Counter Proposal to G-UNI Spinoff (Token Allocations)

After much discussion on discord and Telegram, there has been quite some pushback to the team’s proposal as outlined here: Release G-UNI as separate DAO from Gelato & rebrand it as Arrakis Finance - #18 by hilmarx

Much of the discussion has been in response to the token allocations. The way the token allocations were currently laid out originally is potentially misleading in terms of how much token allocation is going to the Arrakis Team / Investors, current Gelato Team / Investors, and liquid GEL holders.

We find that specifying “Team / Investors” and “GEL Holders” is necessary to determining exactly how much is going to liquid GEL holders vs. Arrakis Team / investors vs. GEL Team / Investors. See below for the original token allocation reformatted and our counterproposal.

We believe the amount allocated to current Liquid GEL Holders is too small for the following reasons:

  • The current allocation of the liquid GEL supply to total GEL supply is 4% (16.7M in circulation and 420.69M in total supply)
  • To allocate only 1.2% of the SPICE supply to the current liquid GEL holders would be not be an apples-to-apples distribution

For that reason, we advocate for bumping up the SPICE allocation to 4% to the current Liquid GEL Holders. This has been discussed quite in-depth by BTT, George, Pats Hardi, and other members of the Gelato community.

12 Likes

Ok cool thanks for making a separate post and providing a bit more background. Going to get a temperature check poll going in here to see if we have consensus around adding this to the ballot for the vote on Monday March 21st. In my view if accepted, this proposal would mean that on March 21 the snapshot vote would include 3 options:

  1. Yes, Original Proposal
  2. Yes, Counter Proposal
  3. No spin off

The choice with the highest amount of votes would be accepted and ratified as the will of the GEL Holders. Makes sense to all ?

  • Add “Yes, Counter Proposal” option to Ballot
  • Do not add “Yes, Counter Proposal” option to Ballot

0 voters

Hoping for a lot of engagement on this temp check to make sure that the wider community does in fact support this! Thanks all!

7 Likes

I think this is a pretty fair proposal and in the grand scheme of things it makes GEL holders happier and I doubt the team will notice the change in allocation.

6 Likes