Summary
The principal aim of this amendment is to amend the GROW token allocation plan regarding the bio.xyz Token Swap. It seeks to remove the 4-year vesting term for bio.xyz’s GROW tokens to comply with the terms of the bio.xyz accelerator program and the token warrant issued from ValleyDAO to Bio.xyz.
Background & Motivation
The current vesting term for the bio.xyz Token Swap, a 4-year schedule with no initial unlock, is incompatible with the agreements between ValleyDAO and bio.xyz entered into as part of the bio.xyz accelerator program. It is essential to remove this vesting term to uphold ValleyDAO’s contractual obligations, promote a healthy partnership between ValleyDAO and bio.xyz, and foster a robust and dynamic ecosystem.
Specification
The amendment focuses solely on the bio.xyz Token Swap. Bio.xyz will immediately receive 6.9% of the total GROW supply, in line with bio.xyz’s commitments and contributions, including DAO incubation, mentorship, and a $100k grant. No other GROW token allocations will be affected by this amendment.
Impact on GROW Token Allocation
The total GROW supply is capped at 100 million. This amendment does not increase the total GROW supply. The bio.xyz token allocation is 6.9% of the supply, totaling 6,900,000 GROW. This amendment does not increase the bio.xyz token allocation.
Compliance with Non-Tradeable Phase
This proposal provides bio.xyz with its allocated tokens, but it does not make GROW token tradable.
Timeline
The implementation of this amendment, providing bio.xyz its allocated GROW tokens, should be executed upon approval.
Next Steps
This amendment will move to a Snapshot vote after 7 days on Discourse.
- Agree
- Needs revision (comment is mandatory)
- Disagree (comment is encouraged)
0 voters