Scytale Digital | Aventus Network Governance Proposal: Proposal for Aventus Tokenomics 2.0
Having tokenomics designed to enhance our ecosystem’s sustainability, incentivize participation, and foster long-term growth is of high importance to all AVT stakeholders.
Start Date: Monday 27 May 2024, 1pm BST
End Date: Monday 3 June 2024, 1pm BST
TL;DR
As part of the new Aventus Network governance structure, Scytale Digital and Alan Vey would like to request $70,000 in AVT from community treasury to hire the services of MVP Workshop to redesign the Aventus Token (AVT) mechanics. MVP Workshop has worked extensively with over 40 blockchains (including Polkadot parachains) to build or redesign their tokenomics. After a ‘request for comment’ document was provided to the AVT community by Aventus Services, Scytale Digital and Alan Vey decided to propose changes to the AVT token. Having tokenomics designed to enhance our ecosystem’s sustainability, incentivize participation, and foster long-term growth is of high importance to all AVT stakeholders.
Why does the Aventus Token (AVT) mechanics need changing?
Scytale Digital believes that bringing in experts to reshape the Aventus Token (AVT) mechanics is the right course of action. On April 16, 2024, Aventus Services released a document (Request for Comment: AVT Token Mechanics Evolution) asking the AVT community to provide feedback on the proposed changes to the AVT mechanics. Like many community members, Scytale Digital felt a thorough analysis of the existing AVT token mechanics was needed before any changes were made. After lengthy discussions with the community, Aventus Services, and Alan Vey, Scytale Digital proposed that Aventus Services work with MVP Workshop.
Why MVP Workshop?
Scytale Digital’s portfolio companies have worked with multiple token advisory studios. After initial talks with various token advisory studios, Scytale Digital concluded that MVP Workshop would be the most suitable for the work needed on the AVT mechanics. MVP Workshop has worked with some of the biggest blockchains, most notably with one of Polkadot’s largest parachains, Astar Network.
MVP Workshop is a Blockchain Product Research & Development Studio, a team of engineers, developers, designers, consultants, and marketers who are passionate about the wide range of possible applications of blockchain technology. The team has developed over 40 blockchain products, including Polygon Edge and Astar Network.
A big part of the MVP Workshop process is to get the community involved and ensure active participation in the redesign of the AVT token.
Proposal for Aventus Tokenomics 2.0 (MVP Workshop)
The Aventus Tokenomics 2.0 initiative is designed to enhance our ecosystem’s sustainability, incentivize participation, and foster long-term growth.
Project Scope and Timeline
The project is structured into three distinct phases over a 10-week timeline, set to commence in June 2024 and conclude by August 2024.
Phase 1: Research and Design Framework (June 2024–3 weeks)
- Benchmark Report — A comprehensive review and comparative analysis of existing token models to guide our enhancements.
- Taxonomy of Actors — Detailed workshops to map out all system participants and their interactions.
- Token Utility Canvases — Visual tools to illustrate and analyse the relationships within the token ecosystem.
Phase 2: Mathematical Specification and System Assessment (July 2024–4 weeks)
- Token Model Paper — Includes assumptions, scope, system dynamics, and initial mathematical specifications.
- Incentive Design Proposals — Detailed strategies for token distribution, initial supply conditions, and revenue sharing models.
Phase 3: Simulation and Implementation Framework (August 2024–3 weeks)
- Economy Report and Specification — Utilising tools like CadCAD for simulation, this report will provide robust analysis and recommendations for implementation.
Team Composition:
- Ivor Jugo, Tokenomics Lead: Expert in blockchain solutions and tokenomics strategy development.
- Ivan Markovic, Research Analyst, and Token Economics Architect: Specialist in two-token models and economic architectures.
- Mihajlo Srbakoski, Stochastic Modeling Expert: Renowned for his work in theoretical mathematics and system modelling.
Collaboration Model
- Weekly progress meetings with Aventus Services and Scytale Digital teams.
- A dedicated communication channel for continuous engagement with the community.
- Project delivery and steering on demand.
- Request for Community Input
Proposal Execution Plan
As AVT token holders have full control and responsibility over the distribution of the community treasury (0x035a401972f228b58dcae76bf318b54ed036d680) and with the new changes to the governance structure of the Aventus Network, Scytale Digital and Alan Vey are willing to stake 100k AVT for one year to ensure the proposal is passed. Scytale Digital and Alan Vey are passionate about the long-term success of the Aventus Network and the AVT community.
If the proposal is successful, Alan Vey, Scytale Digital, members of the AVT community, and MVP Workshop will immediately begin working on providing the community with a well-structured Aventus tokenomics 2.0. Any potential changes proposed by MVP Workshop will be implemented into Aventus tokenomics 2.0 and may require additional grants from community treasury.
Voting will run for one week from Monday 27 May 2024, to Monday 03 June 2024.
About Aventus Network
Aventus Network belongs to the new generation of composable blockchain networks built for scalability and interoperability. It is capable of high transaction throughput, provides deterministic finality and low and predictable transaction costs. The network currently operates as a Polkadot parachain having continued interoperability with Ethereum, and is used by several production applications.
About Scytale Digital
Scytale Digital is a team of investment management experts, blockchain technology specialists, and entrepreneurs who share a vision for the transformative potential of blockchain technology and other Web 3 technologies. Founded in 2017 by Mark Cachia, Scytale Digital launched Horizon Fund I shortly thereafter. Horizon Fund I experienced tremendous success, gaining exposure at early stages to projects including Polkadot, Energy Web, and Ocean Protocol. In 2022, Scytale launched Horizon Fund II, with notable investments such as Mythical Games, Aventus Network, Astar Network, and many more.
How to Vote
There are two ways to vote on this proposal. You can either vote on our Ethereum-compatible governance platform or vote on an Aventus-compatible governance platform. The platform you vote on depends on where your AVT is at the start of this vote.
In order to vote on a proposal, you must have been holding or staking at least 1 AVT token at the time that the proposal was published. This means that if you attempt to vote on a proposal where the block number configured is in the past, and you were not holding or staking the required token back then, your vote will not be counted.
Please note that if you have staked all of your AVT on the Aventus Mainnet, you can still vote by using the Aventus-compatible governance platform.
To vote on the Aventus Network governance Dapp:
- Head to https://voting.aventus.io/
- Ensure you have the PolkadotJS browser extension installed on your browser.
- Click on “Connect Your Polkadot Wallet”
- Once your wallet is connected, click on the proposal you want to vote on.
- Choose the option you want to vote for.
- Sign the voting message.
Vote weight:
- 1 vote per AVT
To vote on Ethereum (via Snapshot):
- Go to Snapshot
- Click on the “Connect wallet” button in the top right corner. You can vote using any of the five compatible wallets supported by the platform.
- Connect with the wallet provider where you hold your AVT.
- Click on this proposal to vote on it.
- Choose the option you want to vote for.
- Sign the message via your wallet.
Vote weight:
- 1 vote per AVT
