Unclaimed Forth

We really need to nail down a proposal for unclaimed Forth. I know a lot of people want to see value in the token, some want a utility, and others like it as is. That being said, not everyone will have claimed their Forth by the deadline and we finally need to find a place for it.

Here are a few option:
-New airdrop of remaining Forth tokens to those who have continued to interact with AMPL after claiming their forth
-Burn the unclaimed tokens
-Allocate the tokens towards a geyser pool (similar to the V2 beehive geyser) or have the forth staked on a partner platform where all forth holders in the community receive the rewards of those staked assets. Think of it like a community geyser.
-Have a weekly lottery for small amounts of forth for those that hold forth (and maybe AMPL) as a fun way to give back to those in the community. Maybe one way to encourage participation is that in order to enter the lottery you must vote be involved with the governance of the token (when the time comes)?

I’m open to other ideas but I think this is something we should definitely have a longer chat about outside of discord.

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Another little airdrop could increase the interest for the great idea behind the project (and take more liquidity share).

Sometimes I think about unclaimed forth could be a great value for new adopters (and for some other could change some lifes like before or help new little investors) who wants to know the tokenomics behind the staking platform, also could be a pity to burn those amount that could be very useful to be re-staked for new interested adopters, considering the value for the token. Some users also says they interacted with platform v1 but seems their address wasn’t eligble (probabily because low liquidity provided or some mistakes). It’s important also keep in mind about eth fees are hight many times and so many people could not agree in using ampl in eth chain (I used and I had to keep staked some little amount in v1 because the withdraw fees are at moment very high)

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I think that a large majority or even the entirety of the unclaimed Forth tokens should be added to the ongoing geyser programs. Benefits include:

  1. Distributing the large amount of unclaimed Forth on a much longer time frame to prevent market dumping and excessive price volatility caused by another airdrop-style distribution.
  2. Brings future AMPL users into the governance process, encouraging participation at all levels, rather than simply distributing Forth to existing governance participants. Prevents governance from merely becoming an exclusive club for OG AMPLers, where everyone else has to pay to get in.
  3. Increases the appeal of the geysers and highlights the unique capabilities of Universal Vaults/Crucibles to award multiple tokens for a single liquidity provision position, possibly sparking more interest in the wider DeFi community for AMPL/FORTH.
  4. Reward those who actually use AMPL as money and a DeFi building block; those with skin in the game.
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Just to be clear, we are talking now about the unclaimed Forth after the deadline, right?

In this case, I like the idea of distributing them through the Geyser with a similar or equal timeframe, i.e. 10 years.

IMHO this is the most important aspect of it. We need to make sure that Ampl-newcomers have the same chances of increases their say in the protocol as OG Amplers.

But how should these Geysers be structured? As you suggested there could be double-rewards for providing useful AMPL liquidity. This would also have the nice side-effect that everyone using AMPL could participate, i.e. no extra bonus for FORTH holders.

Currently, I would argue against a FORTH-only Geyser:

  1. I don’t see a useful way of helping Ampleforth by providing FORTH liquidity, staking FORTH somewhere, etc.
  2. This would again give OG Amplers an advantage of gaining governance power in contrast to newcomers or, even worse, people who started using AMPL after the airdrop.
2 Likes

Yes I mean the unclaimed Forth after the deadline. The idea is to just add Forth to the current (and future) geysers so you receive both AMPL and Forth for providing AMPL liquidity. I don’t think there’s any pressing need to have a separate geyser for providing Forth liquidity, considering it’s already on Coinbase and it’s not “money” like AMPL is.

Really glad to see this discussion happening so early. While we don’t need to collectively decide right now, it does help us get ahead of things so we can hit the ground running.

The default action right now, if nothing else, is to claim the remaining forth into the governance Timelock. This puts the tokens under the control of FORTH holders, and they can be deployed through the normal governance processes.

It tempting to distribute all the forth through geyser-like programs, but I think the best course would actually be to slow play this and think of ways we could use this capital as constructively as possible. Other projects building with and on-top-of AMPL can have a serious benefit to AMPL’s long term success. Also, keep in mind there is a yearly 2% inflation. So this allocation isn’t a one-time event.

I’m a big fan of governance token swaps with other projects in the space. It helps build and solidify long-term relationships that are beneficial for both sides. This could be directly with another project like Balancer x Indexed, or with meta-governance organizations like Index Coop, or even operationalized like this if people really wanted.

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It’s a good point, and ultimately the decision is up to Forth holders so I think brainstorming as many ideas as possible and setting up a temp check vote after the tokens get sent to governance would be great. There are a lot of options of what to do with the funds but the thing I would strongly caution against is any sort of re-distribution to Forth or AMPL holders. It’s tempting to vote oneself “free money” but I don’t think it’s the best long-term choice for the protocol, and it prevents new people from joining governance unless they pay to get in.

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I need somebody to explain the count to me! I’ve done my home work and keep coming up with 15,050,000 tokens for ampleforth governance token’s! On https://www.coingecko.com/en/coins/ampleforth-governancexx-token
They stop the count from going up at 8,659,000M!
They have the Community claim token going down at 3,740,000 with the foundation wallets at 2,300,000
Plus an unknown wallet at 251,000
But on crypto the count is at 8,770,000. Where are the extra tokens coming from? They said that the unclaimed tokens where going to a dapp wallet. We are way over 15,000,000 when you add things up! This would mean that more people are buying the tokens from the overall batch of unclaimed tokens because the price would jump up! Or the claimed tokens are added to the circulation which keeps the price down till the clams are completed in April 2022

I propose to add unclaimed Forth tokens to the community governance fund to reward users who contribute effectively to the community every so often, thus moving the community forward.