WIP-31 Allocate 500k WING to vested team token allocations (FOR)

Since Wing launched near the end of last September, the first unlock for the Wing DAO Community Fund is due to take place this month.

A full description of the community fund unlocking process can be found in the Wing whitepaper:

2,000,000 (20%) : Wing DAO Community Fund
20% of the supply will go to a public custodian account with only governance rights and cannot be transferred out. After the Wing DAO launch, 500, 000 (5% of the total supply) will be transferred to Wing DAO community fund pool every six months. The usage of the community fund pool is determined by WING token holders through a proposal system. In principle, Wing DAO community funds will be used for development, marketing, audits, risk control, or emergency handling as needed.

500k WING from the community fund was burned according to WIP-08, which leaves 1.5m WING in the fund. This means that 375k WING (7.5% of the 5m WING total supply) is unlocked this month.

The Ontology Foundation has been bootstrapping Wing’s development from the get-go. However, for Wing to grow and recruit more talent, it will need to start to utilize its own community treasury for such a purpose. As such, we propose to set aside a portion of the community fund for a team token allocation.

Token allocations for teams of similar DeFi projects

You can look at this great analysis from the Yearn community about similar team token allocations of other DeFi projects.

Projects such as Uniswap, Aave, Synthetix, Compound, 1inch, Curve, and Balancer hold anywhere from $300 million-$2.13 billion in tokens aside for [contributors], with the average being between $500-600 million. This is generally 20-30% of the total token allocation. Newer projects such as SushiSwap, Badger, CREAM, Harvest, and Cover vary more between teams, but allocate between 10-25% of token supply to their teams and early contributors.

Based on what has worked for these other projects, we propose the following:

Allocate 500k WING (10% of WING’s total supply) to vested team token allocations.

  • Out of the 1.5m WING in the community treasury, allocate 1/3rd (500k WING) to vesting token allocations in order to continue funding Wing development.

  • This would represent 10% of the 5m WING total supply, which is in accordance with team token allocations of similar DeFi projects.

  • Since only 375k WING of the community fund is unlocked every six months, this would mean that 125k WING (⅓ of unlock) is allocated for the team token allocation per unlock.

  • The 125k WING per unlock will be transferred to an escrow wallet.

  • The Wing team will be in charge of finalizing compensation packages and vesting schedules for the Wing team and hiring additional employees for Wing’s continued growth.

We hope you’ll see the necessity of this proposal and it’s urgency for all the exciting initiatives Wing has in store.

2 Likes

People need paying if they are working

3 Likes

I think it is reasonable. More work requires more human support. In order to make Wing more influential, it is necessary to give the team more support.

2 Likes

Very reasonable portion of the allocation. I think Ontology has contributed a lot to Wing project, Wing is actually paid by Ontology Foundation. And since Wing is very much mature now and needs further development by itself. Also 10% is not that much , compared to Uniswap or other similar projects.

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I personally think 20% is better. Sufficient fund will enable the Wing team to be more competitive and therefore increase the value of Wing.

More manpower can do more things, there will be more fantastic ideas, more cooperation with other projects, AMA, other media platforms, etc., which will increase Wing’s influence.

I totally agree.

Good idea, it will encourage the team and make Wing fly farther!

I’m with you on that.

The team did great work on Wing project, hope these WING tokens could make it better.

I’ll second that. Fair reward as well as necessary investment.

Completely reasonable allocation, personally i would like to see more utilization of our community funds thats 100% what its there for.

Copying a post I wrote yesterday:
I think the current proposal needs more context to reflect and justify the need for 500k wings, ~30,000,000$ at the of writing this. The proposal uses other projects as an example to endorse the idea, but this is not convincing because different projects are different, and might be inefficient. I propose to start with a plan of what needed to be done (technically/team scaling), and what are the resources needed to achieve the goal, and the cost to achieve this, then let the community vote on it. Being transparent and detailed is important here to rule out any doubts, and doubts are really worrisome when big money is involved. I will be more inclined to vote against this proposal, and I hope this statement does not offend anyone.

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i think the expenditure should be looked at closely as well, 30m is quite a bit even with vesting. would also like more details and involvement here

1 Like