DAO Fund Disbursement

#1

As SODAX is making progress toward their migration, now is a good time to finalize how Balanced will handle winding down and disbursing the DAO Fund. Here are my proposed next steps with the goal of rewarding those community members that decide to stay with us for the next chapter.

Proposal

Funds held in the DAO will be migrated to SODA then disbursed pro-rata based on locked SODA holdings. (Remember, locked SODA is only available to BALN holders).

A simple illustrative example:

Total DAO Funds = 200 SODA
My locked SODA = 20 SODA
Total locked SODA = 100 SODA
My share of DAO Fund = 20%
My disbursement = 20% * 200 SODA = 40 SODA

One thing I have not ironed out is how to handle the BALN in the DAO Fund. Ideally we look for the simplest implementation possible, so I’m thinking we just migrate it unlocked, but this will result in half as much SODA vs if we migrate it with a 1 year lock.

Curious what @Andell thinks - maybe we can disburse it in such a way that the BALN portion is locked for the same period that the user receiving the disbursement has chosen to lock.

Timing

We should execute this proposal when all trading and revenue activity is officially stopped on the ICON Smart contracts. I don’t want to keep having residual income that needs to be disbursed, and I also want to capture as much revenue as possible for this disbursement.

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#2

I personally like this idea ~ the locking up to match is interesting if it’s possible, but transferring over without lockup makes sense if it’s too cumbersome.

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#3

Nice, just to be sure, we are talking about Dao fund, rest of protocol-owned liquidity and reserve fund?

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#4

Correct, all remaning funds

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#5

For the Baln portion either is fine.
We can match the lockup or migrate directly both should be similar in complexity.

If people find it interesting matching lockup gives everyone who migrated a bigger long term bonus.
The only things to not that is if we start migrations and someone lock up for 6 months. And we do this dispersion 6 months after migration. The user who just got the baln unlocked now has a bit more unlocked for 6 months.

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#6

But easiest:
Convert all assets to Soda and airdrop to all relative to migration stake (amount of soda received by locking baln)

More complicated option:
Migrate all assets but Baln. Airdrop sodax
For Baln match lockup period and lock on behalf of users

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#7

When do we expect this to happen?

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#8

Hey Scott, I like your idea. In respect to goodwill, since @lifeofkaizen has been so kind to agree to the goodwill to Baln holders, I say we offer her a 10k USD off the top as a goodwill gesture back to her and her team, and 5k to @Andell then divide the rest accordingly. I have really appreciated being a part of this community and look forward to the future of $SODA and Balanced.

One piece of advice though, once we finish this merger I think Balanced should rebrand to $SODA colors, etc, but just my opinion.

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#9

@BALNSupporter , @lifeofkaizen already said yes to $300k+. Big gl to everyone, but this pot is for the BALN holders.

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#10

Due to weekends event we also accrued small amount of Bad debt which would be good to cancel with these funds also. Around $2K

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#11

Thanks everybody for replying to the thread, great to see you guys still around and following the progress.

@Andell - yes, let’s repay the bad debt before disbursement

@lifeofkaizen - I don’t have a timeline right now, I think @Fezbox and @Andell have the best insight there. I’d guess sometime in January.

@BALNSupporter - appreciate the commentary and that is a kind gesture you’re proposing. I don’t have a strong opinion but overall think let’s just keep this simple.

@Andell let’s go with this to keep it simple to limit any issues

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