Referendum proposal: Extend the unlocking time of Bifrost investment institutions by 3x, from 300 days to 900 days

🏛 Governance Democracy
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#1

Reason

  1. Bifrost’s financing time was earlier(around early of 2019), and because of the poor market environment at the time, the seed round valuation was low, and the current seed round investment institutions have up to nearly 150x the return (at the time of ATH).
  2. The current unlocking terms are relatively loose, and all unlocking can be completed within 300 days.
  3. Due to the huge profit margins, the seed round institutions are constantly unlocking and selling, which will have a greater short-term impact on the project.
  4. Bifrost’s current market value is underestimated. Under the premise that there is only one mainnet, compared with other parachain projects, it is almost 1/4 ~ 1/20 of the valuation.
  5. The long-term value of Bifrost should be seen, and restrict investment institutions from holding long-term.

Suggestion

  1. Adjust the unlocking time of seed round investment institutions from 300 days unlocking to 900 days unlocking.

Implement

  1. Find the address list of seed round investment institutions based on the Bifrost genesis block.
  2. By initiating a referendum, call the vesting.setVestingPerBlock method to set the original perBlock value of the seed round investment institution to 1/3.
  3. When the proposal was initiated, the seed investment institution had enough time to unlock the unlocked part, so it will not involve the situation that the unlocked institution decreases the total amount of unlocked due to the increase perBlock value.
3 Likes
#2

Share the current token situation, which may be helpful to the discussion

Distribution of Tokens Share Tokens Vesting
Ecosystem 50% 40,000,000 Locked for governance
Founder and Team 20% 16,000,000 TGE 0% unlocked, unlock starting 6 months after TGE, unlocked every month, divided into 24 month to unlock
Seed Round I 6% 4,800,000 TGE 25% unlocked, the remaining 75% unlocked every day 0.25%, 300 days unlocked
Seed Round II 4% 3,200,000 TGE 25% unlocked, the remaining 75% unlocked every day 0.25%, 300 days unlocked
Strategic Round 2% 1,600,000 TGE 30% unlocked, the remaining 70% unlocked every day 0.23333%, 300 days unlocked
Private Round 3% 2,400,000 TGE 30% unlocked, the remaining 70% unlocked every day 0.23333%, 300 days unlocked
Marketing & Community Build 3% 2,400,000 No vesting
Mint Drop 2% 1,600,000 No vesting
Treasury (Foundation) 10% 8,000,000 Locked for governance
2 Likes
#3

Good proposal. In order for the project to respond to the ever-changing market in a timely manner, I think this is the greatest significance of governance.

I am in favor of extending the lock-up time of investment institutions through governance, but the market is changing rapidly, and extending to 900 days may be too long. I think extending it to 600 days is a more reasonable time. After all, governance is a gradual process.

3 Likes
#4

Thank you for your reply, according to Github Bifrost Genesis Block Configuration, We can find the address of the seed round investment institution.

{
  "vesting": [
    ["cGcPuCcEtgbMA4ipAFoBobvpkyvLUEqXEgpUrsAqS1ErP5a",0,2160000,400000000000000000],
    ["cEMKvc2H7YnmcRbmuo6VaK63VUNK3agPGpnqnxtRbKwtRPN",0,2160000,200000000000000000],
    ["goSoGmRdJE6FZNHQ7A6WKwW3Dt4WiGRa1cKzXPrEhHJbEku",0,2160000,140000000000000000],
    ["ce5QT45oBS72Mh3rwUKcYropgW9NYaJy6ScgcByFf3mdRed",0,2160000,66666750000000000],
    ["dotV114V2W1Y3ePz6S3kW1UwERoe5aaTicoCT3q5yUxbf9i",0,2160000,200000000000000000],
    ["13ghKwoVdGQXaW4gvw6mWi448GZTQKPrJ6noSSVc2ji7fWG8",0,2160000,200000000000000000],
    ["163GfbFQgJyjrzxQ24QQUPPovXc6DgrxgcxoyfjhwU3fGgbh",0,2160000,44444500000000000],
    ["16PqmqBXTwzSa3MMC4RpvEgJrB9U5CPaboMhuZVh2MGh5e9v",0,2160000,166666750000000000],
    ["gDDGNfbh1p7aKa4q2mKB7vAmNbNceAx3Dm78UXmy9DUjjDf",0,2160000,133333250000000000],
    ["1QwRd1pLukduxSstNWv8jePgjLSLVzQieBpb6okoHDpXfUk",0,2160000,22222250000000000],
    ["e2jQngDWWphBVR4tzrzQ6M8WAtngRQeegkKQLuHRJYkmf5h",0,2160000,26666750000000000],
    ["djMm9nA4Bkvj8udavXxsC1bJAQXrpD2BzY1Wzth9TggZ1DW",0,2160000,80000000000000000],
    ["13T4kAVkeYJAJJJM3tni6rnoviJb74zypxuHvtyUqpuKdPGH",0,2160000,80000000000000000],
    ["e3UD8joBSFXKHLGcujGPn171fNDfHJmUbTR2WYbuxquYgH8",0,2160000,200000000000000000],
    ["hPjkf1LvzcTUDJaMtKPuLp6qv7LLqKc37GTfKsRc2HFAV4W",0,2160000,35493000000000000],
    ["ciud4JVFExsEnBmpaSC9Ah5rN6hd5BCwRfAKGgrtuo4TAdf",0,2160000,26666750000000000],
    ["cEx17odz8A7FajiVe2SLokrkMaKeRJna55qqTwwyqkU7tTh",0,2160000,13333250000000000]
  ]
}
#5

After unified conversion to Bifrost addresses, and query the current vesting.vesting(AccoundId32) value of each address

// Original value, the release of 2,160,000 blocks is completed, which is 300 days

cGcPuCcEtgbMA4ipAFoBobvpkyvLUEqXEgpUrsAqS1ErP5a
PerBlock: 555555555555 (0.555555555555 BNC/Block)

cEMKvc2H7YnmcRbmuo6VaK63VUNK3agPGpnqnxtRbKwtRPN
PerBlock: 277777777777 (0.277777777777 BNC/Block)

goSoGmRdJE6FZNHQ7A6WKwW3Dt4WiGRa1cKzXPrEhHJbEku
PerBlock: 246296296296 (0.246296296296 BNC/Block)

ce5QT45oBS72Mh3rwUKcYropgW9NYaJy6ScgcByFf3mdRed
PerBlock: 41152199074 (0.041152199074 BNC/Block)

dotV114V2W1Y3ePz6S3kW1UwERoe5aaTicoCT3q5yUxbf9i
PerBlock: 231111111111 (0.231111111111 BNC/Block)

eQesu3uw1etWrVUN8Nun7ec1BRDjRAyRk7b8YMQosH3MbAr
PerBlock: 277777777777 (0.277777777777 BNC/Block)

gmEDYVpz4E6oMPBTFgYjnzMoSTrYne5pGHbfmbWibcaxZpQ
PerBlock: 61728472222 (0.061728472222 BNC/Block)

h7oKnRwmhEoWPn8dFhyBeGrj61EQJAhjSgVbfMVoUqcmWLR
PerBlock: 231481597222 (0.231481597222 BNC/Block)

gDDGNfbh1p7aKa4q2mKB7vAmNbNceAx3Dm78UXmy9DUjjDf
PerBlock: 148148148125 (0.148148148125 BNC/Block)

c8tyaGEeezzrJsfKZo4Q9EwZeCCfbmXrHWcHCfZaQnkDcPq
PerBlock: 30864236111 (0.030864236111 BNC/Block)

e2jQngDWWphBVR4tzrzQ6M8WAtngRQeegkKQLuHRJYkmf5h
PerBlock: 29629629629 (0.029629629629 BNC/Block)

djMm9nA4Bkvj8udavXxsC1bJAQXrpD2BzY1Wzth9TggZ1DW
PerBlock: 111111111111 (0.111111111111 BNC/Block)

eB2J7kAxHYXEej8V64rNGPModAMSAn6xcE5czqHcxUFKJui
PerBlock: 111111111111 (0.111111111111 BNC/Block)

e3UD8joBSFXKHLGcujGPn171fNDfHJmUbTR2WYbuxquYgH8
PerBlock: 231481481481 (0.231481481481 BNC/Block)

hPjkf1LvzcTUDJaMtKPuLp6qv7LLqKc37GTfKsRc2HFAV4W
PerBlock: 49295833333 (0.049295833333 BNC/Block)

ciud4JVFExsEnBmpaSC9Ah5rN6hd5BCwRfAKGgrtuo4TAdf
PerBlock: 37037152777 (0.037037152777 BNC/Block)

cEx17odz8A7FajiVe2SLokrkMaKeRJna55qqTwwyqkU7tTh
PerBlock: 18518402777 (0.018518402777 BNC/Block)
#6

I think we need to calm down the sell pressure.
I’m in favour of the proposal.

As proposed by Lurpis, 600 days seems to be enough. In other DAOs, usually investors have a 2 year lock-up.

#7

Sou a favor do bloqueio , porém no período de 600 dias .

#8

Through careful thinking, I agree with the idea of adjusting 900 days to 600 days. If it does not meet expectations, I think maybe can continue to initiate new proposals for governance!

3 Likes
#9

The lock-up time is extended to 600 days, and the release of each block is reduced to 1/2 of the original, so the adjusted data is

// Adjusted value, the release of 4,320,000 blocks is completed, which is 600 days

cGcPuCcEtgbMA4ipAFoBobvpkyvLUEqXEgpUrsAqS1ErP5a
PerBlock: 277777777777 (0.277777777777 BNC/Block)

cEMKvc2H7YnmcRbmuo6VaK63VUNK3agPGpnqnxtRbKwtRPN
PerBlock: 138888888888 (0.138888888888 BNC/Block)

goSoGmRdJE6FZNHQ7A6WKwW3Dt4WiGRa1cKzXPrEhHJbEku
PerBlock: 123148148148 (0.123148148148 BNC/Block)

ce5QT45oBS72Mh3rwUKcYropgW9NYaJy6ScgcByFf3mdRed
PerBlock: 20576099537 (0.020576099537 BNC/Block)

dotV114V2W1Y3ePz6S3kW1UwERoe5aaTicoCT3q5yUxbf9i
PerBlock: 115555555555 (0.115555555555 BNC/Block)

eQesu3uw1etWrVUN8Nun7ec1BRDjRAyRk7b8YMQosH3MbAr
PerBlock: 138888888888 (0.138888888888 BNC/Block)

gmEDYVpz4E6oMPBTFgYjnzMoSTrYne5pGHbfmbWibcaxZpQ
PerBlock: 30864236111 (0.030864236111 BNC/Block)

h7oKnRwmhEoWPn8dFhyBeGrj61EQJAhjSgVbfMVoUqcmWLR
PerBlock: 115740798611 (0.115740798611 BNC/Block)

gDDGNfbh1p7aKa4q2mKB7vAmNbNceAx3Dm78UXmy9DUjjDf
PerBlock: 74074074062 (0.074074074062 BNC/Block)

c8tyaGEeezzrJsfKZo4Q9EwZeCCfbmXrHWcHCfZaQnkDcPq
PerBlock: 15432118055 (0.015432118055 BNC/Block)

e2jQngDWWphBVR4tzrzQ6M8WAtngRQeegkKQLuHRJYkmf5h
PerBlock: 14814814814 (0.014814814814 BNC/Block)

djMm9nA4Bkvj8udavXxsC1bJAQXrpD2BzY1Wzth9TggZ1DW
PerBlock: 55555555555 (0.055555555555 BNC/Block)

eB2J7kAxHYXEej8V64rNGPModAMSAn6xcE5czqHcxUFKJui
PerBlock: 55555555555 (0.055555555555 BNC/Block)

e3UD8joBSFXKHLGcujGPn171fNDfHJmUbTR2WYbuxquYgH8
PerBlock: 115740740740 (0.11574074074 BNC/Block)

hPjkf1LvzcTUDJaMtKPuLp6qv7LLqKc37GTfKsRc2HFAV4W
PerBlock: 24647916666 (0.024647916666 BNC/Block)

ciud4JVFExsEnBmpaSC9Ah5rN6hd5BCwRfAKGgrtuo4TAdf
PerBlock: 18518576388 (0.018518576388 BNC/Block)

cEx17odz8A7FajiVe2SLokrkMaKeRJna55qqTwwyqkU7tTh
PerBlock: 9259201388 (0.009259201388 BNC/Block)
2 Likes
#10

Huge job on this one my friend.
Definitely what you proposed is a good way to show other people we are on a decentralized protocol.

Bifrost is working on a DAO style management, a Beta should be issued in Q1.

#11

Guys, I lost so much money because of the sell pressure. I had to loan money from my friends to pay my rent. I really believe in the project!