This is my design of a token and distribution schedule to control the DAO resulting from the KEEP and NU merger. Please read on and let me know your thoughts.
The $T token
-Governance token of the new DAO, owner of the various apps like tBTC v2
-Can stake to work within the apps, will eventually be the only token usable to stake within the network
Goals and thoughts behind this design:
-Have a significant portion of the token supply be live when it first starts trading, and the main product (tBTC v2) launch shortly after
-Rapid distribution of T tokens owed to KEEP and NU holders. I believe we need the transition from NU+KEEP to T to be somewhat quick, not let it drag over too long.
100M $T in the first year after the staking contract + token is live
-50M allocated to KEEP and NU holders, via staking and merkle roots -10M distributed via a merkle root -5M distributed as decided by the NU community -5M distributed as decided by the KEEP community -40M allocated to users that stake in the staking contract -20M allocated as decided by NU community -20M allocated as decided by KEEP community -20M sold via a wBTC raise going to the DAO treasury -30M in rewards as decided by tokens holders and stakers
Phase 1: initial distribution and non-transferrable $T:
-10M $T distributed via a merkle root + some of the T allocated via the staking contract, non-transferable
Phase 2: $T launch market event:
-Has to happen once tBTC v2 is ready to launch, only a vote away by the DAO to be live.
Multiple events happen at the same time:
-Token sale(s) offering 20M T tokens. The accepted currency is wbtc.
-T tokens rewards accrued by KEEP and NU holders become transferable ( I estimate it to be around 10M from the merkle root and 30M possible to redeem from the staking contract).
Net effects: 60M tokens become available on the market at the same time. Significant float versus expected supply after 1 year.
Phase 3: Launch tBTC v2 (days after phase 2)
-Rewards start being distributed in both wBTC and $T.
Merkle root, on the KEEP side:
Distributed equally between all KEEP holders, wherever they are:
-KEEP LPs (KEEP-ETH, etc)
-KEEP (simple holding)
-KEEP being staked
-KEEP in the process of being unstaked
Merkle root, on the NU side:
How T tokens from the merkle root should be decided or proposed by someone from the NU community.
The staking contract is a contract that lets stakers accumulate staking weight in the protocol by staking their tokens. Users would have 45 days to stake their tokens in this staking contract before staking weight starts accruing. Those that have their tokens at start will receive an initial allocation of staking weight that is equivalent to half of the staking weight to accrue to staking contract stakers during the year. Which would be possible to redeem for around 20M $T, but will keep accruing to more than 40M $T after a first full year.
It will be possible to redeem one’s staking weight in the staking contract for $T tokens.
How users can stake in the staking contract, on the KEEP side:
The following KEEP holders should be able to stake in the staking contract, with all KEEP having equal weight:
-KEEP grantees, vested or not
How users can stake in the staking contract, on the NU side:
That part should be proposed from someone from the NU community.