Gearbox DAO

STATE OF GEAR LAUNCH PROPOSAL

There are three current proposals on the forums to determine the DAO actions around the enabling of the transferability of the GEAR token. This vote presents all three options, plus an option for those that wish to pursue a different approach (either no unlock yet, or flesh out other ideas).

RANKED CHOICE VOTING

Voting is RANKED CHOICE. Choose your favorite option first, and your least desirable outcome last. Should one option get 50% or more of the vote, then it will pass. Should no option receive>50% of the vote, then the least popular outcome will be eliminated from the results, and the 2nd choice of those voters will be used to recalculate. This is repeated until an option has >50% of the vote. More information here: https://docs.snapshot.org/proposals/voting-types

The intent of this system is that it will properly capture voters that feel both strongly for one option and strongly against another, or semi-strongly for another, while also preserving the expected result of an option winning if a majority votes for it.

VOTING OPTIONS

Option 1

is the Cider’d Liquidity Model. This model pairs GEAR holders with ETH holders that wish to provide liquidity over a period of 1-2 weeks, lets users exit fully in ETH and GEAR with a penalty during that period, and then enables transferability thus making the liquidity fully usable by the market. The penalty is used for liquidity mining rewards. If this option passes, the current parameters will be used but the DAO may launch a separate vote to modify the parameters. Dicussion and detailed information can be found here: https://gov.gearbox.fi/t/gear-strategy-cider-ed-liquidity/2050/87

Option 2

is the Gnosis Auction. This model sells GEAR tokens from the DAO via gnosis auction in order to create protocol owned liquidity. Once the liquidity is seeded, the token transferabilty is enabled. Discussion and detailed information can be found here: https://gov.gearbox.fi/t/gip-32-gear-liquidity-raise-and-enabling-of-token-transferability/2016/21

Option 3

is simply enabling GEAR transferability, letting the free market supply liquidity if it desires, with the intent to determine a liquidity mining strategy through a separate GIP in the future. Discussion and detailed information can be found here: https://gov.gearbox.fi/t/pre-gip-just-make-gear-transferable/2095

Option 4

covers a few viewpoints:

1. You do not wish to see the token transferable yet
2. You are intrigued by some of the other less developed ideas for the token launch, and would like to see those fleshed out further. This may include a combined gnosis auction + cider’d approach, or the gnosis peer to peer approach with LM, or another idea.

If Option 4 wins, the DAO will need to discuss next steps and for the community to flesh out the other ideas, if they wish.