→ Snapshot Poll ←
Functional Description
It’s being proposed that distributing 151614.2475 RAD from Radicle Treasury with 6 months’ lock time to the LBP holders who holds 559728.7298901365 RAD from the LBP till now by the RAD they bought in LBP.
- Count the LBP holders, maybe base on this script
- Distribute RAD to the holders
Purpose
This distribution would help the project by putting more votes into the hands of individual community members for helping radicle being more decentralized.
Since this is the first proposal not drafted by the core team, this proposal could be a template for more community-driven proposals whatever it will pass or not, and it would encourage more community members to join the governance of radicle.
The amount of this distribution depends on the UNIX timestamp of the first commit of OSCOIN, the date, the dream starts, for regarding and respecting the perseverance of the Radicle Team.
Background
On February 25th, ~3.75% of the Radicle token supply available for interested parties within the Radicle community. It used Balancer a decentralized exchange and leverages a mechanism called Liquidity Bootstrapping.
Over 1800 new token holders participated in the event, claiming over 50% of the RAD tokens put on Balancer at the beginning of the event. This event raised ~$25M in the Radicle Treasury, a smart contract controlled fully and transparently by Radicle token holders.
Since Exit LBP & add Uniswap liquidity?, the unsold RADs has been back to the radicle treasury, and after transfering 287k RADs to Uniswap pool, there are around 1.45M RADs left from LBP.
Early supporters of Radicle were able to become part of the community by buying the Rad token for $1.5 USD. LBP supporters paid between $10 and $30. LBP contributors support the project just as much as the early backers who were allowed to join in for just $1.5 and should be rewarded for it with a
share of the unsold tokens. There are already more than enough tokens available in the treasury to be used for other purposes.
Link to previous discussions
Reasoning & analysis
The community has been discussed this proposal for really a long time and we took several polls for surveying should we put forward this proposal.
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- Distribute 50% unsold tokens to the LBP contributors
- Only distribute tokens to the LBP contributors who haven’t sold their token
- Distribute RADs by how many RADs he/she exchanged in LBP
- Set a limit for distributing RADs to one contributor
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- Lock the distributing RADs for 6 months
- Unlock the distributing RADs every 6 weeks
- Unlock fixed proportion every time unlock
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- Continue this proposal
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- Distribute tokens by the UNIX epoch timestamp of the initial commits of OSCOIN, the date, the dream starts.
In the last poll we vote to distribute 15161.42475 RAD, 0.027 per RAD, after calculating it over again, it can not achieve the purpose of putting more votes into the hands of individual community members, so it is 151614.2475 RAD now.
Technical Implementation
Transfering the distributed RAD to LBP holders one by one takes too much gas, this proposal requires a function in radicle-contracts that can drop or set claimable RAD to the LBP holders’ address.
Impact
The LBP holders are not selling their RAD in a short time, instead, they hold their RAD for the longest time, this proposal hardly can add liquidity to the market but distribute more votes to the individual community members, besides, this will encourage more community members holding their RAD.
Open Questions
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There is a lot of community members who join radicle as holders after the LBP, how could we set a mechanism benefiting the RAD holders?
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It seems radicle-contracts doesn’t have a function that can execute this proposal immediately, if this proposal passes, who will be writing the code?
