Hello Gelato Community,
For those of you that have been paying attention, to say the least, the past couple of days has been eventful. A G-UNI spin-off (Arrakis Finance) plan was first presented in a proposal by the Gelato team, and somewhat expectedly, the community has reacted with concerns.
As a result, a voluntary working group with open invitations was formed, consisting of community members that would like to contribute to a counter proposal that can reasonably represent the best interest of liquid GEL holders, while still keep it as realistic as possible for all parties concerned, meaning Gelato team members / private investors, liquid GEL holders, G-UNI early LPs, future Arrakis team / private investors, projects that are incentivized to participate in Arrakis, etc.
The major concerns from the community towards the initial proposal include
- Excessive lockup time for liquid GEL
- Insufficient SPICE allocation for liquid GEL holders (note that the initially proposed allocation is pro rata over all GEL holders, i.e. both liquid and vested)
Therefore, the goal of any counter proposal by the working group is to reduce the lockup time and increase the SPICE allocation for liquid GEL holders. Subsequently, a counter proposal was quickly made by the working group and presented publicly, with the expectation of certain pushbacks to be received.
Meanwhile, the Gelato team also conducted internal discussions with team members and private investors. It is clear and understandable that they also want their voice heard, and it is likely that many individuals will be voting on the proposal with their vesting GEL tokens. The Gelato Team and private investors is a large diverse group rather than a monolithic block, and it’s only natural to assume that everyone will want to vote in a way according to their unique situation. The Gelato team and private investors deserve benefits from the Arrakis spin-off with their GEL allocation just like the GEL community, and the counter proposal from last week would dilute their share in the original proposal by 1.3%.
With these concerns from different team members and knowledge of their intention to vote, a Gelato team member then joined the working group and discussed with us for a long time over the weekend, to elaborate the perspectives of different team members’, and see if we could develop a middle-ground option that aims to make the counter proposal more reasonable for vesting GEL holders to potentially vote for it. After the talks on the weekend we settled on putting these options below onto the ballot:
Original SPICE allocation for Liquid GEL Holders vs. Vesting GEL Holders
Counter proposed SPICE allocation for Liquid GEL Holders vs. Vesting GEL Holders
Please read through this carefully and feel free to ask any questions. Notice that BOTH the original proposal and the counter proposal have been tweaked. A few differences are noted below:
Original Proposal Updates:
The original proposal laid out to provide every GEL holder, regardless of being liquid or still vesting, with an equal pro rata share of upcoming SPICE airdrop.
Many community members were concerned about the GEL lock time and would like the lock time to be shorter. So the original proposal itself has reduced the GEL lock time to 3 months, for liquid GEL holders that want a SPICE airdrop. All liquid GEL holders would have ample time to lock their GEL in a specified contract.
Counter Proposal Updates:
The counter proposal by the working group laid out that liquid GEL holders should receive a higher pro rata share of the upcoming SPICE airdrop than vesting GEL holders.
The new version of the counter proposal would still increase the liquid GEL share by 2.5x (from 1.2% to 3%) but dilutes the Gelato team and investors allocation by less. Also the lock-time is the same as the new initial option since everyone seems to be happy with a three month liquid GEL lock time in all cases.
The vote was supposed to start today but these back and forth discussions with everyone all took significant time. And it’s only logical to get a temperature check with the broad community on the forum first. So the team has suggested that vote be pushed back one final time to later this week, starting earliest on Thursday March 24th.
Note: every individual who has GEL is able to vote, regardless of being liquid or vested.
Thanks everyone for the patience and hard work in this process! Please answer the temperature check poll below on these final proposed options for the vote this week:
- Yes, lets vote on these
- No, I am still not satisfied with the options
Let’s vote and find out the collective will of the GEL holders in the following snapshot vote, and respect the results!