Community Proposal: Implement a Creator token fee to create an OSS ETF
Community Proposal
Implement a 5% fee for Creator tokens upon minting
Where to vote?
Go to the Dev Protocol Discord channel #🗳️governance-vote to cast your vote.
Summary
Dev Protocol’s mission is to deliver economic sustainability to Open source software through tokenization and inflationary funding. Open Source Projects can leverage their native token to create powerful microeconomics to scale their project and incentivize their stakeholders. Examples of this are governance or utility capabilities and commit farming. Dev Protocol wants to ensure that the ecosystem takes part in this growth. This is why we’re proposing a Creator token fee of 5%. Additionally, since Creator token holders receive the proportional amount of Creator rewards the Dev Protocol treasury will receive 5% of Creator rewards. The OSS token and DEV tokens received will be held in the Dev Protocol treasury which will eventually be governed by the community.
Benefits
Value Capture
Dev Protocol Treasury holds 5% of all minted Creator tokens and DEV minted for Creator rewards. The Creator fee forms a linear relationship between OSS projects’ value and Dev Protocol’s treasury value. In retrospect, Dev Protocol has minted 152,000 DEV or $763,000 in Creator rewards at the price of writing ($5). A 5% Creator token fee would have put 7,632 DEV or $38,000 in the Dev Protocol Treasury.
OSS ETF
The Creator token fee will transform Dev Protocol, and the DEV token, into an OSS ETF since it holds an underlying basket of Creator tokens. The DEV tokens’ value should form a linear relationship with the valuations of the Creator tokens held in the Dev Protocol treasury. The DEV token can provide exposure to the OSS market on Dev Protocol and solve fragmentation.
Meta-Governance & Utility
Today, Github users tokenize their OSS projects to participate in receiving Dev Protocol’s inflationary funding. We expect soon that OSS projects will build governance and utility capabilities for their Creator token. Since Dev Protocol would have an underlying portfolio of creator tokens we could extend voting power and utility to DEV token holders. That allows OSS dependent projects or foundations to simply buy DEV tokens to have voting power in a basket of OSS projects.
Project Maintainer of Last Resort
Open source software is the technological infrastructure of today’s world. OSS projects that are underdeveloped or funded can become a security risk to its dependents. The Dev Protocol community could bootstrap growth by starting commit farming or liquidity mining programs.
Technical Requirements
- New variable in a Policy Contract. Controls the percentage of the fee.
- New function in the Policy Factory Contract. Allows force update Policy by admins.
- New behavior in a Property Contract(Creator Token). Allows transferring part of the Property Contract to a treasury contract.
- Treasury Contract. This contract is just a wallet contract and should be implemented in the util-contracts.
Voting format
There will be an off-chain community vote held on Dev Protocol’s Discord in the #🗳️governance-vote channel. The voting format will be Yes or No with each community member receiving one vote. The Dev Protocol team will begin to implement the option with the most votes at 5:00 AM UTC on Thursday, December 3, 2020.
If you have any questions regarding the community vote then please feel free to ask on our Discord or Telegram channel.
Disclaimer
This proposal is not a vote on how to allocate DEV or Creator tokens from the fee, but simply to turn the Creator token fee on.
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