FATExDAO — results of the recent proposals re MATIC move et. al.
3.22.22 — Summary of the recent proposals and next-steps
**PLEASE READ DISCLAIMER AT END OF THIS ARTICLE**
If you are not aware — the governance/snapshot url for the DAO has moved:
To participate in any active proposal(s) please use the above link and ensure that you have the following token address for the FATE Snapshot governance token imported into your wallet:
The token is designed to account for ALL your accessible FATE, in the wallet(s) you use, regardless of where it is and how it is being used (i.e. LPs with FATE tokens are still taken into account when voting) — you do not need to do anything except add the token.
Over the next 24–72 hours all necessary proposals will be posted to snapshot and have accompanying explanations whenever necessary. The proposals with outcomes that have the largest impact on a member will be given as much time as possible to allow discussion and maximize member particpation.
Some of the below will be re-emphasized in other publications.
The recent votes are in and the following have been approved:
- All FATExDAO operations/application(s), the DAO governance token will be redeployed on the MATIC blockchain. The exact date for this move is not yet solidified since there are both technical/development tasks to still complete (however, the dev. process is close to finishing up — Corey C. shout-out!) and business/content/operational action items to also complete. (The MATIC move is weeks away, not several months, however, we want to manage expectations and will be providing more regarding the exact schedule/timeline as the finalities are concluded).
- The DApp on MATIC the DAO will run to allow members to acquire and earn FATE will be called FATExFi — FATExFi will serve as the parent-name and encompass additional, future FAO DApps, products/services etc.
- V2 of the original smart contracts will have several features that will be deployed with the MATIC deployment. The primary attributes introduced by the smart contracts that will go live immediately once FATExFi is live on MATIC are withdrawal fees. Explanation of these fees can be found in prior FATExDAO Medium articles and the fee schedule approved can be found here: https://bit.ly/3N6lWWU
- A DAO member board of representatives/directors will be formed (details of how this will occur and other pertinent will be discussed, polled, proposed and voted upon after the next round of proposals that need DAO approval related to pre and post-MATIC activities.
- FATE will not migrate to MATIC from Harmony — FATE will be redeployed on MATIC, with a renewed supply, and will not be directly related by way of smart-contract transferability/bridgeable to FATE that has been issued on Harmony. Since this is a big decision/topic — a separate article and the proposals requiring DAO vote for the final details of this will be published after the article(s)/proposals related to redeploying FATE (specifically the allocation and transfer of FATE Harmony holders)
So — to formally propose the actual allocation and distribution of the new FATE to be issued on MATIC and how it will work with those holding FATE on Harmony — we’ll need to have the following approved regarding FATE on MATIC:
- Pre-allocations of FATE token supply.
- The tokenomics: 1. reward schedule 2. epoch(s) length(s) 3. locked reward details — including the release.
- We will also be proposing as many aspects of FATExFi that can be pre-determined (i.e. LPs offered).
- Details related to matters that impact FATE and the DAO prior to the move/redeployment on MATIC will be proposed for vote asap.
We realize there may be some confusion and/or questions. The below will be published separately and/or re-explained in the article that will only cover the proposal(s) for the topics related to current FATE Harmony holding members.
One of the most important things about the forthcoming re-issuance strategy is that it should encourage existing and new members to acquire more FATE Harmony, regardless of the price: the more FATE Harmony a wallet has the more FATE MATIC it will receive — without providing formal financial projections (and of course professional advice) — the personal opinion of the author, based on comparables, indicates that the new FATE on MATIC, received for the FATE acquired on Harmony, essentially at any price FATE on Harmony has cost, will have a greater value, especially at the present cost of FATE on Harmony.
If the details of the proposal related to this are approved what is expected to result are:
- Demand for FATE on Harmony should increase (we will be proposing to increase emissions before the move to MATIC)
- Members do not need to do anything except stay informed.
- Members will either benefit significantly or, in the worst case, find themselves in the same position (value-wise) as they were when rewards of FATE on Harmony end.
What is happening to my Harmony FATE? Will I lose anything and do I need to do anything?
The answers to these questions, and since a FATE re-issuance/redeploy is a very important matter in general please note the following: whatever the final decision will be — the proposal we expect will be very generous from a value perspective (the amount of tokens one has is negligible if the price of those tokens is almost $0.0000) — — we want to ensure that the faithful, FATE Harmony holders/members are going to receive significantly more in value than would occur if we had decided to do a simple 1:1 migration.
We want to make the transfer as simple as possible and structured to actually achieve the desired outcome. I.e. FATE MATIC value is significantly higher, ideally increases regularly, and is generally stable and predictable.
We also don’t want to remove the point/demand of FATE Harmony prior to the MATIC deployment.
So…. What should generally be expected are the following things:
(please read the below with the caveat that this is a summary — all the details will be published separately to accompany the proposals that will post in the next 1–3 days.)
- Members do not need to do anything to receive the correct amount of FATE MATIC: all FATE Harmony tokens — locked rewards (not yet disbursed), in a FATExDEX LP, xFATE pool, or just being held in a wallet will be accounted for.
- The FATE MATIC allocation for FATE Harmony holders will be a set percent of the total, new FATE supply on MATIC. (i.e. 5–10% of the total supply) — there will be mitigating components in the exact details of how this will work, created to ensure that absolutely no loss of value for any member will occur. (i.e. in a worst-case scenario you will receive the same amount of FATE — at the same value — that you held when on Harmony)
- The tokens FATE Harmony holders receive from this allocation will be distributed over a specific period of time (exactly like locked rewards) that is not too long, but not too short to defeat the purpose of avoiding a supply shock, and will not significantly pre-determine the voting power this action will inherently accompanying in the short-run (i.e. the allocation will not be too much so that new DAO members acquiring FATE via FATExFi on MATIC will never be able to achieve a significant goverenance voting position) — models of this will be presented to justify these parameters and the formal proposals.
- The amount of the FATE MATIC allocation that each wallet holding/using FATE Harmony at the moment the last FATE rewards are emitted on Harmony will be what determines the amount of the FATE MATIC allocation that wallet will receive — this will be based on the percent of FATE Harmony you hold compared to the total FATE Harmony held by non-DAO insiders/vaults.
Simple example: If you have a total of 10 FATE Harmony when the rewards end and there are a total of 100 FATE Harmony held by other members, you will receive 10% of the FATE MATIC supply allocation. If you have 50 — you will receive 50% of the FATE MATIC supply allocation.
If your 10 FATE Harmony is worth $0.01 at the end of the rewards on Harmony — and you receive 1 FATE MATIC (yes, the token amount allocated for this is expected to be proportionally left) — but 1 FATE MATIC is worth $0.10 or $0.50 when you receive your disbursement, we expect/hope all of us would consider that successful.
Any issues regarding loss of voting power from this can be discussed — but the logic for doing the above, including permitting a significant loss of voting power is justified. If further discussion is needed we can re-address the issue and there are remedies that can be implemented beyond creating a Board of Member directors.
None of the information communicated should be taken as financial advice. You must be responsible, do research and make your own decisions regarding participation as a DAO member. The messages and/or written content (including any attachments) contains proprietary information — and are covered by trademark and copyright, with patents pending.
NOTHING SAID SHOULD BE TAKEN AS INVESTMENT OR FINANCIAL ADVICE & ALL CONTENTS ARE CONFIDENTIAL.