Shouldn’t be - if we want to create demand for SOV.
SIP-0085: $BOS token distribution within Sovryn
Summary
Sovryn treasury to receive 2% of total $BOS supply.
Sovryn Stakers to receive 8% of total $BOS supply.
Sovryn stakers receive a pro rata share in accordance with their share of the total voting power on Rootstock.
A snapshot of the Voting Power will be made at the date of the $BOS token creation event (Date currently unknown).
Explanation
If this SIP is approved by the Sovryn bitocracy, the $BOS tokens for Sovryn will be distributed in accordance with SIP-0083 as follows:
Sovryn will retain 10% of the total $BOS token supply as agreed in SIP-0083.
This 10% will be distributed as follows:
2% of the total $BOS token supply will go to the Sovryn treasury where it can be managed by the Sovryn exchequer.
8% of the total $BOS token supply goes to Bitocracy and thus to all individual addresses of stakers who hold voting power on Rootstock in the form of staked $SOV.
At the time of the $BOS token creation event, which is not known yet, a snapshot of each $SOV staker’s VotingPower will be taken. All $SOV stakers will receive their fair share of $BOS tokens according to their percentage share of the total voting power on Rootstock.
The Sovryn bitocracy also decides with approval of this SIP that the Sovryn developers may not add any vesting periods or cliffs to the $BOS tokens to which Sovryn is entitled.
We believe in a free market and are very confident that BitcoinOS will be a groundbreaking and successful project. Overprotection and overregulation of token distribution is not necessary and rather detrimental to the success of the project.
As in previous years, Sovryn and its individual members will be spearheading the innovation. We want to be the first to use and discover the BitcoinOS ecosystem. We want to set off into the new worlds and discover the exciting partnerships. This means we need unlimited use and access to the tokens made available to us. We are not waiting for vesting periods and cliffs.
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Thanks for the initiative Sacro! I do still want to express my concern with the external optics of 10% of the float of BOS being liquid day one for a community that has a zero cost basis for the token. This could be fatal to Sovryn’s initiative to launch the token.
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Hey Dante - just saw on the dojo that I didnt respond! sorry about that. About your concerns:
- There is little overlap between the Sovryn teams working on BOS. In any event any contributor to BOS is vested for 5 years.
- Marketing for BOS is primarily managed by an external team (that also manage the BOS socials). This team has experience working on Aptos, Bitlayer, Mezzo, and other high profile projects. They have no association with Sovryn and a very strong team has been built for this, which I think is evidenced by the waves that BOS is making.
- I cannot disclose information that I dont know or that I am bound to confidentiality on. I do know that the teams working on BOS have agreed on a general early contributor vesting as well as a strategic investor vesting (1 year lock-up and 3 years). This could actually be the correct basis for Sovryn’s vesting rather than early contributor vesting.
Let me know if there was anything I missed.
Thank you for your answers Armando and thank you for giving details about the marketing team. I will have a look in their past projects and investigate the marketing team with people I know from the industry to have an opinion about their strengths and their capabilities.
Should we all not start treating new token creation as an opportunity to gain capitol by perhaps buying out and consolidating the vast number of tokens under a few umbrellas just as one would in real estate? If like land one cannot easily create new acquisition of said land increases value and demand! I feel like this concept has been lost somewhere! I feel like the jenga tower is very unstable…pun intended!
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are you related to BOS team? are you one of the founders or team members?
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