A new question for voting on the Gala Founder’s Node ecosystem will soon be released, demonstrating democratized decentralization in action!
After extensive conversations with the community and hosting an AMA on the Founders Node Owner channel, the originally published proposal has been revised in several ways.
- Currently this applies to all existing referrals, but eventually there will be a point where they will need to be “recorded on chain” via burn. This will ensure that only those active in the ecosystem over the long term will continue to benefit from the recommendation system.
- In the final state, referrals are temporary unless they are recorded on the chain due to a burn. This means web2 users can refer friends and receive benefits from those referrals, but they will expire unless they “claim” them via video on the social dashboard.
- The time it takes to implement the full version is 90 days instead of the initial 7 days. This is because we have added engineering and design to the ability to create all recommendations on the chain.
- The rollout will take place in stages.
- Week 2: Rebate burn for referrer based on ETH burn.
- One month: Burn rebates for referrers based on GalaChain.
- Month 2: Featured Dashboard v1
- Month 3: Recommendation Dashboard v2 + Write Recommendations on Chain
- After this phased rollout, the countdown will begin until non-chain referrals expire.
The rest of the proposal remains the same.
Proposal overview:
Central to this proposal is the introduction of a recommendation system designed to encourage ecosystem support activities. By participating in token burning activities, users contribute to the sustainability of the ecosystem and encourage long-term Founder’s Node support for the ecosystem. Recognizing the importance of community-driven growth, this proposal states that when a user (User C) initiates a burn, the account that referred User C (User B) will receive a reward equal to 8% of the burn amount. The account that referred User B (User A) will receive an amount equivalent to 2% of the burned amount. This initiative aims to encourage broader participation in ecosystem development by fostering a more engaged and collaborative community.
This does not affect the Founders Node emission rate, but can be viewed as a recommended burn rebate for ecosystem support measures.
If there is no referrer, no referral video refund will be provided.
yes
User A refers to User B.
User B refers to user C.
User C begins burning 1000 $GALA.
User B receives a mint allowance of 80 $GALA.
User A receives a mint allowance of 20 $GALA.
Qualifying Actions:
- Buy via video
- gas bill
- Channel establishment fee
Note: All previous referrals will still remain part of this system. If you have previously referred a user and that user is part of your account, you may receive a referral bonus based on that user’s gas burning activity.
- Recommended Rewards: The introduction of a referral reward mechanism encourages existing ecosystem participants to involve new users, improving the robustness and activity level of the network.
- Incentive Structure: Focusing on on-chain activity and excluding connection activity makes the incentive mechanism transparent and simple. This clarity is important to maintain the integrity and purpose of the incentive system.
- Implementation timeline: With a commitment to agility and responsiveness, the proposed system will be implemented within seven days of approval. This rapid deployment schedule highlights the ecosystem’s commitment to innovation and timely improvements.
In the spirit of transparency and collective decision-making, this proposal will undergo thorough discussion within the Founder’s Node Operators. There will be at least one AMA on this topic to gather feedback so that the proposal can be improved and tailored to the community’s vision and needs.
Voting options:
Voting options are currently as follows: However, it may be amended through discussion prior to the governance vote.
Poll Question:
Should we implement the referral incentive system described in this blog to enhance ecosystem sustainability and community engagement?
yes: I support the implementation of the proposed referral incentive system, recognizing the potential to improve ecosystem sustainability and community engagement through incentive token burning.
no: I do not support the current proposal. I believe that the proposed referral system and token burn incentives may not be aligned with the long-term growth and engagement goals of the ecosystem.
forbear: I have decided to abstain from voting on this proposal. While I acknowledge the importance of community-driven planning and ecosystem sustainability, I need more information or am neutral about the impact of the proposed referral incentive system.
This voting closes at noon PT on Monday, March 18, 2024.
This proposal represents a strategic step towards leveraging the full potential of the Gala Founders Node ecosystem, encouraging active participation and rewarding contributions that drive the ecosystem forward. Through collaborative efforts and a shared commitment to innovation, the ecosystem can continue to evolve, providing more value and opportunity for all participants.