This is a proposal to execute the first minting of the FORTH token, to the Forth DAO treasury, for the full 2% allowed.
The FORTH token allows up to 2% inflation per year. Minting is controlled by the minter role, which is currently the FORTH governance system.
The 2% amount is a ceiling, so a mint operation may be less than that or skipped entirely. The first mint may occur any time after April 1st, 2022. The Forth DAO Timelock will be used as the treasury address.
Minting to the DAO treasury will provide capital for the DAO to deploy or invest as it sees fit. This includes activities such as:
Funding protocol operations
Grants to encourage development of the Ampleforth protocol and broader Elastic Finance ecosystem
Investing to generate yield and grow the DAO treasury for long term sustainability
Provide incentives for liquidity and market growth
This proposal does not touch on any particular use for these tokens, but it does unlock the Forth DAO to begin those conversations and activities through subsequent proposals.
This mint would mark the first funding event for the Forth DAO and would provide 300,000 FORTH tokens worth ~$2.1M at todays market price.
Separately and independently, the end of the FORTH claim program on April 16th will be a second funding event where the unclaimed tokens will be recovered to DAO control. This will result in an additional ~$25M of FORTH tokens awarded to the DAO treasury.
This is a great idea. Between this and the unclaimed forth the community can finally decide how to best use the funds to grow the ecosystem. If we feel more marketing is needed great! More devs needed to build new tools? We can make that happen. Want to sponsor hackathons and enable other incentives to attract talent and grow the ampl system, we can do that too. This is a great first step in putting the power in the peoples hands. Love to see it.
This could be the catalyst needed to kick off FORTH DAO initiatives and overall community participation! Totally in favor of this proposal.
Maxing out on the inflation amount for the year + reclamation of FORTH on April 16 will supply the DAO enough funds to ideate, experiment, and deploy necessary/auxiliary tooling, protocol improvements, or other miscellaneous endeavors/ventures the community deems imperative.
Excellent idea… I guess some of these funds could be used to improve the general appearance of the website, dashboard, geyser, etc. and to develop features/apps to make AMPL more approachable to new users.