1. Proposal Purpose:
For simplicity and transparency in circulating supply we have been gradually minting the community Grape. As this process is not sustainable or safe to continue doing manually long term, we should go ahead and mint the full supply to the council controlled treasury on Realms token account 9eYJBViDGBXcf61WQfUDdwxtKyVjjLxyKtEhKs35SPnU with owner 7ZNjtUgPYL8kNfoPewEnafy4TiKWMs3QsQNYkGx9TawJ , update the metadata to include the Grape logo using the token metadata standard. Within the next 30 days (if this proposal passes) the mint will be closed and no new Grape will be minted.
2. Grape Proposal Overview:
Once the Grape has been minted, the quorum should be manually updated by the council until there is a program to automatically calculate the circulating supply. The initial setting will be set to 4% of the current circulating supply, The Community mint max vote weight source will be set to 12% of 1Billion GRAPE and will be increased manually every 1 or 2 months, its still early to set a fixed schedule on the quorum updates as we are still not sure how much Grape will be appearing in governance.
The Grape Network token holders, Grape DAO, and Grape sub daos using Grape.
4. Costs/Resource Requirements:
Any potential disadvantages of minting the full supply now, can be discussed bellow.
thank you for putting this together!
I am 100% in agreement and love the urgency. These are big scary moves, but we know we need to do them
Is this the command for disabling the mint or will we be using a different method?
$ spl-token authorize 8upjSpvjcdpuzhfR1zriwg5NXkwDruejqNE9WNbPRtyA mint --disable
Would we be transferring authority to the DAO or is it useless at that point? Im thinking about those moments like the Strata Collective where we need to sign
Yes, this is the command which will be executed following the mint of the remaining Grape.
The update authority for the metadata will remain Grapet5djGvojACJp22FVv9UwX3Kr88CbTKuCUFvhcS5
transferring the mint authority to a realm is a lot more tricky and probably not needed. If we don’t trasnfer the mint authority properly we would end up with a mint which is open and set to a authority we will no longer control.
Regarding the last point, this was a limitation that Strata had set on how you can create collectives. I am sure there will be other ways to create token swap pools which don’t have these constraints.
If we do need to setup new Grape backed tokens with different requirements this will still be possible, as the tokens will be new and could be setup to have built in fee enforcement using spl-token2022.
All along I thought the discussion was around the remaining Grape being minted by the Realms council to the community treasury. I think we should move forward with this if it’s the best option/decision.
I do think that the core vision of GRAPE is to go decentralized…and giving the control to the community so I do think it ll be a statement doing that sooner than later. so if put to vote I might as well say YES.
Actions which have been taken so far.
The full Grape supply has been minted
The Grape mint has been closed and the supply is fixed. The supply could only go down via burning and could never go over the current max supply.
Currently the Grape has been minted to the old mint authority, and will be moved to a DAO controlled treasury. To prepare for this process, we will need to expand the current council to include more members of the DAO. Once this process has been completed the minted Grape will be in a fully decentralized DAO elected council. On the Dec. 11 2022 dao call we could start a discussion on how we can proceed to expand the council.
As the old min authority can no longer mint Grape it will continue to have the authority to update the Metadata for the Grape token in the Token Metadata Program. This authority will also move to a Realms controlled address.
Also updated the circulating supply on realms to look at 10% of the entire supply (quorum is now calculated off of 100,000,000).
The Grape which was sitting in the old mint authority Wallet has been transferred to the council controlled 9eYJBViDGBXcf61WQfUDdwxtKyVjjLxyKtEhKs35SPnU token account address. The next steps are to start voting in council members.
Personally, I believe we should have 5 council holders, and the eligible members to be council holders are members who wish to take on the responsibility of holding a council token and have shown persistent activity on realms. This process should not be rushed, we replace ownership of one council token i.e monthly until all the council holders are voted in. To help speed up this process, I am volunteering to be the first to have my council token given to the first DAO voted council holder.
Some proposed additional next steps:
- The current mint authority of the council token will also need to be moved to the DAO, or closed.
- 100% of the assets should be in DAO control at all times, the council should be a saftey mechanism to protect these assets from potential attacks.
Support all of this
100% the mint for the council tokens needs to be moved to Realms. That’s the most important since the rest is meaningless without that
I also volunteer to give my council token as the first one
Since governance v3 supports most of the needed changes that weren’t possible before, lets confirm the correct process to transfer the current mint authority for the council i.e to which address we are transferring mint authority and also make sure this is exposed in the UI.
After confirming with Sebastian, we went ahead and completed the council mint transfer.
The Grape Council mint & freeze authority has been transferred to the Grape Realm, the new authority is Ef3AHWKWeowSugvyWkpdDGiKK8vBxXGcABfnABKb5rTr
Mint Authority transaction
Freeze Authority transaction
It might take a few weeks to get the mint option exposed in the UI, this needs to be hardcoded for the Grape DAO as the mint authority was not transferred upon creation of the DAO.