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Modest token price of 1.50 (50% above what Hatchers have bought in with). The rationale is to have a price that is attractive to incoming investors. The more buys/sells, the more added to the Common pool coffers. This will be paired with moderate entry/exit tributes.
The freeze is set to just half a year but with a long drip out over the following 2.5 years. I like this. After 1 year, 20% of Hatcher tokens will have thawed and the price floor will be 1.20 wxDAI, above the original Hatcher buy-in of 1 wxDAI. At the 3 year mark, 100% of tokens will have thawed.
Note: The reverse, high free and low thaw, would keep a high floor price for a longer time and then a drop of the floor price. There have got to be some very good advantages for having a higher floor price for longer. The longer the token has that built-in safety net, the longer it will be appealing knowing it can’t actually go below that floor.
Parameter
Value
Token Freeze
26 Weeks
Token Thaw
130 Weeks
Opening Price
1.5 wxDAI
Hatcher's TEC Release Schedule
This is the release schedule for TEC that was given to Hatchers. Their TEC will start out frozen and then slowly become liquid according to the graph above.
Token Release Timeline
Duration
% of Tokens Released
Price Floor of Token
3 months
0.00%
1.50 wxDAI
6 months
0.00%
1.50 wxDAI
9 months
10.00%
1.35 wxDAI
1 year
20.00%
1.20 wxDAI
1.5 years
40.00%
0.90 wxDAI
2 years
60.00%
0.60 wxDAI
3 years
100.00%
0.00 wxDAI
4 years
100.00%
0.00 wxDAI
5 years
100.00%
0.00 wxDAI
Module 2: Augmented Bonding Curve (ABC)
Strategy:
For Commons tribute I wanted to hit near 640K - and estimate for 6 months runway of DAO operations and equal amount in funding for TE projects.
At 3 and 8, the Entry tribute is modest and the Exit a little higher. Looking for a balance between the feel-good about regenerating our economy and acting as a deterrent.
The ABC mints and burns TEC tokens, the price of the TEC token is dependent on the funds that is held in the Reserve. This graph shows how the ABC's Price for TEC tokens changes with the ABC's Reserve Balance. The Initial Buy that will happen at launch is highlighted.
Example Transaction Data
Tx
Reserve
Total Supply
Price
Amount In
Tribute
Amount Out
New Price
Slippage
0
630611.79
1956421.69
1.5
250000.00 wxDAI
7500.0
141684.89 TEC
1.94
12.36%
1
873111.78
2098106.58
1.94
5000.00 wxDAI
150.0
2498.98 TEC
1.95
0.22%
2
877961.79
2100605.56
1.95
100000.00 wxDAI
3000.0
47840.25 TEC
2.11
4.07%
3
974961.79
2148445.81
2.11
3000.00 TEC
189.58
6129.71 wxDAI
2.1
0.25%
4
968642.5
2145445.81
2.1
1000000.00 wxDAI
30000.0
344959.81 TEC
3.62
25.28%
5
1938642.5
2490405.61
3.62
10000.00 wxDAI
300.0
2672.40 TEC
3.64
0.20%
6
1948342.5
2493078.01
3.64
10000.00 wxDAI
300.0
2661.97 TEC
3.65
0.19%
7
1958042.5
2495739.98
3.65
10000.00 TEC
1087.32
35156.60 wxDAI
3.6
0.73%
8
1921798.58
2485739.98
3.6
20000.00 TEC
2127.21
68779.77 wxDAI
3.49
1.46%
ABC Overview
Reserve (wxDai)
Supply (TEC)
Price (wxDai/TEC)
Market cap
10,000
803,037
0.06
46,544.77
50,000
1,134,804
0.21
232,689.89
100,000
1,317,062
0.35
465,370.91
200,000
1,528,596
0.61
930,733.80
300,000
1,667,754
0.84
1,396,095.49
400,000
1,774,105
1.05
1,861,458.96
500,000
1,861,247
1.25
2,326,820.93
600,000
1,935,614
1.44
2,792,183.19
700,000
2,000,805
1.63
3,257,546.67
800,000
2,059,047
1.81
3,722,908.55
900,000
2,111,827
1.98
4,188,273.08
1,000,000
2,160,185
2.15
4,653,634.85
1,250,000
2,266,290
2.57
5,817,042.89
1,500,000
2,356,842
2.96
6,980,446.99
1,750,000
2,436,219
3.34
8,143,856.40
2,000,000
2,507,137
3.71
9,307,259.82
2,500,000
2,630,284
4.42
11,634,070.99
3,000,000
2,735,380
5.10
13,960,889.84
3,500,000
2,827,506
5.76
16,287,703.00
4,000,000
2,909,814
6.40
18,614,514.12
5,000,000
3,052,740
7.62
23,268,143.99
7,500,000
3,330,653
10.48
34,902,212.14
10,000,000
3,543,047
13.13
46,536,275.84
15,000,000
3,865,596
18.06
69,804,413.67
20,000,000
4,112,104
22.63
93,072,540.29
50,000,000
5,006,980
46.47
232,681,329.02
100,000,000
5,811,163
80.08
465,362,669.06
Module 3: Tao Voting
Strategy:
Support Required at 70% means that a proposal will fail if 30% vote no. Right now, I’m thinking that would signal something the community will need to look at again.
Because this is TAO voting, I made the Min Quorum 20% though I am asking myself if that is the right balance between getting critical votes passed but with enough scrutiny to be safe.
Parameter
Value
Support Required
60%
Minimum Quorum
20%
Vote Duration
5 day(s)
Delegated Voting Period
5 day(s)
Quiet Ending Period
5 day(s)
Quiet Ending Extension
5 day(s)
Execution Delay
3 day(s)
Tao Voting Timeline From Proposal To Execution
This shows how the timeline stacks up for yes/no time based votes that can change the configuration after launch.
Timeline Data
# of Quiet Ending Extensions
No Extensions
With 1 Extension
With 2 Extensions
Time to Vote on Proposals
5 days
10 days
15 days
Time to Review a Delegates Vote
0 days
5 days
10 days
Time to Execute a Passing Proposal
8 days
13 days
18 days
Module 4: Conviction Voting
Strategy:
Capping the Spending Limit at 10% and Min Conviction at 105 too. With Conviction Growth at 5 days, reaching max conviction would take between 3-4 weeks. This is an area I will want to look at again.
Parameter
Value
Conviction Growth
5 day(s)
Minimum Conviction
10.0%
Spending Limit
10.0%
Minimum Percent of Voting Tokens Needed to Pass Funding Requests
This shows how the minimum percent of tokens needed to pass proposals after 2 weeks varies with the percent of the Common Pool funds being requested.
Token Freeze: 26 weeks, meaning that 100% of TEC tokens minted for Hatchers will remain locked from being sold or transferred for 26 weeks. They can still be used to vote while frozen.
Token Thaw: 130 weeks, meaning the Hatchers frozen tokens will start to become transferable at a steady rate starting at the end of Token Freeze and ending 130 weeks later.
Opening Price: 1.5 wxDAI, meaning for the initial buy, the first TEC minted by the Augmented Bonding Curve will be priced at 1.5 wxDAI making it the price floor during the Token Freeze.
Augmented Bonding Curve (ABC)
Commons Tribute: 50.00%, which means that 50.00% of the Hatch funds (630611.79 wxDAI) will go to the Common Pool and 50.00% (630611.79 wxDAI) will go to the ABC's Reserve.
Entry Tribute: 3.00% meaning that from every BUY order on the ABC, 3.00% of the order value in wxDAI is subtracted and sent to the Common Pool.
Exit Tribute: 8.00% meaning that from every SELL order on the ABC, 8.00% of the order value in wxDAI is subtracted and sent to the Common Pool.
Tao Voting
Support Required: 60%, which means 60% of all votes must be in favor of a proposal for it to pass.
Minimum Quorum: 20%, meaning that 20% of all tokens need to have voted on a proposal in order for it to become valid.
Vote Duration: 5 day(s), meaning that eligible voters will have 5 day(s) to vote on a proposal.
Delegated Voting Period is set for 5 day(s), meaning that Delegates will have 5 day(s) to use their delegated voting power to vote on a proposal.
Quiet Ending Period: 5 day(s), this means that 5 day(s) before the end of the Vote Duration, if the vote outcome changes, the Quiet Ending Extension will be triggered.
Quiet Ending Extension: 5 day(s), meaning that if the vote outcome changes during the Quiet Ending Period, an additional 5 day(s) will be added for voting.
Execution Delay: 3 day(s), meaning that there is an 3 day delay after the vote is passed before the proposed action is executed.
Conviction Voting
Conviction Growth: 5 day(s), meaning that voting power will increase by 50% every 5 days that they are staked behind a proposal, so after 10 days, a voters voting power will have reached 75% of it's maximum capacity.
Minimum Conviction: 10.0%, this means that to pass any funding request it will take at least 10.0% of the actively voting TEC tokens.
The Spending Limit: 10.0%, which means that no more than 10.0% of the total funds in the Common Pool can be funded by a single proposal.
What is the overall Commons Configuration strategy?
FORK THIS PROPOSAL (link)
Summary
Module 1: Token Freeze & Token Thaw
Module 2: Augmented Bonding Curve
*This is an output. Learn more about the Reserve Ratio here.
Module 3: Tao Voting
Module 4: Conviction Voting
Module 1: Token Freeze and Token Thaw
Strategy:
Modest token price of 1.50 (50% above what Hatchers have bought in with). The rationale is to have a price that is attractive to incoming investors. The more buys/sells, the more added to the Common pool coffers. This will be paired with moderate entry/exit tributes.
The freeze is set to just half a year but with a long drip out over the following 2.5 years. I like this. After 1 year, 20% of Hatcher tokens will have thawed and the price floor will be 1.20 wxDAI, above the original Hatcher buy-in of 1 wxDAI. At the 3 year mark, 100% of tokens will have thawed.
Note: The reverse, high free and low thaw, would keep a high floor price for a longer time and then a drop of the floor price. There have got to be some very good advantages for having a higher floor price for longer. The longer the token has that built-in safety net, the longer it will be appealing knowing it can’t actually go below that floor.
Hatcher's TEC Release Schedule
Token Release Timeline
Module 2: Augmented Bonding Curve (ABC)
Strategy:
For Commons tribute I wanted to hit near 640K - and estimate for 6 months runway of DAO operations and equal amount in funding for TE projects.
At 3 and 8, the Entry tribute is modest and the Exit a little higher. Looking for a balance between the feel-good about regenerating our economy and acting as a deterrent.
*This is an output. Learn more about the Reserve Ratio here.
TEC Price vs ABC Reserve Holdings
Example Transaction Data
ABC Overview
Module 3: Tao Voting
Strategy:
Support Required at 70% means that a proposal will fail if 30% vote no. Right now, I’m thinking that would signal something the community will need to look at again.
Because this is TAO voting, I made the Min Quorum 20% though I am asking myself if that is the right balance between getting critical votes passed but with enough scrutiny to be safe.
Tao Voting Timeline From Proposal To Execution
Timeline Data
Module 4: Conviction Voting
Strategy:
Capping the Spending Limit at 10% and Min Conviction at 105 too. With Conviction Growth at 5 days, reaching max conviction would take between 3-4 weeks. This is an area I will want to look at again.
Minimum Percent of Voting Tokens Needed to Pass Funding Requests
Example Funding Request Data
FORK THIS PROPOSAL (link)
Parameter Definitions
Token Freeze and Token Thaw
Augmented Bonding Curve (ABC)
Tao Voting
Conviction Voting
Advanced Settings*
*Learn more about Advanced Settings on the TEC forum
FORK THIS PROPOSAL (link)
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