mantra

Prop 11: 18 March Governance Proposal

Dear Sherpa Community,

In the the following  proposal we are asking you, our community to vote on two key matters within the next 48 hours;

  • 1. Determining whether to burn ~26.9 million $OM (approximately $185 million in value) identified  during our recent sybil investigations (details available [link here]), or redirect these tokens to a community pool for future ecosystem development.
  • 2. Postponing the scheduled 18 March GenDrop without announcing a specific new date to prevent market timing and manipulation.


When our economic update proposal including tokenomics launched, we committed to burning any $OM flagged as sybil. However, the volume of sybil-flagged $OM is significantly higher than anticipated. Given the substantial economic value at stake, we propose these $OM could better serve our growing ecosystem, through strategic allocation.

If approved, these $OM would be deposited into a publicly verifiable wallet address. Funds would only be accessible, based on future governance proposals for ecosystem development that validators and stakers can vote on.

Gendrop Timing Change

While we recognize and understand the disappointment surrounding the GenDrop’s postponement, we believe the magnitude of this decision requires input from our community. And as stewards of the chain, it is our responsibility to put this forward for your vote.

If approved, we will not announce a specific time or date for the claim. Instead, we will make it available without prior notice to prevent market participants from timing their liquidity around this event.

Implementation Details

If ratified, this proposal will:

  • Allow a single claim for all eligible users - including those who are eligible to receive sybil slaying season rewards -  and our real-world supporters
  • Affect only the timing of the initial 10% unlock for GenDrop participants
  • Affect the start time of the $OM Upgrade - the clock for the OM Upgrade unlock begins in conjunction with the GenDrop initial allocation drop
  • Not impact the vesting schedule thereafter (the linear vesting beginning 18 September remains unchanged)

Conclusion

This proposal aims to ensure the long-term success, viability, and sustainability of the MANTRA ecosystem while still rewarding our supporters.

As mentioned previously, we acknowledge that postponing the GenDrop has, and will disappoint many. However, it’s a decision not taken lightly. Ultimately it was taken to prevent short-sellers from negatively impacting the market, but reward genuine members of the MANTRA community.

We invite you to cast your vote within the next 48 hours, to help ensure the continued durability and sustainability of the ecosystem.

  • Vote Yes to allocate tokens to community pool.
  • Vote No to burn the tokens

Thank you for your continued trust and support.

MANTRA