Remove IMX Rewards Lockup

This proposal is to decide whether the 6 month lockup on IMX rewards should be removed. For context, please see the below summary and link for the full analysis.

TLDR:

In order to significantly improve the efficiency of the IMX token, Gauntlet proposes a removal of the token rewards lockup period. Gauntlet’s insights are all results of our modeling and analysis which show strong indications that these changes can drive positive expected value. We recommend a removal for the following reasons:

1. More tokens than required are being spent. The current 6 month unlock causes traders to discount their rewards by up to 66.6% leading to an inefficient use of tokens.

2. Lockups do not influence long term token holding behavior. There is no data to suggest that the current 6-month lockup leads to long term token holders.

3. Removing the token-unlock and reducing the rewards allocated will result in a similar inflation rate. Removing the lockup can, however, slow the longer term rate of IMX inflation by reducing aggregate token emissions.

Link to Forum:

See the full detailed analysis here. Full disclaimers also in the forum post: https://forum.immutable.com/t/trading-rewards-token-lockup-analysis/292

Timeline:

• If successfully passed, this will be rolled out on all rewards earned from the 14th of December onwards.

• All tokens earned prior to the 14th of December will be subject to the 6 month unlock as to remain consistent with our prior community commitments.