SoftDrop this Christmas

19:53 UTC, 23-DEC-2022 UPDATE:
The section “Transferring SOFT Tokens” has been updated with the Ethereum address of the described distributor contract (ContinuousVestingMerkle | Address 0xf266195E1B30b8F536834303C555BD6Aaf063f04 | Etherscan). Additionally, the total SoftDrop allocation has been updated throughout this proposal from 23,215,056.57 SOFT tokens to 23215105.06 SOFT tokens due to rounding in the final calculations.

What

We propose that the SoftDrop is executed by Christmas in accordance with the following details.

Christmas Opening & Eliminating the Lock-up Period

We propose eliminating the one-month lock-up period and executing the SoftDrop — which means opening claims as well as voting while vesting— this Christmas at 00:00 UTC 25 Dec, 2022. Please note that the previously approved 24-month continuous vesting period remains effective for any SOFT tokens in the SoftDrop.

Increased SoftDrop Allocation

As alluded to in Softernet Round #5 and Softernet Rounds 6-7 proposals, we propose adding 3,215,105.06 SOFT tokens to the 20,000,000 SoftDrop Token Allocation. These tokens will come from unused tokens previously allocated to other SOFT token rounds. Thus, the total number of SOFT tokens for distribution via the SoftDrop will increase to 23,215,105.06. However, the overall total of SOFT tokens allocated for distribution remains unchanged.

Transferring SOFT Tokens

In order to execute the SoftDrop, we propose that the Soft DAO multi-sig wallet transfers the SoftDrop token allocation (23,215,105.06 SOFT tokens) to the 0xf266195E1B30b8F536834303C555BD6Aaf063f04 distributor contract on Ethereum (ContinuousVestingMerkle | Address 0xf266195E1B30b8F536834303C555BD6Aaf063f04 | Etherscan). Additionally, such tokens may be transferred as part of the transaction approving this proposal.

SoftDrop Amount

We propose the following calculation for SoftDrop token amount t_i to each eligible wallet i.

t_i = T \frac{r_i}{\sum_j r_j}

where:

  • Reward Factor r_i = {n_i}^{0.7} , where n, is the number of qualifying events in which this wallet address i participated multiplied to the 0.7th power. This ensures non-linear but increasing rewards based on scaled engagement. There is a maximum of nine qualifying events which include the following:
    • Each Softernet Round counts as one event.
    • Select on-chain sales participation prior to 15 Mar, 2022 that can be connected to a currently verified EVM wallet also counts as one event.
    • Select on-chain sales participation between 14 Mar and 01 Oct, 2022 also counts as one qualifying event.
  • Total SoftDrop Allocation T = 23,215,105.06 SOFT tokens, as put forth earlier in this proposal.
  • Sum of All Reward Factors {\sum_j r_j} = this is the sum of all reward factors for all wallets.

Example Calculation

For the purpose of an example, let’s assume the following:

  • Wallet 0x123….abc participated in five Softernet rounds and a selected on-chain sale in July 2022. Thus, this wallet’s total qualifying events is 6.
  • Total number of eligible wallets for the SoftDrop is exactly 34,000.
  • Average Reward Factor across all wallets is 1.38; so Sum of All Reward Factors is 46,920.

Thus, the SoftDrop amount for Wallet 0x123….abc is calculated as follows:

Reward Factor x (Total SoftDrop Allocation / Sum of All Reward Factors) = #SOFT tokens :arrow_right: (6^0.7) x (23,215,105.06 / 46,920) = 1,734.28 SOFT tokens

Eligible Wallets & Qualifying Factors

For the sake of clarity, we’d also like to reiterate what was decided in previous Soft DAO proposals regarding eligible wallets for the SoftDrop.

  • The updated/final SoftDrop eligibility list will be provided by Soft DAO’s compliance provider.
  • This list of wallets shall be generated from participants in past on-chain sales as well as Softernet Rounds 1-7.
  • All eligible wallets are those which were (a) submitted for verification with Soft DAO’s compliance provider prior to 00:00 UTC on 15 Dec, 2022, and (b) subsequently approved.
  • Successful verification with Soft DAO’s compliance provider entails identity verification, proper jurisdiction, and passing other sybil resistance mechanisms.
    • Regions not eligible for the SoftDrop include the USA, China, North Korea, Syria, Iran, and Crimea Region of Ukraine.
  • SoftDrop amounts may vary from the expected value due to the use of different wallets, improperly connected accounts, or failure to pass compliance provider requirements.

No token distribution, wallet registration, sybil resistance, or verification process is perfect. However, the primary goal of SoftDrop is to realize token governance & align incentives across the community. Due to the complexity of each SoftDrop, all SoftDrop eligibility decisions and amounts are final and cannot be updated.

Governor & Timelock Activation

With the advent of SoftDrop, we propose that Soft DAO officially activates and begins using its DAO Governor contract(https://etherscan.io/address/0x0ADd6d42bBfe6c40e15B02A2C8A1b81B36a2B326) and Timelock contract (https://etherscan.io/address/0x52c263698B5B11AaCAf0f74333DC921B26FFA5b7).

These contracts outline the following Soft DAO governance parameters:

  • Proposal Threshold: 100,000 votes
  • Quorum: 50 million votes
  • Proposal Delay: 24 hours
  • Voting Period: 8 days
  • Timelock: 24 hours

Proposals will be reviewed on Tally.xyz. To encourage active community participation in DAO governance, each unclaimed token held in a SoftDrop contract will count as two votes for the eventual recipient. Each token not held in a SoftDrop contract will count as one vote.

When

We welcome feedback and suggestions from the community regarding this proposal. If Soft DAO chooses to move forward, an amended and/or finalized version of this proposal – with contract addresses – may be put forth for voting via multi-sig in as soon as the next 10 hours.

Conclusion

We’re excited to see what the future holds for the Soft DAO. The SoftDrop can help the Soft DAO realize token governance and align incentives across its decentralized community.

We see the need for such high-integrity protocols growing larger with each day that passes. Therefore, the SoftDrop and the fulfillment of the Soft DAO’s future can’t come soon enough.

Merry Christmas!

Related Proposals

Soft DAO has already passed and approved the following proposals related to the SoftDrop.

2022-10-25: SoftDAO Token Distribution ($SOFT)

(https://gateway.pinata.cloud/ipfs/QmTgdKQhtJrmtWGJHzgtEYjvrGVnYzQcBAQYcVGbnwDPMz)

2022-10-27: The Soft Drop - a community airdrop by The Soft DAO

(https://gateway.pinata.cloud/ipfs/QmNq7wDBDXpscV6AURtc2wgseRNCL4QTdCbb4M1djTMNoJ)

2022-12-01: Regenerate SoftDrop List & Accelerate Vesting

(https://gateway.pinata.cloud/ipfs/QmNicgEEHsTMAvAJV464hjQ5agrNcdk4Zd1yxXzw2R6Tyu)

2022-12-01: SoftDrop for Participants in the Softernet Round #5 - Optimism

(https://gateway.pinata.cloud/ipfs/QmaPfrkF9ZkJD8DNp2vhkNpe7TcWwb1tZebmgTXxUJghta)

2022-12-08: SoftDrop for Softernet Round #6 - Celo and Softernet Round #7 - Arbitrum

(https://gateway.pinata.cloud/ipfs/QmPaafsCxfDPBgfiekBiUN3t8wBDp8LFrsmzLRgWKCfHNE)

191 Likes

Hello :wave: buddy, yes, it’s time to put an end to it :man_shrugging:t2: passed the whole testnet from the beginning, the stress tests were not in vain! Previously, in the first round we could not even enter the test site, now everything works great great work of the main team and everyone who took part in the test, congratulations to all the guys :partying_face::hugs::gem:

30 Likes

It’s worth the time to proceed to the next step. Previously, there was a problem with the Coken Testnet claim, but now the claim can be made normally. But some of them are slightly delayed, but went well, thank you. :v: :100:

9 Likes

I feel we need to proceed as plan cause there’s much steps to take in perfecting soft dao due to the bugs been fixed recently during claiming of test tokens

11 Likes

Agree on the timleine. But calculations on distributuion amount confuses me. I have not entered all the stress testnets as i was having problem in getting tokens from testnets faucets.

3 Likes

Considered a good plan :clap: :+1: and Thank you for your hard work. :heart:

Really hope that, Official Launch of The softDAO will be accompanied by good feedback and will be of great interest to investors all over the world. :muscle: :muscle:

By the way… I haven’t seen any rewards for completing crew3 quests yet.

2 Likes

It’s time let’s get the softdrop out … a good time to call santa out♥️. So hopefully this is going to do a lot good to the project and the community

2 Likes

Believe that it’s gonna be an excellent Christmas present for the community (ho ho ho). Fully support this proposal

2 Likes

great vote on the eve of the holiday, the calculation seemed credible on the whole worth supporting the proposal!

3 Likes

Hello again. The earlier, the better, but you need to consider the readiness of the platform to work fully, because sometimes rushing to nothing good. But if there is confidence, then why not :slight_smile:

3 Likes

I love this project so much, I’ve been following it closely for over a year, completed 5 rounds and got many roles in the discord, but unfortunately I didn’t make the list, the worst thing is that I don’t even know why, and everyone is silent ((

3 Likes

Great idea! Merry Christmas and happy New Year, friends ! 🥳

1 Like

Good decision to start New Year with WOW. I support current proposal if problems are solved, that were faced during claiming.

1 Like

Agree with @memeka team made very good job, currently platform works smoothly
Good decision to make Christmas gift

2 Likes

well you never cease to amaze and the gift for the holidays looks like a very good step, in general the calculation is quite fair, and also the platform start to work much better lately, which shows that we all did a very good job together, and in the new year we have to come up with new things. Also want to add that I agree with the person above who mentioned crew3, I suggest giving people who promoted the project through this platform a small token bonus, so that the holiday would be even more joyful :blush:
Merry Christmas and Happy Holidays everyone!!! :christmas_tree:

1 Like

it would be nice to reward everyone who deserved it. And do not throw people off the list for no apparent reason.

1 Like

If it helps the community, I’m all for it!
Have a great day, everyone!
I loved your testnet event!
I want to be the Soft DAO holds

1 Like

Merry Christmas! :slight_smile:
Its a good idea, but need a correctly time frame and additional channel on discord, where community can find proposal and voting links.

1 Like

In my opinion very good proposal…i wish Marry Christmas for all SOFTDAO community and happy new year :christmas_tree: :fire:

5 Likes

For Christmas, a good option, a good gift)
But according to the calculations, I do not understand much, I will leave this for more advanced users.

2 Likes