SIP-0006 (Amendment 1)

Bitocracy SIP | Sovryn Improvement Proposals
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SIP-0006 (A1): Origin Pre-Sale

Amendment 1

TLDR

Origin sale was oversubscribed. Sovryn paused deposits to the Origin sale in order to avoid receiving too many funds, which would necessitate many manually processed redemptions. In total, over 200 BTC was received. However, after accounting for donations and redemptions the total amount of BTC eligible for SOV distribution is 194.7. As a result, 5.29 BTC of the potential allocation remains unclaimed.

The team has reached a consensus that it is not worth reopening deposits to collect these 5.29 BTC, as that dev effort can be better spent on further development of the system, and onboarding new users to the platform who participated in the Origin sale.

Therefore it is proposed to distribute the allocated 2M SOV to the current set of depositors, this would set the effective price at 9736 sats per SOV.

Proposal

Resolved:

  1. Distribute 2,000,000 SOV to participants that deposited BTC in the Origins pre-deposit, at a clearing price of 9736 sats per SOV.
  2. No further changes to SIP-0006

Relevant Code

Pull Request 146:

LInk to SIP on Github:

5 Likes
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This is a fair proposal for remaining origin sale participants. Amendment 1 to SIP0006 has my vote. :+1:

1 Like
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I would agree to the amendment to SIP06 as well. @yago

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if ammendment doesnt pass what will happen to unallocated SOV? @yago

1 Like
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It will return to the protocol treasury.

3 Likes
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Agreed distribution of 2,000,000 SOV to participants that deposited BTC in the Origins pre-deposit is fairest. But will it be weighted dependant on how much one deposited? Should be, for example someone that deposited 0.1 BTC should get more of the share than someone that deposited 0.001BTC

1 Like
7

As per the SIP, yes, of course:

1 Like
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0.1 BTC divided by 9736 sats per SOV = 1027 SOV
0.001 BTC divided by 9736 sats per SOV = 10 SOV

3 Likes
9

great notices for investors :+1:

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The voting for this amendment has started, and you can vote here: https://bitocracy.sovryn.app/