[BIP-117] Holdr Friendly Fork Proposal

Governance General Proposal
11

Not saying this to push back on your proposal, but I think it’s worth highlighting past discussions/votes around Friendly Fork token allocations

From the original Friendly Fork Proposal:

  • Balancer will not give out grants for forking teams, and encourage teams to issue their own separate token (let’s call it f-BAL) on the host chain
  • Any eventual protocol revenue or biz model needs to accrue to f-BAL (or to a derivative of it)
  • Total supply of f-BAL should be capped
    • If uncapped, there should be a detailed explanation of how it would evolve, under what circumstances it could change, etc, so that the total supply after X (1/2/4/8) years could be estimated with some precision
  • 20% of f-BAL’s total supply is allocated to the BAL community:
    • 15% to the Balancer Treasury
      • Subject to a vesting schedule of 6 months
    • 5% airdropped pro-rata to a snapshot of BAL holders on mainnet
      • Claimable via a merkle redeem contract
      • Should account for indirect BAL ownership:
        • For BAL in V2 pools: airdrop goes to the BPT holders
        • If those BPTs are staked and/or locked inside the Balancer ecosystem: airdrop goes to the stakers/lockers
      • The forking team might (but is not required to) take into account other indirect forms of BAL ownership
    • Not subject to a lockup
      * Minimum of 0.5 BAL to qualify for airdrop, to avoid long merkle branches full of dust f-BAL
      * After 3 months, all unclaimed f-BAL is redirected to the Balancer Treasury
      * This would naturally include the airdrop to all BAL holding addresses that can’t claim f-BAL such as lending pools, bridges and most CEXs
  • 80% of f-BAL’s total supply is distributed among f-BAL’s community, which includes:
  • 65%: f-BAL Ecosystem Fund: liquidity mining, grants, partnerships and other incentive programs
  • 15%: The forking team, subject to a 1 year cliff and a 4 years vesting schedule

From BeethovenX’s Snapshot Vote:

As we launched our token prior to the definition of the Friendly Fork model, the Ballers have agreed to a one time exclusion for Beethoven X. The percentages above are not reflective of the requirements for future Friendly Forks.

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