STP-4 | Approval for the first weeks of the Initial Incentive Program for sprMAV holders

Summary: The previous proposal to deploy MAV Spiral Locker — a liquid locker for Maverick protocol has been accepted by the DAO: https://snapshot.org/#/spiralgov.eth/proposal/0x745f995e0f220e3a3f5c8ecc707c109670d1d7beb00456b549117b53ca1e3ff1 This proposal covered the Initial Distribution of preminted sprMAV to users who lock their MAV in Spiral lockers for the upcoming Maverick Incentive Program. The current proposal aims to discuss details of the Initial Incentive Program.

Context: A new Spiral Locker for MAV tokens will be launched soon. Maverick won’t launch its tokenomics until a few months, so there will be no MAV emissions for some time. Before that, Maverick will distribute 10 mln MAV tokens to veMAV lockers during the Maverick Incentive Program Season 1 (Medium: https://medium.com/maverick-protocol/maverick-ecosystem-incentive-program-95cf76dbfa5e) Spiral DAO aims to capture a fair portion of this airdrop and distribute it to sprMAV holders as liquid-locked sprMAV. The distribution is planned to be conducted in 3 stages following a hybrid model combining direct distribution and progressive incentives. Distributing incentives this way will strengthen sprMAV/MAV liquidity and the sprMAV peg. Spiral DAO will take a 10% fee for future incentives and other DAO needs.

During the first month of the Initial Incentive Program, Spiral DAO will distribute preminted sprMAV. This sprMAV isn’t backed by anything yet and is a projection of the expected airdrop share. If the airdrop amount the DAO receives isn’t enough to cover the Initial sprMAV distribution — it will be covered by the DAO. However, this possibility is quite low.

Before sprMAV is whitelisted on Maverick: We expect that to take ~ 1-2 weeks. During this time, we propose to distribute 2,000 sprMAV/day to sprMAV single-staking to encourage Spiral Locker adoption.

❗ If we project that to 2-3 months of airdrop anticipation, the total sprMAV amount emitted this way would be 180k sprMAV, effectively evaluating our share as 1.8% of the total MAV airdrop. This is a really conservative estimation, and most likely, we can get a far bigger portion. This means that Treasury won’t need to step in and cover preminted sprMAV with its own votes.

After this period, the DAO will vote again for a more structured incentivization plan with a target of creating deep liquidity for sprMAV.

Means: Engineering resources: RewarderVault smart contract will start distributing 2k sprMAV per day. The ownership over smart contracts will be transferred to the Treasury Multisig. After a couple of months, the ownership will be transferred to a more slow Protocol Multisig. Treasury resources: Unless the airdrop amount is not enough to cover the preminted sprMAV, the Treasury won’t bear any expenses.