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.
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:
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.
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.
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.
Reward those who actually use AMPL as money and a DeFi building block; those with skin in the game.
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:
I don’t see a useful way of helping Ampleforth by providing FORTH liquidity, staking FORTH somewhere, etc.
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.
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.
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.
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
It actually shows just under 15mil, I can only assume someone accidentally burned a few tokens or something, but the fact remains that there aren’t more than 15mil FORTH tokens right now. That will change as time goes by because the token experiences 2% inflation every year.
One thing to consider when using Etherscan is that sometimes numbers and %s don’t add due to the way it caches blockchain data. Sometimes some of the numbers are new, and other numbers are stale, and so those numbers don’t add up quite right. You can sidestep this issue by querying the on-chain contract directly using the “Contract” tab on Etherscan.
In the case of FORTH’s total supply, the on-chain value is as follows:
(FORTH is denominated with granularity of 18 decimals, so divide by 10^18 to get the real number: 14998897.144559330607623017)
Am I the only one in favor of burning them? It’ll moderate the 2% annual inflation, increment the value (so the interest), and be fair to forth holders that should already interact with $AMPL. I see it as a fair treat.
Another +1 on burning the unclaimed FORTH tokens.
D-Day is close and there remains a lot of tokens. Too much.
Releasing all of it in a short timeframe would shake too much the market, diluting value and drive away newcomers/investors and other profiles.
Also, people that did not claim yet are people that are not invested into the project. That’s another reason to burn the tokens, and keep the backbone members with some weight.
Plus, such a piece of news would make some noise and attract newcomers to the project.
could be given for Those who hold long term and those who use the geyser. Take in mind that a % of those Forth given to the community will go back to Ample… for example when I got the airdrop i invested half in Ample LP…
what about a small percentage of Forth that is exchanged directly for an AMPL-LP token rather than liquid ampl or liquid forth. Those LP tokens could be locked into the geyser for a year to support the AMPL protocol and then afterwards unlocked and randomly distributed to geyser participants over a 6 month period. Geyser participants would have had to have been in the geyser for a minimum of 300 days.
This gives value to long term AMPL supporters, provides liquidity to AMPL and prevents dumping all at once.