We are making a further revision to this quarter’s governance proposal. We are also delaying the voting period until Monday the 5th to give some time for the community to review the measures.
Last year’s governance rewards program covered the four periods in 2022, meaning that it expires at the end of this year. The measures for this fifth vote were to design a new governance rewards program, for a six-month period, to try a new, more targeted approach and to put the ecosystem on a path of less reliance on “general” governance rewards and increased rewards for additional activities that directly support the health of the ecosystem. Although most of you understood this, some in the community thought that the reallocation of the governance rewards was too sudden and required more lead time to prepare.
Given the confusion, we are making this governance period a transition governance period of three months instead of six months. (That is, a one-quarter vote, as we had last year). During this transitional period, we keep the perceived “status quo” of 70.5 MM Algo in total rewards. The other measures – for DeFi, for xGov, and for NFTs - remain the same, but now they are counted against that 70.5 MM Algo total. That is, we ask the community to vote on five specific measures - one for Defi (DeFi funding choices remain the same); two for NFTs (same choices); two for xGovs (same choices), with the residual rewards going to general governance.
In summary, we are changing two things as compared to the previous proposal:
- We are reducing the length of the governance period from two quarters to one quarter;
- We are adding the explicit notion that – after subtracting funds for DeFi, xGov, and NFT measures based on community preferences - any remaining Algos will be allocated to general governance.