Early Contributor D2D Distribution sheet confirmation

Governance
1

This is an update from the Migration Squad, who are leading the transition from the old PrimeDAO Token (PRIME) to the new Prime (D2D) token.

Background and details on the D2D relaunch can be found in this blog.

Following the completion of the Prime Seed in September 2021, the transition to the new D2D tokens was started. Up to 5% of the D2D token supply was set aside for Early Contributors - rewarding those that hold the old PrimeDAO token & supported PrimeDAO early on.

The Migration Squad submitted a first draft on how they anticipate to distribute the D2D tokens, which you can find here.

An overview of all addresses and the amount of D2D they will be allocated can be found here!

Updates
The following updates to the methodology outline are being proposed:

  • Remove addresses that don’t hold any PRIME or REP from the D2D bonus calculation. Proxy addresses connected to an address that does hold PRIME or REP will be included. This will ensure that bonuses are only allocate to current PrimeDAO stakeholders. The excluded bonuses will be sent back to Prime Treasury for future distribution.
  • Raising the airdrop threshold from 1,000 D2D to 10,000 D2D - this means that rewards under 10,000 will be airdropped as soon as the updated proposal passes. D2D rewards above 10,000 will be vested for a period of 3 months using Sablier. This change lowers the amount of Streams to be deployed from 162 to 52.
  • Not starting with heavy D2D liquidity rewards after distribution, instead waiting for the Prime Tokenomics update planned for Q2 to be rolled out for a more effective distribution methods.

This is another important step for PrimeDAO - feedback is welcomed!

2 Likes
2

After conversation with many communities members the following changes have been made to the sheet to create a more equitable reward distribution.

Updates

  • Proxy addresses have been merged with their owners
  • Swapping in Prime Swap has been removed as a reward metric as this turned out extremely hard to calculate for a small amount
  • Addresses that are eligible for less than ten (10) D2D will not receive their airdrop - the costs of sending these tokens does not add up to the value created by it.

This gets us to the final numbers - which are also visible in the Final D2D Migration Sheet

Total to be distributed: 3,432,974 D2D

2,569,974.30 will be distributed to addresses that held PrimeDAO tokens during both snapshots (July 1st, 2021 and October 14th, 2021) and 1,033,000 to early users and contributors.

In total PrimeDAO had set aside up to 5,000,000 D2D tokens for the migration, this means 1,567,026 D2D tokens will remain in the PrimeDAO Treasury.

The migration squad has put in a lot of effort to ensure all early contributors are rewarded equitably. If an owner of an address feels that his rewards are not adding up to their contribution, we suggest having a discussion on the forum.