Prop 21: First Grant Program Installment for Define Logic Labs (DLL)

This proposal addresses the first grant installment for Define Logic Labs (DLL), in accordance with the previously passed on-chain governance proposal 7. This grant is part of the Quasar Interchain Grant Program.

The above mentioned proposal, approved on August 12, 2023, included a three-month cliff period that concluded on November 11, 2023. The vesting of the grant commenced the following day, November 12, 2023, and one month of this period has now elapsed.

The vesting of the 5 million QSR token grant to DLL is contingent upon their success in increasing the Total Value Locked (TVL) via Quasar's platform. For a comprehensive overview of these conditions, please refer to the detailed breakdown in the forum post associated with proposal 7, available at the Quasar Forum.

As of the date of this proposal, Quasar’s platform has reported a TVL of approximately $7,500,000, qualifying DLL for Tier 8 as per the stipulations of proposal 7. This achievement permits the payout of 629,365 QSR tokens. These tokens will be transferred to the wallet address endorsed in proposal 7 (quasar19fylsq22q6uv9nrkv7yat3jrypr0azwvgnavjg).

Upon approval of this proposal, the total QSR tokens disbursed to DLL will amount to 629,365. DLL will remain eligible to receive an additional 4,370,635 QSR tokens, subject to the vesting tier table conditions.