Prime Development Proposal #012: Prime Token (Re)Launch

Governance
1

Background & Motivation
This proposal is a follow up on PDP 008: Formalizing the transition to a new Prime token, token distribution and Seed Round terms. Following multiple community and steward gatherings - we have identified the following preferences for the Prime Token (Re) Launch.

  1. Lock in the Prime Token launch distribution

PrimeDAO hereby confirms the Prime token distribution to follow the guidelines set out in PDP008, with the following breakdown:

Stakeholder Group Amount of Tokens Lock-up
Incubators (Early Team) 20000000 3 years
Seed Round 10000000 2 years with 10% unlock at TGE
Foundation 8000000 2 years with 10% unlock at TGE
Public Round 7000000 None
V1 Prime Contributors (PrimeDAO Token holders) 5000000 6 months with 3 month cliff
PrimeDAO Treasury 50000000 Controlled by DAO

2. Confirm the Prime Liquid Launch details
PrimeDAO aims to launch its Prime Launch product on December 13th, followed by its own Liquid Launch (LBP) to be hosted on December 14th. The Prime LBP will last for 3 days. The LBP will be bootstrapped with 7,000,000 Prime and up to 1,000,000 USDC. The Swap fee will be set at 1%. The start weight will be 96/4 and the end wait will be 50/50.

3. Align on the new Prime Token details
Following wide community discussion, we have decided to make a small rebrand to the new Prime token, mainly to make clear that it is a relaunched token and also to double down on our main niche: DAO 2 DAO.

Token Name: Prime
Ticker: D2D
Total Supply: 100,000,000
Decimals: 18
Logo:

801×800 9.81 KB

4 Likes
2

I am in favor of the current lock-up period and I think having the ticker as $D2D was a great idea.

Once we launch, however, I think we should discuss here the possibility of having some liquidity on balancer v2 on polygon and/or abitrum

2 Likes
3

My main concern here is ensuring the Liquid Launch does not expose PrimeDAO members to any risk. We should activate the interface geoblocking option and have clear terms of engagement for participants. Other than that this looks fine – just a little tight in terms of launch. Does marketing/bizdev feel comfortable with this timeline?

2 Likes
4

@LuukDAO: Had a couple of basic questions. Are we having the seed round or a public round now (mid-Dec 2021)? What does 6 months w/ 3 month cliff mean? I didn’t get how a lock-up can be longer than the cliff period…maybe I am mixing something up.

1 Like