Reduce the supply of total SPOOL tokens and create team incentives.
Burn 60,4 million SPOOL tokens from the treasury, 14 million builders tokens, and 5.6 million preDAO tokens, reducing total supply to 130 million SPOOL.
The current total SPOOL supply is 210,000,000 of which 42,000,000 are allocated to builders and 16,800,000 are allocated to the preDAO that started off the SPOOL DAO as founding contributors back in 2020.
Currently, ~127,000,000 SPOOL tokens are in the treasury, as yet unallocated. Initially, Spool was supposed to release these tokens as liquidity incentives, but emissions ratios have dropped twice since, resulting in the current reserves being able to sustain emissions for many decades to come.
Aside from selling the tokens, there is currently no use for such a large amount of tokens. Since the price of SPOOL is well below the LBP price, and the runway with current spending is secured until 2026 and beyond, there is no need for these tokens to be liquidated in order to support OpEx.
Builder and preDAO tokens have to be re-adjusted as well to maintain the initial ratios of supply owned.
Same as in Option 1 but retain 10 million SPOOL treasury tokens from the token burn (burn 50,4m instead of 60,4m) to incentivize core team members with vested SPOOL tokens in the future, making the new total supply 140 million SPOOL.
Thanks to its successful LBP, Spool DAO secured funds to incentivize new team members with good salaries, however, token allocations are missing for new hires to align incentives with regard to protocol success. Additionally, the motivation to bring the best for Spool DAO for every contributor is even more incentivised if the salaries include SPOOL token proportions.
With “Option 1” you vote to implement only Option 1 and burn 80 million SPOOL tokens, with “Option 2” you vote to implement Option 2 (including Option 1), burning 70 million SPOOL tokens and retaining 10 million for future team incentives, and with “None” you vote to not burn any tokens and to not create new incentives.
Submission period: 2023-05-08T22:00:00Z→2023-05-12T10:00:00Z
Proposed voting period: 2023-05-11T22:00:00Z→2023-05-17T10:00:00Z