Hey sicco, I wanted to bring to your attention that the community has started discussing the selection process for projects eligible for on-chain voting. there seems to be some confusion on whether projects should achieve a certain % of votes or reach a GLMR score of $250k. could you please clarify this by providing an example based on the current results? I have included a screenshot for your reference.
hey @turrizt, great question and thank you for bringing this up.
I can understand why it might be confusing, but as you can see from the screenshot; the total of the GLMR that’s being shown here is just shy of 13.5M; and only 4.5M GLMR is getting distributed as part of the first tranche. So what’s actually being shown here is the amount of GLMR that was used to vote; not the grant amounts that will be proposed in an on-chain vote as a result of the snapshot vote. So what really matters is the percentage of the total vote that each team got.
Once the snapshot vote closes; and as described in the “Adjustments to Snapshot Vote” section of the Revised Grant Program; the grants committee will make the following adjustments; before submitting all the amounts together in a final single on-chain vote:
- Any team that would have received fewer than the equivalent of $250k worth of GLMR (based on the 7-day TWAP from the date the Revised Grant Program was passed) will not be placed into the on-chain vote.
The Revised Grant Program was passed on March 7th; and the 7-day TWAP at that time was $0.41. Based on that number, the threshold for being included into the vote equals an award of 609,756 GLMR; or 13.55% of the vote.
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The “leftover” amounts, would be allocated to the Community Grants Bucket.
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Any team that would have received more than 2M GLMR (44.44% of the Vote) would be capped at 2M.
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The amount(s) that are in excess of 2M GLMR are then allocated to the remaining Eligible Draft Proposals (those that received a minimum of 13.55% of the vote) on a pro-rata basis
So if the vote were to close right now; and based on the totals that are in that screenshot; the following would go into on-chain proposal:
- StellaSwap to receive 1,523,250 GLMR (33.85% of 4.5M)
- DAM Finance to receive 967,050 GLMR (21.49% of 4.5M)
- Prime Protocol to receive 945,900 GLMR (21.02% of 4.5M)
- Beamswap to receive 669,150 GLMR (14.87% of 4.5M)
- DoDAO would not be included in the on-chain vote (4.41% is less than 13.55%)
- Zircon Finance would not be included in the on-chain vote (4.35% is less than 13.55%)
- The “leftover” amount would total 394,200 GLMR (4.41%+4.35%=8.76% of 4.5M) and would be proposed to be added to the Community Grants Bucket.
- No team is over 2M (44.44% of the vote) and so no one would be capped.
Hopefully that clears things up.
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Thank you so much for your answer and for clarifying this, it’s very helpful, I’ll pass it on to the community!