What is the overall Commons Configuration strategy?
This is a fork of TEC Casino & The Bolshevik's Gambit.
This merge reaches a middle ground for two proposals that may seem extreme in some of their parameters (specially the casino!) I particularly have a good feeling about the sum of risk factors around Conviction Voting, allowing the community to coordinate around proposals that need to go through fast but blocking malicious proposals with the help of Celeste.
A low opening price and low reserve ratio are great ingredients for a degen broth! Let's give the market what they want while letting the hatchers start selling after Q1 2022 to promote diversity in governance.
Parameter
Value
Token Freeze
13 Weeks
Token Thaw
78 Weeks
Opening Price
1.05 wxDAI
Hatcher's TEC Release Schedule
This is the release schedule for TEC that was given to Hatchers. Their TEC will start out frozen and then slowly become liquid according to the graph above.
Token Release Timeline
Duration
% of Tokens Released
Price Floor of Token
3 months
0.00%
1.05 wxDAI
6 months
16.67%
0.88 wxDAI
9 months
33.33%
0.70 wxDAI
1 year
50.00%
0.53 wxDAI
1.5 years
83.33%
0.18 wxDAI
2 years
100.00%
0.00 wxDAI
3 years
100.00%
0.00 wxDAI
4 years
100.00%
0.00 wxDAI
5 years
100.00%
0.00 wxDAI
Module 2: Augmented Bonding Curve (ABC)
Strategy:
The commons tribute + the initial buy will allow the TEC to have 1M+ in the common pool right at the start, also leaving a low reserve ratio that can cause volatility. A 10% tribute is nothing for degen markets. People are into low liquidity markets for the Xs, not the percentages.
The ABC mints and burns TEC tokens, the price of the TEC token is dependent on the funds that is held in the Reserve. This graph shows how the ABC's Price for TEC tokens changes with the ABC's Reserve Balance. The Initial Buy that will happen at launch is highlighted.
Example Transaction Data
Tx
Reserve
Total Supply
Price
Amount In
Tribute
Amount Out
New Price
Slippage
0
227020.24
1956421.69
1.05
250000.00 wxDAI
20000.0
157282.00 TEC
1.96
28.20%
1
457020.24
2113703.69
1.96
5000.00 wxDAI
400.0
2340.69 TEC
1.97
0.44%
2
461620.24
2116044.37
1.97
100000.00 wxDAI
8000.0
42928.73 TEC
2.32
7.89%
3
553620.24
2158973.1
2.32
3000.00 TEC
553.78
6368.45 wxDAI
2.29
0.56%
4
546698.02
2155973.1
2.29
5000.00 wxDAI
400.0
1997.32 TEC
2.31
0.37%
5
551298.02
2157970.42
2.31
100000.00 wxDAI
8000.0
37121.43 TEC
2.65
6.73%
6
643298.02
2195091.85
2.65
3000.00 TEC
632.95
7278.94 wxDAI
2.62
0.55%
7
635386.12
2192091.85
2.62
10000.00 wxDAI
800.0
3485.31 TEC
2.66
0.64%
8
644586.12
2195577.16
2.66
20000.00 wxDAI
1600.0
6839.87 TEC
2.72
1.25%
9
662986.12
2202417.03
2.72
40000.00 wxDAI
3200.0
13187.71 TEC
2.86
2.39%
ABC Overview
Reserve (wxDai)
Supply (TEC)
Price (wxDai/TEC)
Market cap
10,000
1,385,540
0.07
90,523.23
50,000
1,655,194
0.27
452,472.42
100,000
1,786,959
0.51
904,905.21
200,000
1,929,218
0.94
1,809,773.98
300,000
2,017,629
1.35
2,714,643.33
400,000
2,082,805
1.74
3,619,520.38
500,000
2,134,805
2.12
4,524,385.47
600,000
2,178,255
2.49
5,429,257.56
700,000
2,215,680
2.86
6,334,122.33
800,000
2,248,619
3.22
7,238,988.34
900,000
2,278,080
3.57
8,143,862.11
1,000,000
2,304,760
3.93
9,048,736.26
1,250,000
2,362,303
4.79
11,310,929.53
1,500,000
2,410,382
5.63
13,573,072.77
1,750,000
2,451,797
6.46
15,835,290.39
2,000,000
2,488,246
7.27
18,097,431.77
2,500,000
2,550,369
8.87
22,621,772.17
3,000,000
2,602,278
10.43
27,146,188.95
3,500,000
2,646,989
11.96
31,670,527.47
4,000,000
2,686,340
13.47
36,194,868.47
5,000,000
2,753,409
16.43
45,243,575.71
7,500,000
2,879,593
23.57
67,865,325.37
10,000,000
2,972,613
30.44
90,487,033.20
15,000,000
3,108,843
43.66
135,730,768.88
20,000,000
3,209,269
56.39
180,974,437.22
50,000,000
3,551,269
127.40
452,435,694.98
100,000,000
3,833,993
236.01
904,871,521.21
Module 3: Tao Voting
Strategy:
Averages between TEC Casino and Bolshevik's Gambit let us have an extra half day for some of these params, giving extra hours for people in different time zones before votes close.
10 days is the most a Tao vote can last.
Parameter
Value
Support Required
88%
Minimum Quorum
8%
Vote Duration
6.5 day(s)
Delegated Voting Period
3.5 day(s)
Quiet Ending Period
1 day(s)
Quiet Ending Extension
2.5 day(s)
Execution Delay
1 day(s)
Tao Voting Timeline From Proposal To Execution
This shows how the timeline stacks up for yes/no time based votes that can change the configuration after launch.
Timeline Data
# of Quiet Ending Extensions
No Extensions
With 1 Extension
With 2 Extensions
Time to Vote on Proposals
6.5 days
9.0 days
11.5 days
Time to Review a Delegates Vote
3.0 days
5.5 days
8.0 days
Time to Execute a Passing Proposal
7.5 days
10.0 days
12.5 days
Module 4: Conviction Voting
Strategy:
YES, this is fragile. But enough coordination can allow us to pass a proposal in as short as 3 to 7 days.
Malicious proposal? We have Celeste so I hope you've been stacking your HNY!
Parameter
Value
Conviction Growth
14 day(s)
Minimum Conviction
3.0%
Spending Limit
16.0%
Minimum Percent of Voting Tokens Needed to Pass Funding Requests
This shows how the minimum percent of tokens needed to pass proposals after 2 weeks varies with the percent of the Common Pool funds being requested.
Token Freeze: 13 weeks, meaning that 100% of TEC tokens minted for Hatchers will remain locked from being sold or transferred for 13 weeks. They can still be used to vote while frozen.
Token Thaw: 78 weeks, meaning the Hatchers frozen tokens will start to become transferable at a steady rate starting at the end of Token Freeze and ending 78 weeks later.
Opening Price: 1.05 wxDAI, meaning for the initial buy, the first TEC minted by the Augmented Bonding Curve will be priced at 1.05 wxDAI making it the price floor during the Token Freeze.
Augmented Bonding Curve (ABC)
Commons Tribute: 82.00%, which means that 82.00% of the Hatch funds (1034203.33 wxDAI) will go to the Common Pool and 18.00% (227020.24 wxDAI) will go to the ABC's Reserve.
Entry Tribute: 8.00% meaning that from every BUY order on the ABC, 8.00% of the order value in wxDAI is subtracted and sent to the Common Pool.
Exit Tribute: 2.00% meaning that from every SELL order on the ABC, 2.00% of the order value in wxDAI is subtracted and sent to the Common Pool.
Tao Voting
Support Required: 88%, which means 88% of all votes must be in favor of a proposal for it to pass.
Minimum Quorum: 8%, meaning that 8% of all tokens need to have voted on a proposal in order for it to become valid.
Vote Duration: 6.5 day(s), meaning that eligible voters will have 6.5 day(s) to vote on a proposal.
Delegated Voting Period is set for 3.5 day(s), meaning that Delegates will have 3.5 day(s) to use their delegated voting power to vote on a proposal.
Quiet Ending Period: 1 day(s), this means that 1 day(s) before the end of the Vote Duration, if the vote outcome changes, the Quiet Ending Extension will be triggered.
Quiet Ending Extension: 2.5 day(s), meaning that if the vote outcome changes during the Quiet Ending Period, an additional 2.5 day(s) will be added for voting.
Execution Delay: 1 day(s), meaning that there is an 1 day delay after the vote is passed before the proposed action is executed.
Conviction Voting
Conviction Growth: 14 day(s), meaning that voting power will increase by 50% every 14 days that they are staked behind a proposal, so after 13.0 days, a voters voting power will have reached 75% of it's maximum capacity.
Minimum Conviction: 3.0%, this means that to pass any funding request it will take at least 3.0% of the actively voting TEC tokens.
The Spending Limit: 16.0%, which means that no more than 16.0% of the total funds in the Common Pool can be funded by a single proposal.
What is the overall Commons Configuration strategy?
This is a fork of TEC Casino & The Bolshevik's Gambit.
This merge reaches a middle ground for two proposals that may seem extreme in some of their parameters (specially the casino!) I particularly have a good feeling about the sum of risk factors around Conviction Voting, allowing the community to coordinate around proposals that need to go through fast but blocking malicious proposals with the help of Celeste.
The TE Commons:
The ABC:
FORK THIS PROPOSAL (link)
Summary
Module 1: Token Freeze & Token Thaw
Module 2: Augmented Bonding Curve
*This is an output. Learn more about the Reserve Ratio here.
Module 3: Tao Voting
Module 4: Conviction Voting
Module 1: Token Freeze and Token Thaw
Strategy:
A low opening price and low reserve ratio are great ingredients for a degen broth! Let's give the market what they want while letting the hatchers start selling after Q1 2022 to promote diversity in governance.
Hatcher's TEC Release Schedule
Token Release Timeline
Module 2: Augmented Bonding Curve (ABC)
Strategy:
The commons tribute + the initial buy will allow the TEC to have 1M+ in the common pool right at the start, also leaving a low reserve ratio that can cause volatility. A 10% tribute is nothing for degen markets. People are into low liquidity markets for the Xs, not the percentages.
*This is an output. Learn more about the Reserve Ratio here.
TEC Price vs ABC Reserve Holdings
Example Transaction Data
ABC Overview
Module 3: Tao Voting
Strategy:
Averages between TEC Casino and Bolshevik's Gambit let us have an extra half day for some of these params, giving extra hours for people in different time zones before votes close. 10 days is the most a Tao vote can last.
Tao Voting Timeline From Proposal To Execution
Timeline Data
Module 4: Conviction Voting
Strategy:
YES, this is fragile. But enough coordination can allow us to pass a proposal in as short as 3 to 7 days. Malicious proposal? We have Celeste so I hope you've been stacking your HNY!
Minimum Percent of Voting Tokens Needed to Pass Funding Requests
Example Funding Request Data
FORK THIS PROPOSAL (link)
Parameter Definitions
Token Freeze and Token Thaw
Augmented Bonding Curve (ABC)
Tao Voting
Conviction Voting
Advanced Settings*
*Learn more about Advanced Settings on the TEC forum
FORK THIS PROPOSAL (link)