| SIP | Title | Author | Status | Track | Created |
|---|---|---|---|---|---|
0076 |
Transfer of SOV from Adoption and Development Funds to Exchequer |
Armando (@SovrynArmando) |
Draft |
Contract |
2024-02-07 |
The Adoption and Development Funds (collectively the "Funds") have a predetermined vesting schedule. Once the SOV in the Funds vests, it becomes available for distribution with the goal of promoting the adoption of the Sovryn protocol and further its development. Deployment of a certain amount of vested SOV in these funds has been previously entrusted by Bitocracy to the Exchequer Committee following SIP-0015 and SIP-0065. As of February 1st, 2024, the SOV held in these Funds is divided as follows:
| Development Fund | Adoption Fund | Total | |
|---|---|---|---|
| Starting Balance | 8,368,598 | 37,222,239 | 45,590,837 |
| Withdrawn To Date | 4,231,626 | 10,925,931 | 15,157,557 |
| Remaining Balance | 4,136,972 | 26,296,308 | 30,433,280 |
| Vested To Date | 2,463,252 | 21,085,196 | 23,548,448 |
| Remaining Vest | 1,673,720 | 5,211,112 | 6,884,832 |
This SIP will approve the transfer of a total of 9,125,500 vested SOV from the Funds to the Exchequer to facilitate the ongoing development and adoption of the Sovryn protocol. It is expected that the SOV transferred as part of this SIP will be reserved in the following amounts and for the following uses:
- 1M SOV - Market Maker liquidity, exchange listings. This allocation will be dedicated to expanding SOV markets, improving trading conditions, and securing additional exchange listings.
- 5.12M SOV - SOV rewards. This includes staking rewards, LM rewards (which have been reduced over the course of 2023), and to support a more robust Bitocracy and expansion on to additional chains.
- 2M SOV - Non-programmatic distributions. This allocation will be reserved for collaboration with partners, contributor distributions, bug bounties and adoption bounties. It is expected that this bucket of distributions will be 30% lower than 2023.
- 1M SOV - Reserve
Use cases and amounts might change and will be at the discretion of the Exchequer.
For reference, below is the breakdown of all previous SOV distributions made by Exchequer by year and by type.
| Source | 2021 | 2022 | 2023 | Claimed | Supplied |
|---|---|---|---|---|---|
| Available for Distributions* | 7,741,307 | 15,838,571 | 11,829,032 | - | - |
| Programmatic Distributions | 2,231,272 | 3,186,850 | 2,545,916 | 7,964,038 | 9,188,092 |
| Non-Programmatic Distributions | 872,904 | 2,126,624 | 3,017,406 | 6,016,935 | 6,157,121 |
| Total Distributions | 3,104,177 | 5,313,474 | 5,563,322 | 13,980,973 | 15,345,213 |
| Remaining Balance | 4,637,130 | 10,525,097 | 6,265,710 | - | - |
| Remaining Balance (%) | 60% | 66% | 53% | - | - |
* Available in the Adoption and Development Funds as per the SOV Emission Schedule at TGE. https://shorturl.at/ekrtE
| Type | 2021 | 2022 | 2023 | Claimed | Supplied | % (Total) |
|---|---|---|---|---|---|---|
| LiquidityMining | 2,176,942 | 2,838,868 | 1,876,431 | 6,892,241 | 7,676,092 | 84% |
| Staking | 54,330 | 347,982 | 645,428 | 1,047,740 | 1,462,000 | 16% |
| ZeroSP Subsidies | - | - | 24,057 | 24,057 | 50,000 | 0% |
| Total | 2,231,272 | 3,186,850 | 2,945,916 | 7,964,038 | 9,188,092 | 100% |
| Type | 2021 | 2022 | 2023 | Claimed | Supplied | % (Total) |
|---|---|---|---|---|---|---|
| Contributor Bonus | 65,602 | 101,468 | 1,890,000 | 2,057,050 | 2,057,070 | 33% |
| Contributor Comp | 319,206 | 989,051 | 705,926 | 2,014,182 | 2,014,182 | 33% |
| Strategic Round | 436,805 | 716,536 | 0 | 1,153,342 | 1,293,528 | 21% |
| Bug Bounty | 3,480 | 24,053 | 420,980 | 448,962 | 448,962 | 7% |
| Development Bounty | 34,473 | 283,161 | 317,634 | 317,634 | 317,634 | 5% |
| Adoption Bounty | 13,339 | 11,925 | 500 | 25,764 | 25,764 | 0% |
| Total | 872,904 | 2,126,644 | 3,017,406 | 6,016,935 | 6,157,121 | 100% |
- Transfer a total of 7,475,000 SOV from the adoption fund contract (0x0f31cfd6aAb4d378668Ad74DeFa89d3f4DB26633) to the Exchequer multisig address (0x924f5ad34698Fd20c90Fe5D5A8A0abd3b42dc711).
- Transfer a total of 1,650,500 SOV from the development fund contract (0x617866cC4a089c3653ddC31a618b078291839AeB) to the Exchequer multisig address (0x924f5ad34698Fd20c90Fe5D5A8A0abd3b42dc711).
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