The snapshot vote is now complete, and unfortunately, it has resulted in a hung vote situation - a “hung vote” occurs when more than 1.75M GLMR (or 38.89%) goes to the Community Committee Grants Bucket (which is controlled by the committee). With the current results, 3,009,697.98 GLMR or 66.88% would go to the Community Committee Grants Bucket.
The general intent of the ecosystem grants is for the grant amount to go to ecosystem teams and so this is a less than an ideal outcome. As a result, the committee has decided to resolve this in the following manner, and try to get as many teams in as possible:
- Any teams that got more than 250K USD /1,032,204 GLMR / 22.93% of the vote will go on to an on-chain vote starting on Saturday 07-29-2023.
- The remaining 3,009,697.98 GLMR will be put to a second snapshot vote between the teams that did NOT get grants in the first snapshot vote.
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 USD /1,032,204 GLMR / 22.93% will not be placed into the on-chain vote.
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.
The following teams reached the minimum threshold of 22.93% of the vote and will be placed into the on-chain vote:
- TFA DAO - 33.118% of the vote - 1,490,302.02 GLMR
The following teams did not reach the minimum threshold of 22.93% of the vote and so will not go on to the on-chain vote:
- Moonwell - 18.311% of the vote - 824,001.74 GLMR
- Gamma - 16.627% of the vote - 748,207.67 GLMR
- Beamswap - 11.622% of the vote - 523,010.57 GLMR
- Moonfit - 6.586% of the vote - 296,360.50 GLMR
- Stellaswap - 6.201% of the vote - 279,043.06 GLMR
- Orbiter One - 2.955% of the vote - 132,995.69 GLMR
- Arden Platform - 2.200% of the vote - 98,990.11 GLMR
- Charm - 1.292% of the vote - 58,150.01GLMR
- DefiEdge - 1.088% of the vote - 48,938.62 GLMR
The combined total of 3,009,697.98 GLMR would have gone to the Community Committee Grants Bucket. However, the committee would rather see more teams benefit from the ecosystem tranche and so has decided to create a second snapshot vote between the teams that did NOT get grants in the first snapshot vote for this remaining amount.
The following rules apply for the second snapshot vote:
The second snapshot vote is to distribute the remaining 3,009,600 GLMR.
Only teams that did not get a grant in the first round are eligible, i.e.:
- Orbiter One
- Arden Platform
Teams are encouraged to rally their communities to vote on their behalf, but they cannot offer any sort of financial reward to their communities to vote - this includes GLMR, their own native token, stable coins or fiat. NFTs are allowed; as long as these are along the lines of “I voted for team x” (i.e. no “Bored Apes” NFTs worth thousands of dollars, for obvious reasons).
The max amount that can be won is 1,490,302.02 GLMR to ensure no team can win more in the second round than was won in the first.
Only the top 4 teams will be awarded a grant.
Any amounts that would be awarded to the other teams will go to the Community Committee Grants Bucket instead.
After the winners of the second snapshot vote and the awarded amounts are known, the forum posts for the winners will be reopened and they will have TWO days to detail to the community how this new grant will be used. Teams MUST specify this (as it is likely to be a significantly lower amount than was originally asked for) or they forfeit the grant and it will go to the Community Committee Grants Bucket. They can of course decline the awarded amount.
Each team will then go to an individual on-chain vote and the community will get a chance to approve or disapprove the adjusted objectives.
If the on-chain vote does not pass, the grant will not be awarded and the funds will go to the Community Committee Grants Bucket.
Saturday, 07/29: date the on-chain vote will be created to approve grants to the winners of the first snapshot vote
Monday, 07/31, 03:00 pm UTC: date the second snapshot vote will go live
Monday, 08/07, 03:00 pm UTC: date the second snapshot vote will complete
Wednesday, 08/09, 03:00 pm UTC: date by which the winners of the second snapshot vote will need to complete their updated milestones on the forum
Friday, 08/11: date by which the individual proposals for the winners of the second snapshot vote will be put on chain
Saturday 08/12: date by which the first on-chain vote will complete
Friday, 08/25: date by which the second set of on-chain votes will complete.