To start the distribution of rewards through our Praise Reward System, the Rewards Team needs access to the funds for the Rewards subDAO to distribute these rewards. An amount of 35 million GIV has been previously allocated from the Token Distro for this specific reason when the GIV token was launched.
We are requesting permission to manage this amount through the Rewards subDAO and start using the funds to distribute the rewards through the GIVstream. We will start distributing once we finish the retroactive quantification and caught up to date.
What will distribution look like?
Taking into consideration the total amount allocated and that it has to run for 5 years we can distribute up to 58k GIV bi-weekly (periods will be 2 weeks long).
Considering the peak of praise dished in 2022 was 1500 in the month of July we will use a dynamic calculation method that will distribute rewards in proportion to this cutoff number. So for this period where we’ve seen the peak number of praise, we will distribute the ceiling number of rewards available per period (58k GIV). And for the other periods that have less praise less rewards will be distributed.
Let’s see an example:
- If we set the ceiling to be 58k GIV, and the cutoff is 1500 praise if we get during a period 1200 praise the calculation will throw a lower number of tokens to be distributed (46400 GIV in this case).
- If in one period we get 1500 or more praise the max amount of GIV (ceiling number) will be distributed.
The current quantifying periods have been designed to distribute the amount per period split in the following way:
- Contributors get 90%
- Quantifiers get 7%
- Reward board members get 3%
Distribution will be made through the GIVstream, which means that the subDAO does not need the funds to be transferred but permission to access the funds in the token distro.
The final token distribution will then be voted by a board of 5 trusted members of the Rewards Team who have been vested with the responsibility of inspecting the final distribution and pushing the button to release funds though an Aragon Rewards subDAO:
The Rewards Team is formed by Franco, Claire, Nikola, Dani and Mateo.
Name: Rewards DAO
Name of the voting token: Giveth Reward DAO
Symbol of the voting token: GRD
Tokens minted: 5 (1 for each Rewards Team member)
-Support required 88%
-Minimum Quorum 55%
-Vote duration 24hs
The vote for releasing rewards DAO funds are set in order to pass a voting with a minimum quorum of 3 votes that have to be YES. If a single vote is NO the voting will fail.
Expected duration or delivery date
If everything continues to go well with quantification and we get the funds we can start our first distribution next month of March 2023.
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