• Title: Salvation Proposal (HFT Price Protection)
• Author(s): @shawnm
• Related Discussions
• Submission Date: 12/30/2022
• Simple Summary:
In this proposal, 4 basic steps are mentioned with details to reduce the daily token dumping and price recovery, emphasizing on the reduction of daily token emissions as following;
1-Vesting tokens are delayed until the launch of Hashverse.
2- A distinction is made between whales and small holders.
3- Two separate categories are defined for whales.
4- It has been decided for the starting and ending time of vesting tokens for small holders.
5- A decision has been made for a part of the remaining unvested tokens of small holders tokens for staking purpose in the Hashverse.
6- It has been decided for price recovery before releasing the tokens of the investors and the team.
7- Put the NFT holder HFT awards in a sanctuary.
Since the launch of the token until today, we have seen the daily dump of the HFT price. And this has worried all of us. We have to think of a plan so that we don’t get drowned in the current storm.
The reasons for this daily dumps are multifactorial;
• There is not much utility defined for the token.
• Hashverse has not been launched yet.
• We are in a bear market.
• Daily token emissions are high.
In this proposal, we will decide on the controversial topic of the recent weeks, NFT holder’s tokens.
• Specification & Rationale:
If you are looking to protect the price and raise the price of the token, the first step is to be patient until more utility is defined for the token, and I believe this will be achieved with the launch of Hashverse.
In the first step, stop the release of all unvested tokens until the launch of Hashverse, so more utility of the token will be defined in Hashverse.
In the second step, run a query and check the number and concentration of unvested tokens up to date. How many wallets have the most unvested tokens? (Top 100 wallets)
In the third step, differentiate between whales and small holders. Consider users with more than 100K unvested tokens as whales.
Consider 2 category for Whales:
Cat 1: Treat whales with more than 500K to 1 million unvested tokens as investors and teams.
Cat 2: Treat the rest of the whales who have less than 500K tokens as investors and team with the reduced vesting time from 4 years to 2 years.
Vest the tokens of the remaining users who are considered as small holders (under 100K unvested tokens) from the beginning of Hashverse launch (Q1 2023) until 3 months before the release of investors and backers tokens, linearly daily with a limit of 1000 tokens per day.
Starting time for vesting small holders tokens: By the time of Hashverse launch (Q1 2023)
Ending time of the vesting tokens for small holders: 3 months before the team and investors tokens get unlocked (End of July 2023)
At the End of July 2023, all the remained unvested tokens for the small holders will be automatically staked into Hashverse specific pool for a period of 6 months and consider a small percentage of profit for them. (Loyalty Badge NFT)
Refrain from releasing more tokens within 3 months before the team and backers tokens gets unlocked (3 months before November 7, 2023). so that the price can recover for them in a time interval of 3 months.
In the fourth step, Put the NFT holder HFT awards in a “sanctuary” - neither the amount nor the vesting schedule would be changeable by any subsequent proposal
Reducing daily token Emissions and preventing daily token dumping.
Ending of disputes and FUDs around tokens of NFT holders.
Giving time for price recovery for both users and team/backers tokens.
• Benefits (Pros):
In this proposal, we seek to maintain and control the price without harming anyone.
Protection of price and the protocol along with protection of both old and new users.
• Downside (Cons):
Whales and NFT holders may complain due to the deviation from the initial conditions, but this proposal is more balanced than the Terminated proposal. Therefore, everyone’s benefit should be considered.
Yes - for it to be implemented,
No - for it not to be implemented
This proposal has the ability to be edited and apply the reasonable and constructive comments of users before going to the snapshot for voting.
Feel free to comment.