I really think token allocation is being mishandled for WG members. My perspective is that they should be paid in stablecoins until VitaDAO has its first IP / products available. Paying folks completely in “liquid equity” (this is what tokens are today) doesn’t make any sense if you want to see an appreciation of price for that equity (which every nascent org does). Note that I think they should also be compensated in VITA, as the proposal suggests — these combined incentives would establish a competitive rate.
VitaDAO has funding. It doesn’t need to put price pressure on VITA. It can afford to pay all of its contributors more than a liveable wage.
agree, for some working groups like legal it makes sense to stay private for working group members, and for others like tech we actively want to open it completely up. having it on read-only and write only for members will help regarding less noise.
Really good points raised here, thank you for contributing @Senso@papa_raw and others.
We will be writing a blog post to provide more transparency on the proposed allocations and overall tokenomics design thinking. Many of VitaDAOs core processes ran via working groups that formed through open source contributions but operated privately (DMs, closed WGs), and the infrastructure for the DAO was built by service providers who put their teams and resources on this for many months without knowing if it would work. This needs to be explained to the community to enable trust in this design and VITA genesis contributors.
I think the question around unlocking tokens for governance to enable VitaCore, working groups and service providers is crucial. Together with the legal working group, these governance allocations will be distributed via a social consensus mechanism enforced by the multisig.
In the current proposal, 40% of allocations will be unlocked on launch and 60% vesting linearly over 1 year.
The 60% allocated to each individual and service provider will remain with VitaDAOs multisig to be issued monthly. Vesting tokens are issued monthly on the basis that the recipient:
Only uses their VITA in governance activities via the staking contract, not in financial activities;
Continues to support VitaDAOs activities to the best of their ability;
Adheres to the VitaDAO code of conduct.
In practice, if someone decided to discontinue their support, or sell VITA they may forfeit their tokens.
Thus, any allocations made herein could be called into question should recipients not respect the governance invitation letter. The process for this could be a public proposal, a community discussion etc. but rests fully with the DAO and token holder decision making. The goal of this is to create an open and engaged community of genesis contributors and continue the culture that brought the DAO to inception. I’d posit that 98% of core contributors are known as VitaDAO was not built on the typical anon/DeFi culture.
The Legal Working group should provide the details of the governance invitation letter asap to provide clarity here.
I’d recommend simplifying this release schedule for yourselves and just use Sablier to stream the tokens with the same emissions schedule (there is a Gnosis Safe app for this)
For the phase 3 vote on this proposal VDP-3, I’m proposing to fill the template as follows:
{
"proposal_type": "governance",
"title": "VDP-3 VitaDAO Tokenomics Proposal, with VDP 3.1 Tokenomics Proposal Amendment",
"summary": "A description of the nature of the VITA token, its supply and the proposed genesis distribution including allocations to genesis contributors, working groups, service providers as well as the VitaDAO treasury.",
"details": "### VITA token \n * VITA is obtained by contributing work, data, IP, or funds to VitaDAO \n * The core function of VITA is to curate the best longevity IP and fund novel open science data creation around it \n * VITA tokens grant the rights to participate in a) which IP is funded; b) how it is funded; c) how it is governed; d) how the VitaDAO treasury is governed \n * VITA is designed following a sustainability loop principle \n ### Genesis \n * VitaDAO’s token supply is capped at the number representing the lifespan in minutes of the oldest person to have lived, which at the time of publication is Jeanne Louise Calment with more than 122 years \n * Therefore, VitaDAO’s token supply is 64,298,880 VITA \n * 6,435,936 VITA, about 10%, have already been allocated to the community through a Gnosis Auction \n * 5,786,899.2 VITA, about 9%, will be allocated to service providers upon passing of this proposal, while another 1% to be allocated to the Copenhagen research project upon passing of the corresponding proposal, [VDP-5](https://gov.vitadao.com/t/vdp-5-scheibye-knudsen-lab-funding-proposal/188) \n * 6,429,888 VITA, about 10%, will be allocated to working groups upon passing of this proposal \n * 44,991,072 VITA, about 70%, will be allocated to the treasury upon passing of this proposal \n * All allocations herein shall be granted 40% upon on-chain DAO approval, with the remaining 60% being linearly distributed via the VitaDAO Multisig for continued support over a period of 12 months \n ### More information \n For the full proposal with more details, see the following link.",
"link": "https://gov.vitadao.com/t/vdp-3-vitadao-tokenomics-proposal/64",
"project": {}
}
