• Functional description (what is this being proposed?)
distribute LBP unsold tokens to the people who contributed to the LBP in proportion to their contribution
• Purpose (what’s the “why”?)
This distribution would help the project by putting more votes into the hands of individual community members. Putting it straight back into the treasury essentially puts it under the control of the early backers as they still have most of the votes.
• Background (what is the reasoning behind the proposal?)
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.
• Link to previous discussions (this thread and the other)
• Reasoning & analysis (what is the case for the proposal? what are the pros and cons?)
This distribution would help the project by putting more votes into the hands of individual community members. Putting it straight back into the treasury essentially puts it under the control of the early backers as they still have most of the votes. And there will be more radicle strong holders. I don’t think there are any drawbacks.
• Technical implementation (who will be writing the code? what is the scope required?)
Tracked to etherscan and check the transaction record at the time of LBP, and unsold radicles are paid to the LBP buyer.
• Impact (how does this contribute to the long-term resilience, sustainability and/or growth of the Radicle network?)
This distribution would help the project by putting more votes into the hands of individual community members. Putting it straight back into the treasury essentially puts it under the control of the early backers as they still have most of the votes.
• Open questions (what else needs to be figured out?)
How would the distribution be implemented (vesting contracts, long-term vs. short-term, etc.)
Thanks a lot for writing up @dhejrdlf1 ! It is looking great.
For the open questions part, I think a lockup or vesting will definitely be needed 1) to prevent further price drop that no community members would like to see and 2) to encourage new members to tightly involve in the development of the project for long-term success. I personally believe a 1 year lockup (same as Early Supporters and we could take the code from it) is an easier and quicker way at this point to implement since we don’t really know the vesting terms for “50% Community Treasury (vesting over 4 years)” yet (maybe core team already has decided the terms but I’m not sure).
Another discussion topic I’d like to bring up is the Technical implementation part. I just wonder if community wants to limit LBP participants who bought RAD during the first 2 days only. There should be someone who bought RAD after the 2 days and they are as equally valuable for the community. But on the other hand, if we distribute to all “current” LBP participants no matter “when” they bought RADs, this may invite bad whales who benefit from this proposal.
Also, I just copy&paste from the old discussion link about the rational of why the distribution should be the proportion to their contribution in case some think 1/1800 is more fair.
The distribution should be the proportion to their token holdings, not 1/1800 because it gives a fair purchasing price decrease to everyone, meaning people contributed 1 RAD and people contributed 1000 RADs will have similar impact on the purchasing price.
Yes I agree with you. Shouldn’t be too difficult to implement, just to compare the snapshots between the holder lists of 2 days after the LBP start date and current date.
If someone bought the LBP in first todays,and then sold them out . I don’t think this guy should get the Distrubtion. it’s unfair for the people who still hold the RAD even the RAD prices is going down everyday. I suggest the token only distbuted to the people who bought in first two days and still not sell untill now.
@all_in_radicle If someone bought the LBP in first todays,and then sold them out . I don’t think this guy should get the Distrubtion. it’s unfair for the people who still hold the RAD even the RAD prices is going down everyday. I suggest the token only distbuted to the people who bought in first two days and still not sell untill now.
Yeah, that makes sense and your argument is same as @thepleb’s one if I understand correctly And I now think that we should only include these people bought in first 2 days who still hold it.
The open question might need a format, for example
0. Distribute how many unsold tokens to the LBP contributors?
I can’t tell the reason, but I don’t think we should distribute all unsold tokens to the LBP contributors, maybe 5% ~ 50%? I don’t know if the snapshot support embedded checkboxes.
[ ] 5%
[ ] 15%
[ ] 30%
[ ] 50%
1. Should we distribute tokens to the LBP contributors who have already sold their tokens?
[ ] yes
[ ] no
2. How many tokens should we distribute to one LBP contributor?
[ ] Depends on how many RAD he/she exchanged
[ ] Depends on how many USDC he/she exchanged
3. Should we set a limit for distributing RAD to one LBP contributor?
0. Distribute how many unsold tokens to the LBP contributors?
[ ] 5%
[ ] 15%
[ ] 30%
[✓ ] 50%
1. Should we distribute tokens to the LBP contributors who have already sold their tokens?
[ ] yes
[✓ ] no
2. How many tokens should we distribute to one LBP contributor?
[✓ ] Depends on how many RAD he/she exchanged
[✓ ] Depends on how many USDC he/she exchanged
I’m fine with both. RAD would more make sense given the token sale was on LBP.
3. Should we set a limit for distributing RAD to one LBP contributor?
[ ] yes → upper
[✓ ] no
I was thinking a bit about this but the reason for no limit is to be “fair”. As long as we eliminate those who have already sold their tokens, good whales should be welcomed. But if community is uncomfortable with that, I believe 10,000 RAD limit will include all tokens for 99% holders and prevent the whales to skew the distribution.
And I now think that we should only include these people bought in first 2 days who still hold it.