Preliminary Proposal Vote (1.x) & Upcoming ‘Zero Day’ IL Distribution Update.*
Prior to exercising the inaugural Gworld Governance Proposal Vote there will be a Preliminary Proposal Vote (1.x). The preliminary proposal vote will establish the slate of items to be voted on in the inaugural Governance Proposal Vote. The preliminary being a vote on what to include in the Inaugural Governance Proposal Vote.
As the preliminary voting round is designed to establish if there is a desire to include the item in the inaugural Governance vote. The Gworld community will be given a list of items to vote on in the preliminary round. A very straightforward binary choice is to be made.
‘YES’ vote indicating the desire to include the item in the inaugural Governance Proposal Vote.*
‘NO’ vote indicating no desire to include the item in the inaugural Governance Proposal Vote.*
The Preliminary Vote Proposal (1.x) consists of topics that are all germane to Liquidity Pool (LP) Staking. As such, the ability to exercise ones vote will require participation in gNOTE/TBILL LP Staking. As vote weight will be measured in gNOTE/TBILL LP Tokens. The more Stake % one has in gNOTE/TBILL LP staking the heavier the vote weight is.
The same criteria of gNOTE/TBILL LP Tokens will be required for the subsequent inaugural Governance Vote Proposal. As all topics that pass from the preliminary proposal vote phase to the inaugural governance vote proposal phase are germane to LP Staking.
Note that some future Gworld governance votes that are not specifically about LP staking topics can be voted on by those simply holding gNOTE as distinct from those with gNOTE/TBILL LP Tokens.
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Preliminary Proposal Vote (1.x) List.
For the below Preliminary Proposal Vote (1.x) list its a simple binary choice. Vote ‘YES’ or Vote ‘NO’ for inclusion of the topic in the inaugural Governance Vote Proposal.
1.1 — Liquidity Pool (LP) Static APR %
Currently the Static APR% is set at 50% for LP Staking (gNOTE/TBILL) & (TFUEL/TBILL) respectively.
If the majority vote ‘YES’, the liquidity Pool Static APR% topic will be expanded upon and included in the inaugural Governance proposal vote. The expansion of the topic opening up the ability to vote in favor of maintaining, increasing or decreasing the Static APR% for gNOTE/TBILL and TFUEL/TBILL LP Staking.
If the majority vote ‘NO’, the liquidity Pool APR% will remain at the current Static 50% APR and the topic will not be included in the inaugural Governance vote. The Static 50% APR would remain in place till the next voting cycle. At which point it can be re-evaluated by the community and voted upon.*
If the (LP static APR %) proposal passes to the inaugural Governance Proposal Vote, a notation of 1.1.1 is assigned.*
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1.2 — Ability to Earn TBILL NFT Multipliers past the 1 year (365 day) mark.
Currently 180 days spent in LP Staking earns the right to mint the 1.5x TBILL NFT multiplier. 365 days spent earning the right to mint the 2x TBILL NFT multiplier.
If a majority ‘YES’ vote is returned the topic will be expanded and included in the inaugural Governance Vote Proposal.
If a majority ‘NO’ vote is returned in the preliminary vote. There would be NO more TBILL NFT Multipliers minted beyond the 2x earned for 365 days spent in LP staking. This would remain the case until the next voting cycle. At which point it can be re-evaluated by the community and voted upon.*
NFT minting schedule as it would be if a ‘NO’ vote is returned in the Preliminary Proposal Vote (1.2) .
180 days 1.5x
365 days 2x
545 days None (180)
730 days None (365)
If the (NFT multiplier mint) proposal passes to the inaugural Governance Proposal Vote, a notation of 1.2.1 is assigned.*
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1.3 — Removal of 3x and 4x TBILL NFT Multipliers from the ecosystem.
If a majority ‘YES’ vote is returned the 3x /4x NFT Multiplier removal topic will be included in the inaugural Governance Vote.
Also note that if a ‘YES’ vote is returned in the preliminary proposal vote, the topic will expand to include compensation for the 3x /4x NFT Multiplier holders. The compensation addressing the possibility of their removal from the ecosystem if a subsequent ‘YES’ vote is returned by the majority in the inaugural Governance Proposal Vote.
Also note that If a ‘YES’ vote to remove the 3x & 4x multipliers was returned in the inaugural Governance Vote, it would be final. There would be no chance to re-visit the topic in subsequent voting cycles.*
If a majority ‘NO’ vote is returned in the Preliminary Proposal Vote. The 3x and 4x topic will not be included in the inaugural governance vote and they will remain in the ecosystem at least till the next voting cycle comes around. At which point it can be re-evaluated by the community and voted upon.*
If the (3x, 4x NFT removal) proposal passes to the inaugural Governance Proposal Vote, a notation of 1.3.1 is assigned.*
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1.4 — IL Zero Day Distribution Frequency.
If a majority ‘YES’ vote is returned the IL distribution frequency will be expanded upon & included in the inaugural Governance Vote.
Please Note: Next ‘Zero Day’ IL Distribution Update***
We are going to push the initial stated 120 days out to 180 days.
The new date for the next ‘Zero Day’ IL Airdrop is Jan 16th 2023. *
To better align and correlate with the rest of the ecosystem. The IL distribution will be closer to 180 days and will no longer take place on November 18th 2022. The next ‘Zero Day’ IL Airdrop will be January 16th 2023.
Please see the IL Airdrop schedule in this proposal for more dates.*
However, the topic of its continued frequency beyond January 16th 2023 can be voted upon in the upcoming Preliminary Proposal Vote. Meaning that if the topic passes from the preliminary proposal vote to the inaugural governance vote the frequency between Zero Day IL issuance can be changed subject to the outcome of the inaugural governance vote.
If a majority ‘NO’ vote is returned in the Preliminary Proposal Vote. The IL distribution frequency will remain at the new 180 days approx frequency & the topic will not be included in the inaugural Governance Proposal Vote. The 180 day interval would remain in place at least till the next voting cycle. At which point it can be re-evaluated by the community and voted upon.*
Future ‘Zero Day’ IL Airdrop schedule, as it would be if a ‘NO’ Vote is returned in the Preliminary Proposal Vote (1.4).
Jan. 16 2023 — July 17th 2023 (182 days)
July 17th 2023 — Jan. 15th 2024 (182 days)
If the (‘Zero Day’ distribution frequency) proposal passes to the Inaugural Governance Proposal Vote, a notation of 1.4.1 is assigned.*
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1.5 — Extra IL/Current, High Water Mark %
Extra IL % (High Water Mark) is set at 90%.
- 90% gives eligibility for Extra IL (Extra is equal to your highest IL value on record for this period) .
Current IL % (High Water Mark) is set at 0%.
- 0% remaining in the LP still gives eligibility for Current IL Airdrops
If a majority ‘NO’ vote is returned in the Preliminary Vote Proposal. The High Water Mark of 90% will remain in place for eligibility to qualify for Extra IL. As well as 0% will remain in place for Current IL eligibility. It would remain in place at least till the next voting cycle. At which point it can be re-evaluated by the community and voted upon.*
If a majority ‘YES’ vote is returned in the preliminary vote proposal. The High Water Mark % topic for Current and Extra IL eligibility will be expanded upon & included in the inaugural Governance Vote proposal.
If the (Current and Extra IL, High Water Mark %) proposal passes to the Inaugural Governance Proposal Vote, a notation of 1.5.1 is assigned.*
Please note that a visual High Water Mark representation for each connected wallet is coming to the TBill.io dashboard imminently.*
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1.6— Vote Cycle Frequency
Current vote cycle frequency is set to a 1 year interval .
If a majority ‘YES’ vote is returned the Vote Cycle frequency will be expanded upon & included in the inaugural Governance Proposal Vote.
If a majority ‘NO’ vote is returned in the Preliminary Proposal Vote, the Vote Cycle frequency will remain at the 1 year interval & the topic will NOT be included in the inaugural Governance vote. The 1 year duration interval would remain in place at least till the next voting cycle. At which point it can be re-evaluated by the community and voted upon.*
If the (Vote Cycle Frequency) proposal passes to the inaugural Governance Proposal Vote, a notation of 1.6.1 is assigned.*
If a majority ‘NO’ vote is returned in the preliminary proposal vote to change the current vote cycle, the below schedule would be in place for Preliminary and Governance proposal votes (2.x).*
Preliminary Proposal Vote (1.x), Nov 14th — 18th, 2022
Preliminary Proposal Vote (2.x)*, Nov 13th 2023 — Nov. 17th 2023
Inaugural Governance Vote (1.x), Dec 12th— 16th, 2022 (changes going into effect, Dec 19th, 2022).
Governance Proposal Vote (2.x)*, Dec 11th 2023 — Dec. 15th 2023 (changes going into effect Dec. 18th 2023).
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FAQ’s
Voting to take place at Gvote
Holders of gNOTE/TBILL liquidity Pool tokens who wish to exercise their votes (preliminary proposal vote & inaugural governance proposal vote), connect the corresponding wallet holding gNOTE/TBILL LP Tokens on Gvote.
Vote weight directly correlates to each participants % share in gNOTE/TBILL LP staking.
Vote dates/times
Preliminary Proposal Vote (1.x), Nov 14th — 18th, 2022
Voting commences 2pm ET, Nov 14th, 2022.
Voting concludes 2pm ET, Nov 18th, 2022.
Snapshot (Preliminary Proposal Vote).
Vote opens Nov, 14th 2pm ET, Snapshot is Nov, 18th 2pm ET.
People can vote across a 5 day window. A voting preference can be changed if desired within the 5 day window. The final vote count takes place on Nov 18th, 2pm ET. This is when the Snapshot of balances (vote weight) and how everyone lasted voted is taken.
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Inaugural Governance Proposal Vote (1.x), Dec 12th — 16th, 2022 (changes going into effect, Dec 19th, 2022).
Voting commences 2pm ET, Dec 12th, 2022.
Voting concludes 2pm ET, Dec 16th, 2022.
Snapshot (Inaugural Governance Proposal Vote).
Vote opens Dec, 12th 2pm ET, Snapshot is Dec, 16th 2pm ET.
People can vote across a 5 day window. A voting preference can be changed if desired within the 5 day voting window. The final vote count takes place on Dec 19th, 2pm ET. This is when the Snapshot of balances (vote weight) and how everyone lasted voted is taken.
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Cheers All,
GWorld 🍾
