The Bolshevik's Gambit fork with Revolutionary Opening Price and Iron Curtain Conviction Voting (simulation 10 million WxDAI in, 1 million TEC out) #142
What is the overall Commons Configuration strategy?
This is not a proposal for the weak willed.
We are charting out into new territories of ideology, coalescing into forms of governance and economics. We have rallied a strong community around our cause with our Trusted Seed. We should be confident in our cultural build to guide us to where we need to go without imposing technical red tape on our primary revolutionaries.
We have to recognize that the TEC at launch will not be same force as it will be in 6 months. We can expect to expand and mature with time and our post-launch settings will adjust to reflect our evolution. I have outlined envisioned changes in this proposal.
A low opening price reduces the sell pressure once we go post token freeze, likely adhering hatcher's to our mission rather than salivating like wild beasts over the token price. However newcomers will want to take part and the buy pressure with such a low opening price will be considerable. with an ample entry tribute we can hope to secure a further amount of funding, while slightly dissuading sells.
Tao Voting and Conviction Voting is reasonably agile, which is what any radical movement needs. We can hope to adjust our settings as our Commons cools off post-revolution.
Revolutions happen quickly. We have supreme confidence in our plan to create an amazing Commons and generate value. 3 months Freeze is a reasonable amount of time in crypto to hold tokens. That being said, a year of Thaw means that TEC holder's will be very unikely to sell their Tokens for a while since so little will be available. If they intend to sell they will wait and speculate a bit longer.
Taking this into consideration as well we have to "Trust" our trusted seed. These Hatchers are not likely to sell en masse anyway unless we really mess up.
Parameter
Value
Token Freeze
12 Weeks
Token Thaw
52 Weeks
Opening Price
1 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
1.92%
0.98 wxDAI
6 months
26.92%
0.73 wxDAI
9 months
51.92%
0.48 wxDAI
1 year
76.92%
0.23 wxDAI
1.5 years
100.00%
0.00 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:
We're coming to realize we'll need a good chunk of money to kick-start our vision and to adequately reward contributors and fund WGs and projects. This leaves us well over 800k to ignite the revolution.
A low opening price is fine because Hatcher's are true believers in the cause, in the collective well being of the Commons and spreading its ideology. Even with a low initial balance the reserve ratio is at a healthy amount, this means that as our supply grows we can count of having lower amounts of price slippage
Strong tributes in the beginning will test the resolve of our new revolutionistas and penalize the feeble-willed who abandon our cause early. By having higher tributes we can hope to capture additional funding from the hype train generated by the Commons Upgrade.
Once our revolution is successful and our provisional government is established we can put our Tao Voting parameters to the test by lowering the tributes to healthier economic levels (3, 3). I envision this happening within 3-6 months.
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
378367.07
1956421.69
1.0
250000.00 wxDAI
20000.0
188202.31 TEC
1.47
18.17%
1
608367.07
2144624.0
1.47
5000.00 wxDAI
400.0
3126.61 TEC
1.48
0.30%
2
612967.07
2147750.61
1.48
100000.00 wxDAI
8000.0
58877.81 TEC
1.65
5.56%
3
704967.07
2206628.42
1.65
3000.00 TEC
395.34
4546.39 wxDAI
1.64
0.28%
4
700025.34
2203628.42
1.64
10000000.00 wxDAI
800000.0
1474666.55 TEC
13.92
73.67%
5
9900025.34
3678294.96
13.92
1000000.00 TEC
638446.5
7342134.74 wxDAI
3.71
42.65%
ABC Overview
Reserve (wxDai)
Supply (TEC)
Price (wxDai/TEC)
Market cap
10,000
968,981
0.05
51,717.70
50,000
1,322,758
0.20
258,545.47
100,000
1,512,506
0.34
517,080.03
200,000
1,729,477
0.60
1,034,149.49
300,000
1,870,553
0.83
1,551,219.10
400,000
1,977,574
1.05
2,068,289.62
500,000
2,064,785
1.25
2,585,357.59
600,000
2,138,889
1.45
3,102,426.15
700,000
2,203,614
1.64
3,619,495.45
800,000
2,261,263
1.83
4,136,568.61
900,000
2,313,363
2.01
4,653,636.67
1,000,000
2,360,984
2.19
5,170,707.02
1,250,000
2,465,104
2.62
6,463,380.51
1,500,000
2,553,575
3.04
7,756,051.99
1,750,000
2,630,850
3.44
9,048,730.89
2,000,000
2,699,675
3.83
10,341,405.52
2,500,000
2,818,731
4.59
12,926,751.69
3,000,000
2,919,894
5.31
15,512,096.71
3,500,000
3,008,253
6.02
18,097,449.37
4,000,000
3,086,952
6.70
20,682,792.17
5,000,000
3,223,087
8.02
25,853,493.31
7,500,000
3,486,002
11.12
38,780,218.79
10,000,000
3,685,449
14.03
51,706,956.23
15,000,000
3,986,081
19.46
77,560,445.52
20,000,000
4,214,139
24.54
103,413,904.40
50,000,000
5,031,176
51.39
258,534,777.65
100,000,000
5,752,915
89.88
517,069,709.39
Module 3: Tao Voting
Strategy:
Revolutions need to be agile as well. For this we should aim for high consensus, short-er duration.
Tao Voting might not interest everyone, but that's why we have delegates. It should be reasonable to expect high turnout for votes since voting power should either be used or delegated, not sitting idle, this is not how revolutions are made!
A quick-er vote duration means we could wrap up and execute votes within one week. If there's any contention we add ample time for more participation.
A greater execution delay however allows our economy's participants to react to any potential changes to its configuration before being implemented.
Parameter
Value
Support Required
88%
Minimum Quorum
8%
Vote Duration
6 day(s)
Delegated Voting Period
3 day(s)
Quiet Ending Period
2 day(s)
Quiet Ending Extension
3 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 days
9 days
12 days
Time to Review a Delegates Vote
3 days
6 days
9 days
Time to Execute a Passing Proposal
7 days
10 days
13 days
Module 4: Conviction Voting
Strategy:
With these settings we'll need to optimize voter engagement, even humble requests in the range of 15-35k will need an exceptional amount of tokens staked if we assume to have good engagement from hatchers. this build also protect us adqeuately from small proposals passing under the radar
Parameter
Value
Conviction Growth
7 day(s)
Minimum Conviction
4.0%
Spending Limit
18.0%
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: 12 weeks, meaning that 100% of TEC tokens minted for Hatchers will remain locked from being sold or transferred for 12 weeks. They can still be used to vote while frozen.
Token Thaw: 52 weeks, meaning the Hatchers frozen tokens will start to become transferable at a steady rate starting at the end of Token Freeze and ending 52 weeks later.
Opening Price: 1 wxDAI, meaning for the initial buy, the first TEC minted by the Augmented Bonding Curve will be priced at 1 wxDAI making it the price floor during the Token Freeze.
Augmented Bonding Curve (ABC)
Commons Tribute: 70.00%, which means that 70.00% of the Hatch funds (882856.50 wxDAI) will go to the Common Pool and 30.00% (378367.07 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: 10.00% meaning that from every SELL order on the ABC, 10.00% 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 day(s), meaning that eligible voters will have 6 day(s) to vote on a proposal.
Delegated Voting Period is set for 3 day(s), meaning that Delegates will have 3 day(s) to use their delegated voting power to vote on a proposal.
Quiet Ending Period: 2 day(s), this means that 2 day(s) before the end of the Vote Duration, if the vote outcome changes, the Quiet Ending Extension will be triggered.
Quiet Ending Extension: 3 day(s), meaning that if the vote outcome changes during the Quiet Ending Period, an additional 3 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: 7 day(s), meaning that voting power will increase by 50% every 7 days that they are staked behind a proposal, so after 12 days, a voters voting power will have reached 75% of it's maximum capacity.
Minimum Conviction: 4.0%, this means that to pass any funding request it will take at least 4.0% of the actively voting TEC tokens.
The Spending Limit: 18.0%, which means that no more than 18.0% of the total funds in the Common Pool can be funded by a single proposal.
What is the overall Commons Configuration strategy?
This is not a proposal for the weak willed.
We are charting out into new territories of ideology, coalescing into forms of governance and economics. We have rallied a strong community around our cause with our Trusted Seed. We should be confident in our cultural build to guide us to where we need to go without imposing technical red tape on our primary revolutionaries.
We have to recognize that the TEC at launch will not be same force as it will be in 6 months. We can expect to expand and mature with time and our post-launch settings will adjust to reflect our evolution. I have outlined envisioned changes in this proposal.
A low opening price reduces the sell pressure once we go post token freeze, likely adhering hatcher's to our mission rather than salivating like wild beasts over the token price. However newcomers will want to take part and the buy pressure with such a low opening price will be considerable. with an ample entry tribute we can hope to secure a further amount of funding, while slightly dissuading sells.
Tao Voting and Conviction Voting is reasonably agile, which is what any radical movement needs. We can hope to adjust our settings as our Commons cools off post-revolution.
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:
Revolutions happen quickly. We have supreme confidence in our plan to create an amazing Commons and generate value. 3 months Freeze is a reasonable amount of time in crypto to hold tokens. That being said, a year of Thaw means that TEC holder's will be very unikely to sell their Tokens for a while since so little will be available. If they intend to sell they will wait and speculate a bit longer.
Taking this into consideration as well we have to "Trust" our trusted seed. These Hatchers are not likely to sell en masse anyway unless we really mess up.
Hatcher's TEC Release Schedule
Token Release Timeline
Module 2: Augmented Bonding Curve (ABC)
Strategy:
We're coming to realize we'll need a good chunk of money to kick-start our vision and to adequately reward contributors and fund WGs and projects. This leaves us well over 800k to ignite the revolution.
A low opening price is fine because Hatcher's are true believers in the cause, in the collective well being of the Commons and spreading its ideology. Even with a low initial balance the reserve ratio is at a healthy amount, this means that as our supply grows we can count of having lower amounts of price slippage
Strong tributes in the beginning will test the resolve of our new revolutionistas and penalize the feeble-willed who abandon our cause early. By having higher tributes we can hope to capture additional funding from the hype train generated by the Commons Upgrade.
Once our revolution is successful and our provisional government is established we can put our Tao Voting parameters to the test by lowering the tributes to healthier economic levels (3, 3). I envision this happening within 3-6 months.
*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:
Revolutions need to be agile as well. For this we should aim for high consensus, short-er duration.
Tao Voting might not interest everyone, but that's why we have delegates. It should be reasonable to expect high turnout for votes since voting power should either be used or delegated, not sitting idle, this is not how revolutions are made!
A quick-er vote duration means we could wrap up and execute votes within one week. If there's any contention we add ample time for more participation.
A greater execution delay however allows our economy's participants to react to any potential changes to its configuration before being implemented.
Tao Voting Timeline From Proposal To Execution
Timeline Data
Module 4: Conviction Voting
Strategy:
With these settings we'll need to optimize voter engagement, even humble requests in the range of 15-35k will need an exceptional amount of tokens staked if we assume to have good engagement from hatchers. this build also protect us adqeuately from small proposals passing under the radar
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)