vesting of high potential sellers to slow down token emission
- Author(s): 0xZZ
- Related Discussions: [Implemented] Terminate vesting of HFT to NFT holders who hold less than 20% of claimed HFT
- Submission Date: Dec 28, 2022
Simple Summary: The related proposal which is on voting, attempted to terminate tokens of wrong users without any clear criteria. This proposal tries to fix it by not terminating but instead rescheduling and announcing clear criteria.
Abstract: NFT holders contain two groups of users: 1) loyal community members who contributed to the protocol in many campaigns. 2) secondary market buyers. We should respect their time/effort and money spent on NFTs. Currently, they have daily vesting at 1K ceiling and many proposals were sent on Snapshot to change the vesting and allocation somehow.
Generally, I disagree with any changes that have been written and documented months ago but if we insist on it let’s do it with fewer side effects.
Motivation: It is disheartening to see the disregard for the ecosystem shown by large and consistent sellers. This constant sell pressure during the early stages of the HFT launch is toxic and could damage the protocol and the interests of all participants.
By saying that, we can somehow act on high-potential sellers and slow their selling behavior down.
– Who will be affected: Those addresses that have less than 40% HFT on Jan 5, 2023, at 00:00:00 UTC compared to the snapshot timeline.
– Snapshot timeline: TGE(Nov 7, 2022) - Jan 4, 2023, at 23:59:59 UTC
– Specification: Collect data for claimed HFT for each holder in the mentioned snapshot timeline, then it will be compared to [HFT balance + vested tokens + HFT on pools] on Jan 5, 2023, at 00:00:00 UTC, if it’s:
- 30% < x <= 40%: unvested tokens will be rescheduled to vesting for 3 months.
- 20% < x <= 30%: unvested tokens will be rescheduled to vesting for 6 months.
- x <= 20%: unvested tokens will be rescheduled to vesting for 9 months.
After that, put the NFT holder HFT awards in a “sanctuary” – neither the amount nor the vesting schedule would be changeable by any subsequent proposal.
By choosing Jan 5 as the snapshot date we allow users to return their HFT to the original wallet so addresses with transfers will not be affected unfairly. And also another reason is that: 2 days this post will be on the forum + 5 days on voting + enough time for users to withdraw from pools if necessary. (on the related proposal users that transferred will be affected)
By rescheduling vesting of affected users we will not terminate their allocation ever, instead we slow down their behavior. (on the related proposal it will be terminated)
By having a dynamic %, we will not act the same with different sellers.
By considering vested tokens we will not affect a user that claimed and sold only 1K out of 10K. (on the related proposal it means 100% so terminate the rest of the allocation)
- I’m against any change to users’ allocation and vesting by measuring their past behavior.
- I think it will be hard for the team to implement it, but if we’re talking about something this much important it should be crystal clear and with enough conditions.
“Yes” to implement the specification and any subsequent proposal attempting to amend these terms shall be deemed to pose systemic risk to the DAO.
“No” to continue HFT vesting for NFT holders that fit the current criteria