A few weeks back, the team contributed 2,000,000 $SWISE (0.2% of the supply) from the Future Fund towards a farming campaign in the $SWISE/$1INCH liquidity pool. Following some initial community feedback to the idea of bootstrapping liquidity in this fashion, we would like to present SWIP-2 up for the community vote.

This SWIP will ask the forum members to vote on whether the amount of tokens that was used for seeding the 1st farming campaign with 1inch (2,000,000 $SWISE) should be refunded to the Future Fund from the Treasury, considering it is a better source for such disbursals.

Motivation

As was previously outlined in the unofficial proposal 3, the farming campaign was meant to bootstrap the initial liquidity in the $SWISE token in order to achieve price discovery and decentralize ownership beyond just the airdrop participants. The chosen amount (2,000,000 $SWISE) was believed to strike a good balance between a sufficiently good incentive to offer liquidity and not overpaying for price discovery and decentralization. The team needed to act quickly and so made a choice to commit the said amount of $SWISE from the Future Fund, instead of a lengthier process of initiating a public quorum to disburse the tokens from the DAO Treasury.

Given the circumstances, the team proposes that a refund of said 2,000,000 $SWISE be made to the Future Fund from the DAO Treasury. The rationale is simple: 1) by design, the Treasury is a better source of tokens for the liquidity mining incentives, and 2) drawing from the Future Fund for liquidity mining incentives means less funding would be raised in the future, limiting the development runway. If this SWIP is approved, the funds in the Treasury would be put to their intended use, and the Future Fund would be replenished to support the future fundraising activity.

Specification

If the proposal is approved, the StakeWise DAO Governance multisig would submit one transaction for a transfer of 2,000,000 $SWISE from the DAO Treasury to the Future Fund’s wallet. The link to a Snapshot Vote specifying the transaction for the transfer will later be published in this thread.

Verify transfer transaction

The transfer transaction has been attached to this snapshot:

• Target address is set to SWISE Token - the desired token to send

• Value is set to 0.0 ETH - no Ether will be transferred with the transaction

• Data is correctly formed:

  • Go to Hashex and paste the ERC-20 Contract ABI
  • Set function type to transfer
  • Set recipient to StakeWise Future Fund address
  • Set amount to 2000000000000000000000000 which is 2,000,000 SWISE with 18 decimals.

  The received data should be equal to the one attached to the transaction.