BIOPS-11🧪 Genesis round 1 reward systemisation

Summary

• Proposal is an amendment to BIOPSY-10, clarifying the distribution of auction 1 participation rewards
• The 2.25% of additional BIO will be distributed to all auction 1 participants with the aim to reduce the closing valuation of all token auctions in auction round 1 to $85M and bring the closing valuation of all auctions in line with the starting valuation of auction round 2
• The distribution will resolve any effective price differences between individual auctions at the end of auction round 1

Description

This proposal seeks to clarify the reward structure outlined in BIOPSY-10 by introducing a more detailed description for distributing participation rewards for the first auction round. The key points of this amendment are:

• As stated in BIOPSY-10, 2.25% of BIO tokens will be distributed among all participants of auction 1.
• This distribution serves two main purposes:
  • To adjust the closing valuation of all token auctions in auction round 1 to $85M
  • Assuming a higher targeted closing valuation for auction round 2, reward early participants of the auction round 1
• The distribution mechanism will address and resolve any price discrepancies between individual auctions within auction round 1.

Reward Distribution

The resolution of price differences leads to an equal treatment in terms of total BIO received for dollar value contributed at the end of auction round 1 among participants, regardless of which specific auction they participated in within auction round 1.

The distribution outlined below will mean that each asset that participated in auction 1 will have received the same effective price for $BIO at time of closing, matching the same effective start price of $BIO for each asset in auction 2.

Auction	% Increase in BIO Allocation	Closing price/BIO in Auction 1	Total BIO to be distributed to auction participants (To enable an effective closing BIO valuation of $84,882,315.32)
VITA	55.86%	$0.03984993	42,139,135.64
NEURON	27.63%	$0.03263086	4,751,529.56
ATH	36.07%	$0.03478956	6,203,576.99
PSY	17.81%	$0.03012048	768,687.03
RSC	51.08%	$0.03862670	4,239,683.71
GROW	21.83%	$0.03114916	4,392,753.38
HAIR	61.30%	$0.04124019	9,982,893.18
CRYO	31.05%	$0.03350638	2,221,748.76

The columns above represent in order;

1. The percentage increase in BIO for participants in the respective auction in round 1
2. The effective closing price of BIO based on auction asset price at closing (determined by auction demand and price fluctuations)
3. The total BIO to be distributed in the retroactive airdrop to each asset to achieve an effective BIO valuation of $84,882,315.32
4. The extra BIO tokens distributed per token deposited

The reward distribution will be in form of vBIO with the vesting schedule holding the same terms (start date and duration) as the original vBIO received by participants as part of their auction 1 claim.

For further information, we refer to BIOPSY-10. BIOPSY-11 supersedes BIOPSY-10 where it differs.

Conclusion

BIOPSY-11 represents an effort to bring further detail and clarity to the reward structure initially proposed in BIOPSY-10. By introducing the distribution system for auction 1 participants, this proposal aims to enhance early participation incentives, standardize valuation across auctions, and ensure price consistency for auction 2. These modifications are designed to create an attractive and fair environment for participants in the genesis phase of the token distribution process.

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