We are starting to get serious with the DAO development. Now it is time to discuss how we should distribute the DAO tokens
As it got clearer during the legal research, we should stay non profit (please read the articles below to get more background info) and we need a distributed token to start using it for voting. Being non profit means we wont sell tokens nor distribute gains among token holders. The token is not supposed to be an investment but a tool for voting and governance.
Worth mentioning also is that we plan to have a multisg wallet for representative figures of communities, minorities, equity representatives, that will vote on the proposals with around 30% of the overall voting weight, while the overall teia Token vote will have a voting weight of about 70%.
a general consensus seems to be that activity on hen/teia should be rewarded with Tokens and that there should be an airdrop for hDAO tokens held, what percentage of the total supply that will be is one of the points we want to discuss here.
a in depth writeup of the current state of governance, the DAO smartcontracts that have been developed, and some info for context
writeup of the legal discussion:
roadmap sketch for DAO registration (step-by-step)
@jagracar , who also wrote the DAO contracts, prepared a spreadsheet with parameters for all active users:
The table has 87237 users.
you can use this code to get the info and tweak parameters: teia-stats/teiaStatistics.py at main · teia-community/teia-stats · GitHub
(updated on May 13)
- Active users receive TEIA tokens based on their activity interacting with teias/hicetnuncs smartcontracts. To receive tokens they need to have been active on H=N + teia for at least 7 days. Users with less than 7 active days do not receive any tokens (unless they had some hDAOs). This should remove dead wallets, and most of the bot accounts.
- hDAO holders get 1 TEIA token for each hDAO they owned at the snapshot (the actual snapshot time is still TBD). It could be in the past or in the future). Overall, there are 650k hDAOs distributed.
- Restricted wallets will be excluded from the drop.
- Wallets that clearly washtraded in order to receive hDAO will also be excluded from the drop
- We will probably add a list of contributors to the project (i.e. tool developers, teia github contributors, active discord members and community managers that will receive additional Teia Tokens (not more than 5% of drop supply)
- The Teia DAO Tokens will have a fixed total supply. We would deploy a DAO token smart contract with the full supply initially assigned to the drop contract and no tokens can be minted after the inital mint.
- The Token claim will happen within a fixed period (tbd). Unclaimed tokens after that period will be transferred to the DAO treasury along with a fixed amount for future drops. (we don’t expect every wallet to claim their DAO Tokens). A second drop (only rewarding activity) could happen for example one year after the first drop to distribute some tokens for active teia users.
- The treasury can transfer/distribute Tokens only via a proper DAO proposal.
The main point of discussion should be if we want to change these parameters around:
- 15% is distributed based on the number of days that the users have been active. The distribution is done linearly.
- 5% is distributed based on the number of days the users have been active in Teia (used the teia marketplace contract to swap or collect). The distribution is done linearly.
- 5% is distributed based on the user participation in the last 3 Teia voting rounds (2 for the name + 1 for the objkt.com swaps). The distribution is proportional to the square root: 1 vote = 1, 3 votes = sqrt(3).
- 15% is distributed based on the number of OBJKTs minted by the user. The distribution is proportional to the square root.
- 15% is distributed based on the number of different OBJKTs collected by the user. The distribution is proportional to the square root.
- 15% is distributed based on the number of connections with other users. The distribution is proportional to the square root.
- 15% is distributed based on the tez earned selling their own OBJKTs. The distribution is proportional to the square root.
- 15% is distributed based on the tez spent collecting OBJKTs. The distribution is proportional to the square root.
In addition to the tokens get by the users in 1) to 8) are scaled by a factor that depends on how “real” their account is. This is again to penalize bots.
- Users for which we only know their tz wallet, and nothing more, have a multiplication factor of 1.
- Users that provided at least a username in H=N, or tzkt, or tzprofiles have a multiplication factor of 2.
- Users that in addition verified their twitter or github or discord identity using tzprofiles have a multiplication factor of 3.
for the sake of simplicity, we picked one of the distribution models we simulated to give everyone an example of how this could look like. This one is basically the middleway of the numbers we tried so far and is trying to find a compromise between the various opinions around this topic.
you can find some other simulated example models in this comment
- Fixed amount of Teia Tokens minted: 2.500.000
- 1.5M TEIAs for user activity. (Please note all the current spreadsheets are missing the contributors list bc writing that list will take some time to be fair)
- 650K (ca 30% of first drop, ca 25% of total supply) TEIAs for hDAO holders
- 350k remain in the treasury for future drops
a distribution based on the above mentioned parameters could look something like this. Remeber we are here to discuss the activity parameters, the total supply (and as a result of that: the % of the supply that is reserved for hDAO reward), the amount reserved for future drops and the amount of tokens that will be rewarded to contributors (missing in this example)
please feel free to discuss your ideas here and ideally share some concrete numbers you would like to see.