Authors: @danner.eth , @catjam
Overview
MetricsDAO seeks to distribute pending token grants prior to the official token launch, to early genesis members and contributors, as well as to Flipside Crypto, in order to provide more certainty and a better chance of success at launch. We are seeking to time this with a pending valuation done for early grants (as required by tax law). Having all of these service grants occur while the valuation is still valid keeps costs down and provides certainty for tax purposes.
Links
- Flipside Ongoing Support Grant (draft, open for comments): [Proposal] Flipside Crypto Ongoing Support Grant - 3%
- Flipside Milestone Grant (previously passed): Flipside Crypto Milestone Grant [Proposal Passed]
- Whitepaper with token distribution outlines: https://metricsdao.xyz/docs/metricsdao-whitepaper-2022.pdf
Summary
As discussed in Pre-Launch $METRIC Token Distribution, we are looking to ratify the first tranche of Early Contributor allocations now to settle out potential grants prior to launch. This provides more certainty and less complexity at launch. At the current time, the $METRIC token does not exist and is not priced. We are in the process of having a valuation done for early grants (as required by tax law), and having all of these service grants ratified while the valuation is still valid keeps costs down and provides certainty for tax purposes.
Logic for Proposed Grants
Allocating 1.5% of total 7%
The goal of the 7% of token supply set aside for early contributors is to generously reward all parties for their participation pre-token launch. In keeping with our overall token distribution principles, we want to allocate many smaller grants rather than one big grant to avoid large liquidity events that may create a period of high sell pressure.
We propose breaking down the 7% into the following buckets:
- 1.5% to distribute now
- 1% through airdrop at launch (details & proposal to come)
- 3.5% for future full-time hires (approx 10 hires, .35% each)
- ~1% remaining for future grants between now and token launch
Eligibility
The current grant covers the Genesis Council and all contributors who have received Contributor Rewards from February - April. Additionally, contributors who participated prior to our current rewards system in November, December, and January were retroactively awarded a Gold/Silver/Bronze status in line with our current compensation framework.
Currently, bounty participants (analysts, question submitters, reviewers, etc) and partners are not eligible for this grant. We do want to reward them for their participation and will create a future framework through the airdrop for this. If you are interested in contributing to that framework, please contact @catjam!
Note - no Flipside employees are eligible for any of this 7% early contributor allocations.
Grant Schedule
Flipside has engaged QuantBlock for tokenomics design. Based on their research and recommendation, this grant will have a linear 4-year vesting schedule with no cliff or lockup period.
Formula for Specific Allocations
The following criteria were considered for rewards:
- Genesis Council
- Multisig signer
- Active multisig signer
- Pod Leader
- Contributor compensation level for Nov - Jan (weighted at 3x as there were 3 months in that period)
- Contributor compensation level for each month of February, March, April
We used a simple formula, which is displayed in the spreadsheet, to weigh each contribution.
- Genesis Council: 5
- Multisig signer: 1
- Active multisig signer: 3
- Pod Leader: 5
- Core contributor rewards: 7
- Gold contributor rewards: 5
- Silver contributor rewards: 3
- Bronze contributor rewards: 1
Link to spreadsheet: Token Allocation Multipliers - Google Sheets
Next Steps
After discussing this during the community call and office hours, we are starting the governance process.
- YES - Agree to terms of grant
- NO - Adjust terms of grant
0 voters
