SingularityDAO Launchpad Allocation Vote

Greetings Singularitarians,

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Reasons for the vote

Just a few months ago we launched NuNet to the community, overall the sale was an amazing success raising 2million USD in just 90 seconds. Such a large and rapid raise was of course wonderful in many ways, but it did bring to light an obvious concern from the community that we share. Gas wars are not a nice situation for anyone to be in, and first come first serve, while creating amazing hype and PR by selling out fast, does lead to many disappointed community members. Based on your feedback and our own internal discussions on the topic we initially planned to overhaul the way allocations were handled, but after further consideration decided that this would be a great first governance event. Therefore we will hand the decision over to you all.

Loads of great suggestions

Over the past month we have been receiving your proposals for how best to handle allocations. Before diving into the proposals themselves and how the vote will work, we would like to take a moment to thank everyone who got involved by submitting their thoughts on how this should be handled.

Discord — https://discord.gg/singularitydao

For all Governance Event discussions we encourage you to join our Discord where we will be hosting ongoing discussions debating the merits of all proposals. You are of course welcome to discuss in all usual channels as well, and we will be sharing any pertinent information that comes up within Discord channels to those other mediums. We do encourage you however, to come and join the discussions in person. This is one of our first steps on the path to becoming a DAO and we truly hope that as many of you as possible will choose to come and take part.

Proposals to be voted on (in no particular order)

• Proposer — tekbot

I would like to see a hybrid between FCFS and Guaranteed Allocation.

Token holders that have 2000 or more SDAO tokens should be able to purchase a max of 2500USD worth of IDO tokens instead of 5000USD. (Guaranteed allocation)

The remaining tokens should go to FCFS for token holders that have anything below 2000 SDAO tokens.

*Due to the fact we cannot anticipate the size of any given sale, or the number of participants, it may not be possible to guarantee a dollar value to all in this way.

*There would need to be a KYC requirement added to this proposal.

• Proposer — Nittynite

I would propose a progressive weighted distribution of guaranteed allocation by amount of SDAO token (minimum of 2,000) as well as FCFS (at least 30% of of the total token)

A progressive weighted distribution framework should be based on the sum of the total amount of SDAO token and number of token holders in a segment(group.)

For instance, let’s say we create 3 groups of SDAO holders by the amount of SDAO tokens. 70% of total guaranteed allocation is used in this framework.

Group A : 20,000 or more token holders, 33.4% of allocation within this framework. Caps at 5% of total allocation within this group

Group B: 10,000 or more token holders, 33.3% of allocation within this framework. Caps at 2% of total allocation within this group

Group C: 2,000 or more token holders, 33.3% of allocation within this framework. Caps at 0.5% of total allocation within this group

Ratio of Distributed allocation (33.3%) and caps (0.5%) in each segment should be calculated by sum of total amount of SDAO token and number of token holders in a segment(group) at certain date and time.

*KYC would need to be added to this proposal.

• Proposer — MacForaday

Step 1: KYC Period The process would begin by participants passing KYC, as usual.

Step 2: Smart Contract Registration Once the KYC period ends, a smart contract will become available. All wallets that passed KYC need to register with the smart contract within a certain period of time.

Step 3: Allocation Viewing After smart contract registration ends, the available tokens will be allocated evenly between all registered wallets, and the wallet owners will be able to view how many tokens they will be able to buy.

Step 4: Purchase Period Once the purchase period begins, all wallets will have the option to contribute what they need to purchase their allocation; they can purchase all, or just a part of their allocation. Once the purchase period ends, any remaining tokens not purchased will move on to the FCFS phase.

Step 5: First Come, First Served Period Any remaining tokens which were not purchased in the purchase period will be available to all registered wallets to purchase on a FCFS basis.

Conclusion: This system promotes fairness by giving everyone the option to purchase the same amount of tokens, but also gives a chance to purchase more if not all tokens are bought in the first purchase period.

• Proposer — Djrthree

Registration & KYC announcement: 1 week prior to KYC

Registration & KYC: 1–2 weeks for KYC and registration.

Allocation and ICO data announcement: at least 1 week prior to ICO.

First wave: lasts 3 days. No rush to complete. No overloaded servers. Maximum contributions per tier calculated after KYC, based on interest and tier levels. One issue with an assumed allocation to all holders is that they will all purchase. Likely, many won’t, and this shifts a good amount of the token distribution over to first come first serve. So, rewarding active members, registration at KYC automatically places them in the right tier.

Second wave: (24 hours). Built into the smart contract and website are features that prevent unnecessary spending of gas. Ie, reverts to the smart contract and requirements in the html/javascript that won’t allow authorization of impossible-to-spend ETH. I feel like tens of thousands of dollars–or more — were wasted on gas fees during the NuNet launch because these features were not implemented.

*There is very little that can be done about the way ETH works regarding fees — we already have protocols in place to prevent people buying after tokens are sold out, but it’s not possible to prevent people rushing to purchase all at the same time

• Proposer — Jon (SingularityDAO)

From reading all suggestions, conversations on the topic and my own feelings, I have put together what I believe is a suitable solution to the problem of launchpad allocations.

DAO Membership Launchpad Pool <- Opens 24 hours BEFORE the official token sale.

90% of all available tokens are allocated evenly to all who pass KYC through 4 tiers based on the number of SDAO they have staked. This will include unbonded staking although there will be a minimum length of time staked to be eligible from the unbonded pools.

DAO members who stake 1k access one pool — 60% (of 90)

DAO members who stake 10k access one pool — 30% (of 90)

DAO members who stake 50K access one pool — 5% (of 90)

DAO members who stake 100K access one pool — 5% (of 90)

The designated percentages are based on the number of people likely to be in each tier while also considering their relative likely buying power. This can be changed and optimized after completion of KYC to always ensure a fairly dispersed allocation, depending on how many people from each tier show interest in participating.

DAO Members then have 24 hours prior to the sale going live, to complete their purchase, up to their maximum allocation. Any un acquired tokens at the end of the 24 hour period are then added to the remaining 10%.

Day of Event — Open to anyone who has passed KYC

Maximum purchase capped proportionally based on number of tokens/usd value remaining

After X time maximum purchase size would be removed

First Come First Serve — the reserved 10% of total tokens + unsold DAO member tokens are sold

This formulation means that all “DAO Members” are able to buy without a race, without wasted gas, at their leisure for 24 hours before the sale officially starts. On the day of the sale non-DAO members still have an opportunity to participate and acquire the remaining tokens, but will also quickly learn that in the future it is much better to become a DAO member and so are encouraged to purchase and stake SDAO tokens for future launches. On top of that, the sale still has the amazing PR of selling out within moments, doubled down with the even better PR of a happy community who were able to participate a day early for guaranteed allocations.

• Proposer — Gorki + Crypto AI Profit

Both Gorki and Crypto AI Profit put forward amazing suggestions, however due to time constraints they will not be available to vote for at this time. More details will be shared about this towards the end of the article. We are reaching out to both parties in the hopes of working on something in the future.

Timeline and vote procedure

As hinted at a couple of times in this post, some upcoming news means that we need to proceed at pace with holding this vote and implementing the results.

The process will happen as follows :

• February 24th — Vote announced and proposals shared for discussion.
• Join our SingularityDAO Discord to discuss the proposals in our new “Governance” channel.
• February 28th — Voting begins on Snapshot at 12:00 UTC.
• SDAO token holders on both ERC-20 and BEP-20 will be eligible, as will all stakers, yield farmers and LP providers. If you have SDAO tokens on Autofarm and wish to use them to cast your vote you will need to remove your tokens from their platform before the Snapshot time of 12:00 UTC Feb 28th. After voting it is fine to re-stake.
• Users of Bonded Staking will notice a slight discrepancy as rewards have already been distributed but these are not technically added to your holdings until the bonded period ends.
• Currently we are unable to include dynSING tokens in this count — we are working on a solution for this, but it likely will not be done in time for this event.
• March 3th — Voting will conclude at 12:00 UTC.
• Implementation of the winning proposal will begin immediately in preparation for upcoming token launches.

Why were not all proposals included in this vote?

There are a few reasons some proposals have not been included. In the interest of an open and transparent discussion we will share the details below.

• A number of submissions simply did not include enough detail to be used as a standalone proposal for voting on, most of these however were either already covered in the included suggestions, or have been added to a list of “desired features” that will be considered for future iterations of allocation procedure, or perhaps even inclusion in future proposals put to vote.
• Some of the proposals were in effect identical to others that are included, in these cases we simply included the more detailed version.
• In other cases however, the suggestions were great and saw a lot of support from the community but simply cannot be built, tested and delivered in the required timeframe. For these suggestions we have opened a dialogue with the relevant parties and will discuss with them possible ways that we can enhance or use their ideas for future iterations or votes regarding launchpad allocation.

As with everything we are building at SingularityDAO, this process is an ongoing one. The launchpad and allocations for launchpad should be considered an iterative process, suggestions not included in this vote will potentially be included at a later date, or discussions will be had with the people involved to come to a more detailed and usable implementation. We will also continue to listen to user feedback, as it is so valuable on the journey to creating the best DeFi experience on the market.

Upcoming launches not far away

The eagle eyed among you may have noticed a few not so subtle mentions of the need for haste. While we are not yet able to give specific names or dates, there is a reason why we need to move quickly with this vote and the implementation of the winner. The last thing we would want is to have another token generation event that leaves so many of our community members unable to participate in a fair and equal manner, but above and beyond that, we require an effective and communally approved allocation method to pitch to certain interested parties.

Closing thoughts

Once again a huge thanks to everyone who has gone to the effort of making proposals, and to all of you who will take the time to vote in what will be our first governance event. We do hope that you will all carefully consider the proposed solutions and discuss among yourselves, our admins and team members the merits of each.

Don’t forget, this is just the first voting event we will host. There is still time to submit your proposals for which stable coins you would like to see within a stable DynaSet.

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