tl;dr (although you probably should read and reply):
Regarding the $GRAPE Mint, at the very least, the following needs to happen:
- Assess current situation
- Define goals regarding (desired) future governance
- Evaluate impact of Minting scheme
- Decide on Minting scheme
- Decide on governance structure (e.g. Realms)
- Decide on notice for Private Investors
So, I had hoped to join the discussion but it seems that I need to make a start here
First of all, let me show you what helped me to think about the upcoming $GRAPE mint and the questions revolving around the topic (just a rough draft, relax):
It isn’t finished and I might update it, but I used it, to order my thoughts and to get a better understanding of the implications regarding the different questions we need to answer.
What did and didn’t happen so far:
- 130 million $GRAPE have been minted so far
- Private Investors/Team didn’t receive their token allocation for 2 months (Sep/Oct)
- Private Investors haven’t been contacted/updated/onboarded
- Not all $GRAPE allocated to the Community have been distributed
- Circulating Supply hasn’t been updated (Coingecko; ~100 million instead of 130 million)
During our last DAO Call, we briefly talked about 4 possible ways of dealing with issues regarding Realms and Quorum (blue boxes):
– Give active Members access to $GRAPE on Realms so that the Community’s opinion stays relevant
– feasibility needs to be evaluated
Award/allocate $GRAPE to Members
– Distribute $GRAPE to active Community Members
– Goal is to allocate >60% $GRAPE to the Community (overall/cumulatively)
- Create a temporary DAO
– Create a temporary DAO where active community Members have a voice and can vote
– Council Token execute successful proposals in the main DAO
– Who has (how much) voting power?
– Approval Quorum would potentially be 40 million
– The Team would then wait for the Community to vote and amplify their voice (reach quorum)
While there are certainly other ways to address those issues, for me, it is important to stress that finding answers to the question of voting and the matter of reaching a quorum (not risking becoming inquorate) is only one aspect to consider.
We talked about minting everything at once and it sounded as if this was already a given, but why is that? My understanding is that it would be the more convenient way. What I’m missing is the discussion about pros and cons, because I can very much see downsides; primarily in terms of market cap and price. And, therefore, has a direct impact on a) people who acquired $GRAPE and b) want to buy more voting power.
Also, the $GRAPE from the Community allocation, which hasn’t been distributed to individual wallets so far, shouldn’t be considered allocated to the Community, since as long as it can be taken away again (e.g. through a Realms proposal), Realms only acts as a fiduciary.
What I understood needs to happen:
- Remaining 870 million $GRAPE need to be minted (to reach 1 million)
– mint everything at once, vs.
– continue to mint iteratively
- $GRAPE distribution is following the token allocation described here
- Find a way to not become inquorate (e.g. on Realms)
– Find Approval Quorum (currently 4%)
– Ensure that the voice of the Community gets heard/doesn’t become powerless
- Decide who should have how much ‘voting power’ (based on what); stakeholders are:
– Private Investors
- Private Investors need to be contacted and informed of what to expect/do/hope for
What also to think about:
- Decentralization: What about the minting authority?
- Future Community allocations, to keep the ~60% ratio
I’m still sorting out some things for myself, but, at the same time, I wanted to get things going.