• Title: Redistributing Unredeemed Tokens From User Airdrop Allocation
• Author: Daniel
• Created: 2023-01-14

Abstract

This proposal tries to address the unintended imbalance in the distribution of voting power that arose due to 64,4% of the tokens from the user airdrop allocation not being redeemed.

Proposal details

Purpose and Background

Initially, 5% of the total supply of SAFE tokens was allocated towards an airdrop for users:

And the story could have ended here, and there would have been no need for this proposal – if not for 32,200,182 out of 50,000,000 tokens not being redeemed by users:

The purpose of this proposal is now to ensure that the originally planned distribution of voting power between the various stakeholders is achieved to the extent that it is possible.

Types of Allocations

• Allocation A: Redistribute unredeemed tokens proportionately to all those who previously redeemed their allocated tokens

  (Tokens would be vested over 4 years. Vesting start date is September 1st, 2022. Vested and unvested tokens can be used for voting. The tokens must be redeemed before July 1st, 2023, or they will once again return to the SafeDAO treasury.)

• Allocation B: Explore other ideas for allocations, including but not limited to setting up a new claim period for those who were eligible for the initial claim but had not redeemed their allocations (“extend claim period”)

  (Voting for Allocation B serves “only” as a signal; a final decision on extending the claim period and/or considering other ideas for allocations requires another SEP.)

Voting options

• Option 1: Only A, using ⅓ of unredeemed tokens
• Option 2: Only A, using ⅔ of unredeemed tokens
• Option 3: Only A, using all unredeemed tokens
• Option 4: A+B in parallel, using ½ of unredeemed tokens for A and ½ for B
• Option 5: A+B in parallel, using ⅔ of unredeemed tokens for A and ⅓ for B
• Abstain
• Make no changes

(Those are the top 5 choices of the temperature check)

Effects and Impact Analysis

See here for how many additional tokens each address is eligible for if any of the voting options that include Allocation A passes the official vote:

• Option 1 (Dune query, Google Sheets)
• Option 2 (Dune query, Google Sheets)
• Option 3 (Dune query, Google Sheets)
• Option 4 (Dune query, Google Sheets)
• Option 5 (Dune query, Google Sheets)

If either Option 4 or 5 receives the most votes, the tokens allocated to B would be considered “set aside” and could be used, for example, for airdrops to L2 Safes, to reward contributors behind public goods, to give those who failed to redeem the original airdrop a second chance, or for other causes that aren’t mentioned here but expand the number of token holders.

However, separate SEPs would have to be written for specific actions to be taken, as voting for Allocation B only has a signaling effect. In response to this signal, hopefully one or more future proposals surface.

Alternative Solutions

Not to have this proposal at all

Without voting on this proposal there would be no clarity around the sentiment of the community when it comes to this topic.

Technical Implementation

N/A

Copyright

Copyright and related rights waived via CC0.