Ending the GIVdrop

GIVernance
1

As discussed in today’s gov call, we are proposing to end the GIVdrop on December 24, 2022 - exactly 1 year since the drop.

Why?

It is very common for DAOs to have a time limit on their airdrop, and many even set it to be just a few months. If there are unclaimed tokens, they are reallocated to the DAO & can be repurposed. This proposal is suggesting to end the GIVdrop in order to bring more GIV under control of the DAO so that we can use them for other initiatives (for example, for seeking VC investment).

How?

This will basically mean that any address that has not claimed their GIVdrop by Dec 24, 2022 will lose their ability to do so. The steps will be as follow:

  1. Announce on twitter that we plan to end the GIVdrop
  2. Add “GIVdrop end date” to our documentation
  3. End the GIVdrop by disabling the merkle drop contract from paying out further rewards from the token distro

How much?

At the time of posting this, this is what has been claimed from the GIVdrop. See the current stats here

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Note: this is just showing the initial “liquid” portion of the GIVdrop… and not showing the total amount allocated to the users via the GIVstream. The total amount of GIV including the “streaming” portion are these numbers x10.

If we were to end the GIVdrop today, we would get about 7.3M GIV realloacted to the DAO (a total of 73M GIV if you consider the amount being streamed). This is 7.3% of the total supply of GIV.

We will not know the exact amount of GIV that we will “reclaim” until we actually end the GIVdrop because people could claim any time up until then, but I speculate that it won’t be too much less (because it’s already been almost a whole year!)

To what end?

Upon ending the GIVdrop, these tokens will remain in the tokendistro. The tokendistro is controlled by the giv.eth multisig which can execute upon any decisions made by our DAO of GIV holders, pending approval via Snapshot.

I will leave this post up for 5 days for advice process before creating an official vote in Snapshot. In the meantime, leave comments, or feel free to vote in this soft poll.

Should we end the GIVdrop on Dec 24, 2022?

  • yes
  • no, I have comments and will post them
  • abstain

0 voters

3 Likes
2

Completely agree.
All airdrops have an ending date, even some have several dates where the amount gets reduced until the final end date. A whole year is more than enough to be aware of the airdrop and claim it.

4 Likes
3

I’m just sad to know that Paris Hilton or Ashton Kutcher won’t get their GIV but completely agree on ending the GIVdrop and repurposing those tokens!

7 Likes
4

No worries, @franco. I can hand deliver those. :wink:

3 Likes
5

They still have a chance!

Paris, Ashton, don’t miss this one, you will regret it!

2 Likes
6

Ok Paris, Ashton, Snoopdog & other Giveth fans!

The Snapshot to make this official is live! Please vote!!

7

The Snapshot vote has passed with unanimous “yes’s”!

So we will proceed with ending the GIVdrop on December 24, 2022. People will have up to that date to claim, and then any unclaimed rewards will return to the DAO. Those tokens can be used in the future for other uses, pending approval via Snapshot.