Greetings Sovryns, Gimp here.
There has been a lot of activity around tokenomics and token emissions lately, primarily resulting from feedback from BlockChainWhispers (BCW), but also from the wider community. Many people have weighed in and many solutions have been discussed, so far there have been some amazing ideas. However, I do not see any tangible SIPs being brought forward to the forum. Maybe some are still in the works, maybe not, but I thought I would put some together so that we as a community may be able to refine and action them.
If we (the community) are going to make big changes, they must be specific, transparent, effective and measured - meaning multiple specific SIPs to target multiple ‘problems’ as you see it. I see BCW in particular was in favor of writing one large piece with many proposed changes and putting that to a vote - but I believe separating the issues to gather more specific and informed feedback to be the way forward.
Therefore I wrote 4 SIPs as a package, with the hope that they are achievable, and will consume the least amount of ‘dev’ time possible among many possible options. This is important as I have heard many ideas that look to completely overhaul the governance system and would severely delay other endeavors. I do not believe these types of drastic changes to be worth the investment. To those within or aligned with BCW, these SIPs do not fulfill all of the ideas that you as a community have brought forward recently, and I recognize that. But in the interest of progress as one collective I thought it best to make a start. These SIPs propose to lock over 30% of total SOV supply in one way or another for 10 years, and make improvements to the staking system.
I have not consulted many in the team about these SIPs. So far, just the Community Managers, since they had similar ideas down a while ago. I do not know if this is the best way forward.
There is potential that these SIPs may be impractical from a spending perspective. Perhaps the terms in this SIP would have implications such as LP rewards not being able to be paid for a period of time. Perhaps it could have implications on the current funding round. I do not know where the SOV for this round is planned to come from, and maybe some of this SOV is already spoken for. Perhaps, instead of initiating separate vesting contract events every month as suggested in these SIPs, there is a different technical solution that is simpler and would achieve the same results. This is precisely the feedback I am looking for here.
The numbers used for calculating available SOV from Adoption & Development Fund Vesting Contracts are based only on their respective single Vesting Contracts. There is some other SOV for example attributed to the Development Fund in the Tokenomics, but this is split between many smaller Vesting and Staking Contracts and will be treated as spoken for.
I don’t know the full extent as to what is achievable so I will not pretend that I do. This is why it is important that these SIPs receive feedback from as many people as possible so that they may be refined - including those from the team, especially Exchequer members and Founders.
If it does turn out that these SIPs result in a way forward and looks like one or more could pass a vote, I can provide an address for us all to delegate to in order to accumulate enough Voting Power to begin a vote. I can own that address and ensure a ‘FOR’ vote, should we reach voting. Other ideas are welcome - this delegate does not have to be me if for whatever reason the community disagrees with my candidacy - although I hope I am someone with a high degree of community trust, judged not only from my words but actions in past and present. These SIPs may go nowhere so we can arrange those logistics later after some feedback - although I would love the honor of being the first Sovryn to gather community Voting Power through delegation to action a Community-powered SIP!
Please find the SIP texts below. I would appreciate any and all feedback:
Gimp’s Package - SIP 5: Staking & Reward System Renovation (#soon)
I have begun a Staking/Rewards system SIP, but it is far more complex and will take some time to shore up separately to those in this post. Perhaps it would make sense to allow time for feedback on the first four and for the fifth to be completed before putting anything to a vote. When (if) we all find common ground for all SIPs, we can put them forward at the same time as a complete package. Just a thought.
Please note that other ideas such as burning tokens, new products and new tokens are separate issues and should be discussed outside of these SIPs in their own dedicated posts.