Prime $D2D distribution to V1 Prime Contributors starting on Thursday, March 24th
Breaking down the final stage of the D2D Migration and taking a glimpse at the new D2D economy
- PrimeDAO enters the final stage of PrimeDAO (PRIME) to Prime (D2D) migration with the distribution of PrimeDAO Token holder and early user rewards.
- On Thursday, March 24th, PrimeDAO will distribute 372,137 D2D to 265 individual addresses eligible for under 10,000 D2D tokens.
- 2,569,974 D2D will be vested for 3 months to 46 individual addresses that are eligible for over 10,000 D2D.
- The residual tokens for the V1 Prime Contributors share (1,567,026 D2D) will remain in the PrimeDAO treasury for PrimeDAO to allocate later.
This blog will summarize the efforts of the D2D migration squad and provide an overview of the distribution schedule for $D2D.
PrimeDAO was initiated in Q4 of 2020 with a mission to solve coordination problems in DeFi by steering a collective of experienced builders towards innovations that makes a real difference. To get PrimeDAO off the ground, the PrimeDAO Token was launched via a Mesa public auction in Q4 of 2020, raising 700K from an open network of contributors. After the first 6 months of building, it became clear that the initial set-up of the PrimeDAO Token (Prime) had some critical limitations that halted PrimeDAO’s growth, namely, too short vesting schedules, in-balanced initial distribution, and a sizeable illiquid supply.
In Q3 2021, PrimeDAO’s governance decided that a token relaunch would be the most effective way forward. $D2D was introduced as PrimeDAO’s network token to curate, build and control a suit of DAO products and services.
PrimeDAO completed a successful Seed Round in September 2021, raising 2M from a diverse set of DAO backers to build the $D2D economy. Three months after the Seed — PrimeDAO bootstrapped liquidity for the new $D2D through its Prime Launch product.
Before launching $D2D, a Token migration squad was formed to steward and execute the transition from PrimeDAO Token (PRIME) to Prime (D2D). In October 2021, the Prime Migration squad submitted the first proposal to PrimeDAO to set aside up to 5,000,000 D2D (5% of total supply) to distribute to early PrimeDAO Token (Prime) holders and early users.
In March 2022, the Prime Migration squad proposed some final tweaks to the D2D distribution methodology, which PrimeDAO accepted.
Distribution Timeline and Breakdown
The D2D Migration will start on Thursday, March 24th, 2022, and be executed by the Prime Migration squad. PrimeDAO (PRIME) holders and early users are automatically eligible for the rewards.
3,432,974 D2D (3.43% of max supply) will be distributed over the next 3 months. 2,569,974 D2D will be distributed to addresses that held PrimeDAO Token at both snapshots, and 862,675 D2D will be distributed to early users and contributors for their engagement with PrimeDAO in the first year.
On March 24th, the Prime Treasury will distribute D2D to all eligible addresses for 10,000 or less D2D. In total, 372,137 D2D will be distributed to 265 unique addresses.
Addresses that are eligible for more than 10,000 D2D tokens will receive their tokens vested for three months. PrimeDAO will set up Sablier streams — which are battle-tested vesting contracts that allow individuals to claim their accrued rewards at their convenience.
The future of $D2D and Prime Governance
The successful Migration of the PrimeDAO is an essential step towards creating the $D2D token economy to curate, build and control the Prime suit of DAO products and services. In the next development cycle (Q2), Prime is likely to launch its final two products of its core suite (Prime Deals & Prime Pools). The Prime tokenomics working group is currently working on a specification for a tokenomics design that would empower DAOs and DAOplomat to control and benefit from the Prime products.
PrimeDAO spearheaded the use of Reputation — a two-tier system where non-transferable and DAO-controlled tokens are used to add voting power to specific stakeholders. We’re now exploring the extension of this system with a system that allows for the creation, management, and removal of roles with specific rights, by the DAO.
To learn more about the upcoming tokenomics changes or questions about the D2D distribution, visit the Prime Forum or join the community on Discord.
We’ve never been more confident that DAO2DAO interactions will drive the future of crypto networks — we think the best way to bring this future into being is to build it.
If that interests you, there’s never been a more exciting point to get involved in Prime and reshape DAO coordination.
If you are committed to enabling DAO 2 DAO innovation and are interested in collaborating with or getting involved in Prime, jump into our Discord now, and let’s get connected!
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