Re: Epoch 2 & 1 Locked Rewards Release
Note the disclaimer at end of the article.
Please read the update that will post following this announcement prior to forming an opinion on how you will vote for the proposal posting to SnapShot.
The current Epoch 2 ends on Harmony block: 22787953(+/-30 hours)
- Without latency the time of the epoch was 8 weeks, the 3rd epoch will be the same — however, the hope is that we will not complete it… Why:
- v2 deployment will require a migration event and starting a new epoch. (description of the tentative strategy planned following this event will be provided in the next update)
- If that transpires — we will roll the locked rewards from the next epoch into the subject epoch. The reason for this will also be explained.
- Treasury absorbed +40% of the rewards for Epoch 2. However, the current release of Epoch 1 produced a scenario equivalent to having a rewards multiple, totally unlocked, of x12. All of the absorbed rewards will go back to the rewards vault for future emissions.
- Epoch 2 had higher rewards multiples — about 5–10% of total supply was distributed in 8 weeks (after accounting for Treasury absorption) — approximately 20% of FATE token supply has been rewarded — which is very undesirable.
Important Treasury Strategy (current) FAQ: (note wallets are doxxed in our GitHub and all of the below is accountable)
- Treasury is currently only using FATE to buy PAXG when it falls below 15% of the market price. The holdings of PAXG fluctuate — right now they are low — we will be bridging more PAXG in <1–2 weeks.
- We use the benefits of the discounted price to sell PAXG, approximately 80% of the proceeds are used to buy back FATE, this reduces the impact of selling PAXG, creates price support: at the current price, Treasury wants to buy FATE at current levels as much as possible.
EPOCH 2 LOCKED REWARDS RELEASE SCHEDULE PROPOSAL & WHY:
- The proposal will be left open until next Monday/Tuesday. Epoch 2 locked rewards will not commence until next week, as we need with Epoch 1.
- We are proposing to release the locked rewards from epoch 2 over 52 weeks, occurring on Wednesday — Thursday’s on a weekly basis) — before you react (negatively) the proposal is designed for the DAO and its members to benefit in the short and long term. WHY:
- There are approx. 300 active users for epoch 2 (the loyal 300!), most are FATExDAO members for the long run, have been involved since launch, and understand it is not a simple undertaking. Most have experienced “losses” for the duration thus far. Most of you are receiving epoch 1 release rewards, which will remain unchanged.
- Instead of proposing to combine the release of Epoch 1 and 2 and extend Epoch 1 even longer (1 extension already occurred) — we ask to support the longer epoch 2 release because:
The impact of the supplied release in the short-term will be too great — we have a plan — which we will explain and vote upon, to increase FATE value significantly and greatly increase new users. We need to reduce selling pressure when this occurs. (note: we can readdress the subject rewards release at any time)
MOST IMPORTANTLY: it is unlikely the 52 to weeks will be reached…
Please read the update that we will post after this before asking any questions or coming to a decision about the subject proposal.
DISCLAIMER:
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. All members are equally responsible. 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.
