A syndicate of strategic partners, led by Anthony Pompliano (Pomp) proposes to acquire 1.5m SOV and to join the Sovryn community. The syndicate proposes to provide capital to the Sovryn treasury, run SovrynBTC nodes, and provide broad strategic assistance to grow the Sovryn ecosystem.
Anthony, it would be awesome to have you become more involved in expanding the superpowers of Bitcoin with Sovryn. I can’t think of anyone who can help convert more Bitcoiners from plebs to Sovryns.
You’ve submitted a very appealing proposal which clearly outlines all of the areas where you could add value to our project and the future ecosystem. I’d say the syndicate of market makers, exchanges and strategic investors you’ve put together could certainly help skyrocket Sovryn’s growth.
However, for my liking, the proposed investment lot is too big and I don’t think our treasury currently needs excess funds. Likewise, after our two previous sales, I’m not even sure if our programmatic sale fund still has that many tokens left. If it doesn’t, it would mean we need to pass a new SIP for minting additional tokens and even if it were to bring onboard valuable partners such as yourself, could make the community unhappy due to % dilution of their investment.
If it came to it and made the community happier, would you be willing to reduce the invesment to let’s say a half, a third, or hypothetically, whatever is left in the programmatic sales category?
Also, if there really was enough tokens for your invesment, it would likely mean that the public sale would get reduced by a significant amount or canceled completely, reducing the decentralized distribution that our programmatic sale fund was supposed to achieve.
Very good points. To address the issue of available SOV for sales, you can reference the emission schedule here:
There is a reserved programmatic pool for sales and I believe that any sales allocation (including the Pomp proposal) should come out of it as to not affect the expected emissions. Another important point to consider is that this proposal would lock up the tokens for 16 months, whereas the programatic sale in the schedule assumes immediate liquidity for the tokens. This means that if accepted, this proposal will further reduce the circulating supply in the immediate future.
Even though the community was limited to a maximum of 0.1 BTC investment in the Origin and Hero rounds, an investment by an influential player in the space such as Pomp is great news for Sovryn, plus the syndicate that comes along with it will help the protocol scale faster.
My 2 satoshis: Increase the cliff from three months to one year.
Very interesting proposal with a very important goal to fulfill, since besides the great idea and unique team members we also need to ride the wave and not be under it.
Thanks for attaching this. Right, so how many SOV tokens are currently left in the programmatic sales category? I believe the emmissions in the document take into account the tokens that were already sold and are not vested (so it wouldn’t be accurate), so what is the maximum of tokens that could potentially be sold (to Pomp or during public sale)?
My rough guess is maybe around 1m tokens left? Started with around 5m and had two token sales - genesis and origin - with 2m sold each?
