Finalized Proposal: Dec/Jan Break and Airdrop 2021

Proposal for Dec/Jan Break Funding [last edited 12/6/21]

based on the miro workspace and discussions of it.

Part 1: A USDC Airdrop to cover expenses for active participants during our Dec/Jan Break.

Do a one-time airdrop distributing the following exact amounts of USDC, conditional on the recipients setting their payout address via the following instructions. These amounts were generated using this simulator on 12/6/21, with recipients less than $50 excluded. The airdrop will occur on Dec 13th and will come out of the $200k of bridge funding from PL that we negotiated ourself and that extends beyond what Dandelion requested to back Grain. This airdrop will not initially be accounted on the sourcecred instance ledger, but likely will be added retroactively after the break, based on decisions then.

The simulator distributed using Cred scores pm 12/6/21 with the following policy:


policyType: "IMMEDIATE",

budget: 70000,

numIntervalsLookback: 8

Airdrop Amounts

name amount (USDC)
Thena 11003.21
s-ben 6403.62
Ryeder 6098.23
ezrau 5945.29
AL0YSI0US 4929.35
Magey 4904.20
amrro 4600.31
saintmedusa 4596.23
magwalk 4466.43
topocount 3553.91
benoxmo 2837.96
hz 2722.99
lbstrobbe 1476.29
lotusleaf 1020.08
Willow 986.95
dentropy 908.34
Marcie 770.26
haroldiii 619.16
Nav89 445.79
bsodenkamp 376.78
Christian-Q 208.38
shugo 133.98
Randall 87.21
Nxo 80.64
finitechris 73.14
sandpiper 54.15

Instructions for opting in to this airdrop

Go to the #:satellite:bot-commands channel in our Discord and type /setpayoutaddress followed by the USDC-compatible address that you want the USDC to be distributed to. An example usage with an address would look like this:


/setpayoutaddress 0xf6Ce0526E8ee666441B7F5F0eBB78704f4C09746

You should see a confirmation afterwards that looks like:


Success!

New payout address: 0xf6Ce0526E8ee666441B7F5F0eBB78704f4C09746

Account: Thena

Chain Id: 1

Token Address: 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48

Part 2: A pause on Grain distributions with no limitations on redemptions

  • On Dec 13th, Grain distributions will be turned off in our instance. We will decide if/when/how we want to turn distributions back on after the break.

  • The previous $8k cap on grain redemptions will be lifted, allowing participants to redeem any/all of their Grain at a fixed redemption peg of $0.37 USDC. This peg is backed by the last $250,000 of funding originally requested from PL by Dandelion for the purpose of backing the Grain distributed and the distribution precedent set while Dandelion was Temporary Benevolent Dictator.

  • Grain sale requests should be submitted by December 13th in order to be processed in the last batch Grain sale before the break on December 14th. Requests submitted after December 13th will be attended to after we come back on January 18th.

  • Those who choose to continue holding their Grain can still anticipate a conversion to an on-chain $GRAIN token when the token is officially launched.

Part 3: Distributing funds/grain after the break

When we come back from the break we will decide how to move forward with distributions, but it is out-of-scope for this proposal. I optimistically believe we will have some awesome policy written and ready that we’ll be able to move on. If it seems like we will need another week after coming back to align on a strategy, this proposal includes a stop-gap of distributing a smaller week-sized USDC airdrop in the same proportions as the above.

3 Likes

:point_up:t5:Thank you.

Wanted to pull this piece out simply to highlight it’s importance to myself a few days from now. I made bold some words and separated the sentences to offset my visual handicaps… I imagine I’ll loop back here before break.

Are these:

The relevant meeting notes? Or am I missing any?


I’m assuming you mean this approach This tool needs some reworking, since our new funding situation is no longer compatible with the below instructions. / sourcecred / Observable using 250k USDC as backing?

And can you touch on why, as opposed to Funding Allocation for Winter 's con:

The redemption cap can be safely lifted? Because, PSA, I don’t have much choice and am compelled to take the grain out, regardless of the rate, regardless of ongoing concerns I have and regardless of my expectations of future Grain value. But I don’t want to jeopardize anyone else’s situation in clearing out my account. Especially when it can be planned for.


Also…

Temporary Benevolent Dictator please.

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The Town Halls were also important.

Yes, that was the tool we had been using to track redemption price and also was used to determine the redemption price as $0.37 for this proposal.

The redemption cap was put into place because the USDC that was promised to us was being distributed over time, so we knew we would be able to back grain with $250,000 but did not have $250,000 in our wallet. Now, the full amount backing grain is in our wallet, so we have all the liquidity needed to back existing grain at $0.37 (AKA $250k divided by existing redeemable grain), and the cap is no longer needed. Because that calculation is setting the price, ongoing grain distribution was inflating the price. The price will not change while grain is no longer being distributed and inflating, and people withdrawing will not affect the price. I believe the sentence “Inactive grain whales might be able to empty us out unless we set a redemption cap” is in the context of setting the redemption price higher than the amount of backing allocated can support (which is what was previously done, and caused us some crisis).

Long story short, the in-pocket backing we have allocated can support $0.37 and uncapped withdrawals, as long as Grain distributions are paused, which is part of the proposal.

Amended.

4 Likes

Proposal passed

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