| id | Title | Status | Author | Description | Discussions to | Created |
|---|---|---|---|---|---|---|
| TIP-199 | PYTH airdrop allocation | Draft | Svenska (@0xsvenska) & Milkywave (@milkywave_) | This TIP proposes to distribute 500,000 PYTH tokens received by Thales as part of the Pyth Retrospective Airdrop: Phase 2 | (https://discord.gg/thales) | 2024-04-02 |
This TIP proposes a plan on how to execute the allocation of 500,000 PYTH received by Thales DAO as part of the Pyth Retrospective Airdrop: Phase 2.
This distribution initiative aims to allocate the largest part of the PYTH airdrop for future Speed Markets incentivization and tries to enhance Pyth Governance by providing PYTH tokens to individuals who are actively engaged in Thales Governance. The goal is to promote a mutually beneficial relationship between the Thales DAO, Thales and Pyth communities and governance. Additionally, this proposal looks ahead to future participation in governance and acknowledges early users of Speed Markets.
The proposed categorization for the allocation is as follows:
- Allocation for Speed Markets competition
Speed Markets have been using PYTH price feeds since their inception so it’s no wonder that this product should be pushed forward to as many users as possible through competitions and marketing campaigns using PYTH tokens as incentives. Nearly 1,500 users have already bought a position, generating a total volume of over $2.8M. A perfect opportunity to massively increase adoption, alongside some exciting future announcements.
- Allocation for Treasury
One of the guidelines shared by Pyth is their wish to see Thales DAO actively involved in the governance of Pyth. To this end, an allocation will be dedicated to PYTH staking in order to participate in governance votes within Pyth.
- Allocation for future governance participation
Given there are retroactive allocations to enhance participation in governance, a future allocation is dedicated to a future distribution, based on criteria to be defined at a later date, depending on the results obtained in terms of governance participation. For this future governance allocation, criteria will be different from current ones, no need to candidate for the next Council election or split your staking wallets in 100s to try to game the system, this would disqualify for any further reward. This allocation should also be staked, until a new TIP si voted in to decide how it should be distributed.
- Allocation for governance voters
Thales Council can be considered the chief advisory body of the Thales governance system so it’s essential for the DAO that stakers participate in every Council election. Lately, over the last 2 consecutive votes, we've seen a significant drop in participation (less than 5% participation among stakers), so the main objective is to support and encourage stakers to take part in the elections. On top of that, we want to reward stakers who participated in the tokenomics v2 temp check voting, it was an important milestone for helping the Council to shape improved tokenomics. This allocation will be per user, not per vote weight.
- Allocation for early Speed Markets users
Speed Markets was publicly released in late August 2023 and enabled Thales, through the use of PYTH price feeds, to qualify for Pyth Retrospective Airdrop: Phase 2. This allocation is intended to thank the early testers, many of whom did not qualify for the individual Pyth Phase 1 airdrop, for providing crucial feedback, and to encourage users to continue testing and using future products as soon as they are launched by Thales. Between 2023-08-22 and 2023-11-01, 10441 positions were created on different networks with relatively high costs (less than 25% of positions were on Polygon and pre EIP-4844 times).
- Allocation for Thales Council election participants
The diversity and variety of candidates for each election are key factors in ensuring that there are enough quality candidates to represent stakers in Thales Council. For every election, it's not always straightforward to motivate community members to apply as candidates, some may feel that it's pointless, that their application isn't useful because others will. It is therefore important to thank and encourage those who have done so in recent elections.
The distribution breakdown is:
- Allocation for Speed Markets marketing campaigns & competitions: 45% (225,000)
- Allocation for Treasury: 30% (150,000)
- Allocation for future gov participation: 10% (50,000)
- Allocation for governance voters (retroactive): 10% (50,000)
- Allocation for early Speed Markets users (retroactive): 4% (20,000)
- Allocation for Thales Council election participants (retroactive): 1% (5,000)
Here are the criteria for each retroactive allocation:
- Governance voters:
- voted for the previous 7th Thales Council election
- voted for the previous Tokenomivs v2 temp check
- Early Speed Markets users:
- took at least 2 positions between 2023-08-22 and 2023-11-01
- Thales Council election participants:
- has officially submitted a proposal to stand as a candidate in the previous 6th or 7th Thales Council elections
- has sent at least 10 messages before pitching
Once users can submit their SOL address, there will be a 1-month window for them to do so. A specific form on Thales governance dApp will be set in order for users to submit their SOL & EVM addresses. pDAO has full flexibility to find the most suitable technical solution regarding best practice to follow when it comes to the security of stored data.
After this 1-month period expires, Treasury DAO will send PYTH to eligible addresses. Eligible users who did not submit their SOL address within this 1-month window will see their allocation redistributed (within each category) to the ones who did.
Joe used Speed Markets at least twice between 2023-08-22 and 2023-11-01 and voted in the last Council election as well as participated in the last tokenomics temp check voting.
Allocation for early Speed Market users:
4% of 500,000 = 20,000 $PYTH
Eligible wallets max (Snapshot 2023-11-01): 275
Submitted a SOL wallet within deadline: 250 wallets
Calculation: 20,000/250 = 80 $PYTH for Joe
Allocation for governance voters:
10% of 500,000 = 50,000 $PYTH
Last Council election voters: 102
Last Council election voters submitted SOL wallet: 92
Last Temp check voters: 170
Last Temp check voters submitted SOL wallet: 158
Calculation: 50,000/250 = 200 $PYTH for Joe
Joe will receive in total 280 $PYTH for being an early Speed Market user and participating actively in the Thales Governance.
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