PrimeDAO

This proposal is a follow up to PDP12 - Prime Token (Re)Launch and aims to validate the proposed updates to the Early Contributor reward distribution as proposed by the Migration Squad, who is leading the transition from the old PrimeDAO Token (PRIME) 1 to the new Prime (D2D) token.

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.

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 allocated 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 number of Streams to be deployed from 162 to 52.
• Not starting with heavy D2D liquidity rewards after distribution, instead of waiting for the Prime Tokenomics update planned for Q2 to be rolled out for a more effective distribution method.
• Proxy addresses will be 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 to receive 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.

Final numbers

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. PrimeDAO will not be able to revert this calculation after approval. Any request will have to be made on a per case basis to PrimeDAO.

Forum posts for refference

• https://forum.prime.xyz/t/prime-tokenomics-v2-migration-and-retrospective-rewards/64
• https://forum.prime.xyz/t/early-contributor-d2d-distribution-sheet-confirmation/123/2