BIP 8: Confirm DIGG Distribution

name: BIP 8: Confirm DIGG Distribution
category: DIGG
status: Rejected -> see BIP 14 for revised.

high level: Community feedback and ratification of proposal for initial DIGG distribution

details:
This post is intended for the community to sign off on or provide feedback for the distribution of the total supply of DIGG on launch.

It was largely taken from here: https://badgerdao.medium.com/badger-early-contributor-program-e4b267087c03

  • 40% Treasury (Immediately available)
  • 40% Farming (over 8 weeks, proposal for Week 1 Emissions breakdown coming soon)
  • 5% Founding Team (vested over 1 year)
  • 15% Airdrop

The Airdrop will be distributed based on the square root of BADGER EARNED (distributed through the badger tree, claimed + unclaimed) so far.
This means a small staker from early on should get more DIGG than a whale depositing right before launch.

There will be a small (<1%) allocation for some nifty things that will need to stay under wraps until closer to launch :wink:

Please use the below polls to provide feedback on a couple points

Launch with above distribution parameters
  • YES, let it rip
  • NO, needs work

0 voters

Should airdrop tokens be vested over a couple weeks?
  • Yes - 1 week
  • Yes - 2 weeks
  • Yes - 8 weeks
  • No

0 voters

What should the initial supply of DIGG be?
  • 6250 (~130mil mktcap)
  • 4687.5 (~94 mil mktcap)
  • 3125 (~65mil mktcap)
  • 1562.5 (!31mil mktcap)

0 voters

44 Likes

I like this distribution and I think the idea to distribute based on badger EARNED is perfect - people who instantly dumped will not get a chance to double dip, and long term stakers will get rewarded. Great job!

29 Likes

Yep, its neatly done. Simple and fair.

So much of the conversation re: airdrop parameters…we were making it more complicated than it needed to be. I like this.

Well done @jonto

6 Likes

Solid distribution parameters taken from community discussion. Really amazing job, super impressed with @jonto and the team! Cannot wait to see the “nifty things” haha!

3 Likes

vested digg is a good idea to reduce dumping :whale:

5 Likes

Also like the distribution.

I didn’t vote for the last one. Can you explain what is the consequence of a change in the initial supply ? If you take the 2 extreme cases as an example. @jonto

Regarding the vesting. Do you think vesting won’t have an impact on the rebase ?

2 Likes

the last one is mainly geared towards some peoples concerns that launching with too high of an implied fully diluted marketcap would lead to early negative rebases and that may be bad for the token. I, personally am unsure how much it will matter.

vesting just reduces tokens immediately available to the market. so if there is hype, less to sell, may lead to easier road to price appreciation and positive rebases. but may also lead to more volatility.

would love for folks with strong opinions on these two items to drop their takes in here.

5 Likes

sounds good to me, like the parameters

Would like to add that airdrops should only be limited to wallet addresses currently staked at the time the snapshot (or earned badger total) is taken regardless of prior badger earned.

9 Likes

what i remember from dsd when there is a demand and not much coin can be sell the buy pressure is too high , we will be heading a lot of postive rebase which no one have nay token to be sold, atleast vested for a week or 2 will have alot more coin into circulation

1 Like

I agree with everything stated here.

I can’t wait to see how this experiment is going to work out.

ok thank you. I think elastic supply is very complicated to understand. I’m just worried that vesting well mess up everything. But I don’t real know…

Is it worth to ask feedback from someone from Ampleforth ? Or YAM.
Do you know how they did for the initial supply ?

3 Likes

I am eagerly awaiting the release date
BADGER :heart: :heart: :heart:

1 Like

Special incentive for people who have been buying?

1 Like

Vested DIGG keeps people from dumping and will give people more earnings and they will see that and it will intrigue them to use the product even more. So yea totally for 8 weeks :slight_smile:

1 Like

If the airdrop is vested then that prevents you from selling and depositing into a sett, I would think. I don’t think I agree with that as I would like and I think some people would want to be able to use those tokens to supply to the LP. I think the DIGG rewards associated with the sett should be vested not the airdrop.

8 Likes

Liking the community feedback for the initial DIGG distribution. Truly a community project. Cheers!

1 Like

allBadgerEarned = claimable + fiftyPercentReinvestment

digg = sqrt(allBadgerEarned)

Am I thinking about this correctly?

5 Likes

Marketcap should be low. Why should it be more than 30M, I don’t understand.

6 Likes

I really like this project. Keep up the social engagement!

1 Like