I see the supply is still 1 billion; with the vetoer rights set to Osmosis governance module we don’t need to airdrop funds to the Osmosis CP, right?
where do the 100 million SAIL for the Migaloo foundation come from? With a supply at 1 billion with half earmarked for airdrop to the Osmosis community and half marked to be retained in the DAO treasury… where do this 100 million come from?
The voting period on the DAO should be longer. We have a 5-day voting period on the Osmosis chain + the agreement that topics need to be 3 days on the forum at least before hitting the chain. So that is a minimum of 8 days. With 7+1 days voting period on the DAO it means that the time-frame is to short (unless we want to do expedited proposals for emergencies, but please let’s keep them for absolute emergencies). So I would like to have a 10-day voting period on the DAO at the least to have some room to breathe for Osmosis governance to do their thing in case of need.
I can imagine airdropping SAIL to the Whale holders is an interesting idea to get them onboard, but that would also effectively give them 10% influence of funds not owned by them, right? How would that work? I can imagine voting power of the Migaloo Foundation since they supply liquidity as well as voting power for Osmosis for the majority of the voting power. But why would a group which has no liquidity provision need to have a share in saying what happens with the funding?
I second a WHALE airdrop being included as a good idea. This is meant to be a collaborative effort at the end of the day and without this it is more the Migaloo foundation working with Osmosis rather than Whale working with Osmosis.
If this wasn’t in the proposal, then it should be proposed to the SAIL DAO itself as a use of the treasury, but the treasury is the important part to maintain for swaps so cutting into the airdrop portion makes sense at this stage.
Osmosis Stakers owning 40%
WHALE Stakers owning 10%
Migaloo Foundation owning 10%
Leaving 40% of funds to execute liquidity deals seems well-balanced to me.
Osmosis Stakers would own slightly less of the whole, but the whole would be larger because of increased number of contributors from both sides.
correct, we no longer need the Osmo CP to hold tokens as the veto and clawback rights have the same effect, without complicating the tokenomics.
-The 100 million SAIL to the Migaloo Foundation come from the Treasury allo, it can be thought of as the first OTC deal with SAIL DAO as 10 mil WHALE have already been deposited into the Sail DAO treasury, so the breakdown is 50% airdrop, 40% retained in Treasury, 10% Migaloo Foundation.
-In regards to the voting period, keep in mind a couple things, a malicious prop will be known right away, so it won’t really require any time for debate, and that is the primary purpose of the veto power, if there is a prop that the Osmo community might want to veto on merit, it need not make the decision within 3 days of the prop being introduced on Sail DAO, it only need to introduce a veto prop within the 3 days in order for it to pass before the 8 day Sail voting period. The prop can then be debated on and voted on for the duration. We need to find a balance between giving the Osmo CP enough time to exercise their veto, but also not slow down governance too much on the DAO to where it becomes cumbersome. I would be ok with expanding it to 10 days, but this would be done through a gov prop on Sail DAO anyways, and can be done at any time. So if there is enough demand for it, it can happen. For now it is set at 8 days, which i think is fine to start.
-In regards to the airdrop for the WHALE community, you’re assuming that capital is the only asset that is being brought to the table in this deal, which I would disagree. The spirit of this deal is OSMO CP provides the liquidity and WHALE provides its apps, protocols, toys of it’s ecosystem, and community. I agree that OSMO should get the Lion’s share of the drop, but I do feel that WHALE holders are bringing something to the table and if they were to get a portion of the drop it would go a long way to get them more energized and engaged into the Osmosis world.
Airdrop adjustment - as suggested in the forum discussion by @ertemann , and with the blessing of the Osmo core team, we have adjusted the composition of the airdrop to include the WHALE community. Previously 500,000,000 SAIL were to be dropped to the OSMO voters of this proposal, now 400,000,000 go to the Osmo voters and 100,000,000 will be dropped to the WHALE community. The details of the WHALE drop are still tbd but subject to a gov vote by the Sail DAO. We are thinking just a drop to WHALE native stakers but there are a lot of LST holders on migaloo so we might want to incorporate them as well. Could also do something more targeted such as LP’s on migaloo as they might be more inclined to engage with Sail DAO as it is a liquidity DAO.
Ops wallet - in talking with the DAO DAO team about execution of liquidity deployment, if LP positions were to be deployed directly through gov proposals there could be a significant amount extracted through slippage given the ratio would need to be set at the beginning of the voting period and not executed until 8 days later, ratios can change a lot in 8 days. Therefore, it may be necessary to set up a sub DAO ops wallet as a multi-sig in order to most efficiently execute LP positions on behalf of the DAO. The multi-sig will be composed of trusted members of both communities and have at least 5 signers.
An example of how an LP position can be executed by Sail DAO is as follows: Project X submits a gov prop to SAIL DAO to inject 50k OSMO into a liqudity positon fused with their token which currently trades on the open market. Proposal passes 8 days later, 50k OSMO is sent to the ops wallet, project x sends the equal amount of their token to the ops wallet, liquidity position is created, LP tokens then sent back to the Sail DAO treasury, as well as any excess tokens.
Given there has been no major objections to this proposal so far, we plan on bringing this prop onchain in the next couple days. If you have any questions or concerns please raise them in the near future. Thank you.
I agree with all your answers, except the voting though.
We have the agreement to have proposal texts on the forum for 3 days enforced through governance ([Proposal #438][Proposal #559]).
Furthermore, I can imagine real malicious proposals can be quite clear (then still the 3 days on the forum would apply + 5 days voting… meaning 8 days is not long enough), but the same would apply for more generic proposals where SAIL holders might agree, but not the overall OSMO community. I guess we have to find out along the way if this would be a reality, or just a risk on paper
Fair enough, as I said I would be ok with lengthening the voting period, it would just need to be done through a Sail DAO gov prop at this point because it’s already set at 8 days, so the holders can decide, and like you said it can always be adjusted through gov as needed
The cryptoverse is looking to the Cosmos to show an interchain path forward.
This proposal sees two different blockchains that some could view as competitors come together for the betterment of both ecosystem.
Leadership in both chains understand there is a win/win solution in working together as a rising tide lifts all boats.
The concerns of Osmosis community have been factored into this proposal, and the fortunes of both are rising again, let’s seize this opportunity to move forward in a new direction together!
Great addition by the DAO DAO folks. Thanks for walking me through this. Seems like both solutions would work fine, so whatever you all think is best will work for me.
The cryptoverse is looking to the Cosmos to show an interchain path forward.
This proposal sees two different blockchains that some could view as competitors come together for the betterment of both ecosystem.
Leadership in both chains understand there is a win/win solution in working together as a rising tide lifts all boats.
The concerns of Osmosis community have been factored into this proposal, and the fortunes of both are rising again, let’s seize this opportunity to move forward in a new direction together!
I vote $SAIL The concerns of Osmosis community have been factored into this proposal, and the fortunes of both are rising again, let’s seize this opportunity to move forward in a new direction together!
Me parece genial seguir innovando y buscando nuevas soluciones
desde la Ciudad de Panamá