Now that the snapshot vote has been completed and the community has had a chance to signal how they want the first tranche of the Ecosystem Grants distributed; we are ready to proceed to on-chain voting.
As described in the “Adjustments to Snapshot Vote” section of the Revised Grant Program; the grants committee has made the following adjustments:
- Any proposal 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 609,756 GLMR; or 13.55% of the vote.
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The “leftover” amounts, totalling 69,300 GLMR, are allocated to the Community Grants Bucket.
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Any proposal that would have received more than 2M GLMR (44.44% of the Vote) would have been capped at 2M. There were no proposals that received more than 44.44% so this does not apply.
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The amount(s) that were in excess of 2M GLMR would have been allocated to the remaining Eligible Draft Proposals (those that received a minimum of 13.55% of the vote) on a pro-rata basis. Again, since no proposal was over 44.44%; no redistribution was necessary
The results of these adjustments are as follows:
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DoDAO (0.75% of the snapshot vote, 33750 GLMR): did not reach the minimum required threshold.
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Zircon Finance (0.79% of the snapshot vote, 35,550 GLMR): did not reach the minimum required threshold.
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As a result, 69,300 GLMR was allocated to the Community Grants Bucket.
The results for the 4 remaining proposals are as follows:
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BeamSwap (14.62% of the snapshot vote): 657,900 GLMR
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DAM Finance (16.19% of the snapshot vote): 728,550 GLMR
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Prime Protocol (30.38 % of the snapshot vote): 1,367,100 GLMR
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StellaSwap (37.27% of the snapshot vote): 1,677,150 GLMR
An on-chain vote with these combined results will be put to the community on Monday, March 27th, 2023 and will complete on April 3rd, 2023.