Cease Gelato operations and refund $GEL token holders

Summary :
What is the core objective of the Proposal and what does it aim to achieve?

At this point, it is pretty clear that there is a conflict of interests between the Gelato team trying to spin off G-UNI into a new product with a new token and the community of $GEL token holders. This proposal seeks consensus on how to get out of this situation.

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Background & Motivation :

This proposal seeks consensus on how GelatoDAO and $GEL token holders can unwind the Swiss entity’s operations and get a pro-rata refund of what is left in the treasury. Besides this proposal is a great way to explore boundaries of what GealatoDAO actually can do given the fact that most of the voting power is under the control of the team.

Specification :
State clear FOR and AGAINST positions and include a Poll if necessary.

FOR - Rage-quit. Cease operation of Swiss Gealto entity immediately. Assess what assets are left in treasury and under the Swiss entity’s control. Refund $GEL token holders pro-rata.

AGAINST - No rage quit. Leave the team as is and let them do whatever they want.

Participants/Team :

TBD. GelatoDAO probably should seek third-party legal help with unwinding the Swiss entity and evaluating assets they have under control.

Allocated Budget (If applicable):

Not applicable.

Milestones and Deliverables : :

If vote FOR wins, GelatoDAO should aim to refund $GEL token holders within a month or less.

Risks : Please outline any risks that might arise from implementing this proposal.Preformatted text

$GEL token price is down 90% since the public token sale. So far it’s only -90%. We don’t have much skin at the game left to lose.

  • FOR
  • AGAINST

0 voters

$GEL token price is down 90% since the public token sale. So far it’s only -90%. We don’t have much skin at the game left to lose.

Actually the GEL price is up over +80% since the public token sale which was at $0.29. Today the price is $0.50. So everyone who participated in the public token sale is in the money.

If you look at the market as a whole, nearly all smaller market cap tokens are down over 90% for example INST is down 96% from ATH. GEL is down 87% from ATH. If you never been through a bear market before, let me note to you that these sort of market swings happen and now more than ever it really shows who is a long term GEL holder vs a more short term sighted one.

Prices might be down, but Gelato’s usage is up. More and more projects like Pancakeswap, Beefy Finance and MakerDAO are adopting our infrastructure every day, which shows that Gelato is solving a real problem and that it has an amazing potential to become a key piece of the web3 infrastructure stack.

I personally doubt that anyone who truly cares about Gelato & GEL will support this very short sighted & frankly, given the hard work that team has been putting into the project over the past few years, quite insulting proposal.

5 Likes

What the fuck are you even talking about. First Token Sale was botted. And it’s not about Token Price, what the Team is doing is straight Scam to those who bought token from market and currently holding them. Why the fuck it’s even needed to make a new token ? You should learn something from 0x team…they have multiple projects with signle token. If we go with your viewpoint they should launch 10 new tokens in the name of DAO and rug the holder of Ox

One is an infrastructure the other one is a Curve like product. These two clearly need different tokenomics. If you can propose a tokenomics the fits both completely distant sectors, I’m all ears.

6 Likes

First of all, you purposefully use -90% without mentioning it’s from ATH but not “since the public token sale” is just down right misleading.

Second of all, rather than giving the community a chance to flourish from the new spin-off (allocation is yet to be discussed, but that’s another issue), this proposal basically wants to kill the prospect for everyone. You yourself bought $10k worth of GEL at the time you bought, which may or may not be a huge amount for you. Not everyone feels the same way.

Killing the project, destroying the community, ruining the team… How on earth can what this proposal suggests help anyone?

This is more like a protest proposal from someone who got frustrated rather a well reasoned one.

4 Likes

Personally don’t support this at all. Want to see if a lot of GEL holders feel similarly to this characterization and the above proposal to effectively disband Gelato? I think a poll in the forum here would be quite useful to gauge support. I personally have the feeling this would garner very little support, most people here, and rational GEL holders in general want Gelato to succeed not disappear and disband.

Remember Gelato team consists of GEL token holders too, which makes sense (the team that builds all the products should naturally share in the upside of the things they spend their full-time careers building, no?). If you have an issue with the distribution of the GEL supply, this was specified clearly before any community members were able to acquire GEL, so you had the chance to freely understand this before acquiring GEL. Note that team’s voting power is significant but so is the voting power of Gelato investors (this is a large number of entities and individuals!) along with the roughly 5% of the supply that is circulating since the token sale. Again, if you didn’t like GEL token distribution, you didn’t have to invest in GEL.

4 Likes

I think you advocating way too loud for this G-UNI proposal do you want to disclose what allocation you personally getting in the Arrakis?

See that’s what I’m talking about, founders and Gelato current team are overly focused on the G-UNI spin off instead of working on the Gelato core product.

That’s my main point why we have to shutdown Gelato and reimburse $GEL token holders.

For sure you won’t! You are leading this cash-grab attempt. But can you please add FOR/AGAINST poll to this proposal? For some reason, I can’t add it.

Don’t you think that it will be the right thing to do if the team will abstain from voting on this proposal? If you think that it is the best that could happen to $GEL token holders and community is well-aligned with the proposed G-UNI spin-off and support current team there is no point to influence this poll in your favor.

1 Like

Kudos to the Gelato team for even bothering to reply to this blatant troll of a proposal but why even give such rubbish oxygen? I guess I am doing just that by responding as well but this is a pointless waste of space.

7 Likes

It’s not your fault to think that way. G-UNI has a clear metric - TVL, which is the reason why people often confuse Gelato network’s core mission and G-UNI. I think the team cannot make it clearer that G-UNI was a pet project mainly maintained by @kassandra.eth , and the main body of the team is focused on automation. If you really paid attention, you’d have already seen that most of the announcements is about automation, not G-UNI. It just happens that everyone has their eye on TVL of anything.

2 Likes

Yet I see @hilmarx spending hours answering questions on Twitter regarding G-UNI spin off :thinking:

Yes, another team member runs it, two out of 24 people in the team, big fucking deal

1 Like

Ser, in fact, it is a big deal. You are using money raised from GEL token holders to work on a side project.

One word: airdrop

You are intentionally wording things in a way as if the whole gelato team was using a huge chunk of the ivestors’ money for G-UNI.

2 Likes

I actually asked on Twitter for clarification on what budget approximately you spend on development and biz dev for G-UNI but never heard anything back. Can you maybe outline some rough numbers?

In general, it would be great to see more transparency on how Gelato team spends DAO treasury.

I’m not from the team, so I can’t answer.

Regardless, unilaterally deciding how the team worked on this, how much time and money they spent on this, is just down right irresponsible and fudding. You definitely know that.

3 Likes

Simply no. Gelato network is working.

2 Likes

Terrible proposal lol

2 Likes

I dont think the author of this proposal is a Gel holder. No Gel holder will want Gel destroyed.

3 Likes