[Proposal] Mint Full Grape supply and Close mint within 30 days

1. Proposal Purpose:

INPUT

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.

3. Stakeholders

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.

2 Likes

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

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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.

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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.