VIP-1 Amendment: Bio.xyz Token Swap

Summary The principal aim of this amendment is to amend the GROW token allocation plan regarding the bio.xyz Token Swap. It seeks to remove the 4-year vesting term for bio.xyz's GROW tokens to comply with the terms of the bio.xyz accelerator program and the token warrant issued from ValleyDAO to Bio.xyz.

Background & Motivation The current vesting term for the bio.xyz Token Swap, a 4-year schedule with no initial unlock, is incompatible with the agreements between ValleyDAO and bio.xyz entered into as part of the bio.xyz accelerator program. It is essential to remove this vesting term to uphold ValleyDAO’s contractual obligations, promote a healthy partnership between ValleyDAO and bio.xyz, and foster a robust and dynamic ecosystem.

Specification The amendment focuses solely on the bio.xyz Token Swap. Bio.xyz will immediately receive 6.9% of the total GROW supply, in line with bio.xyz's commitments and contributions, including DAO incubation, mentorship, and a $100k grant. No other GROW token allocations will be affected by this amendment.

Impact on GROW Token Allocation The total GROW supply is capped at 100 million. This amendment does not increase the total GROW supply. The bio.xyz token allocation is 6.9% of the supply, totaling 6,900,000 GROW. This amendment does not increase the bio.xyz token allocation.

Compliance with Non-Tradeable Phase This proposal provides bio.xyz with its allocated tokens, but it does not make GROW token tradable.

Timeline The implementation of this amendment, providing bio.xyz its allocated GROW tokens, should be executed upon approval.