WDP-014 Proposal to Amend WDP-007 (Amendment to the Holder Airdrop)

Contributors on this proposal: Owner(s) of the Proposal: BENNI, Goonjug, and Ikur

Reference the original proposal: https://snapshot.org/#/wenvote.eth/proposal/0xe38efcb31e998ced1014e633ea123dc23d675a0f562c33ff283ff01642574489

Abstract

The community has asked for clarification on WDP-007 regarding when the snapshot occurred for the holder airdrop. Additionally, the formula proposed in WDP-007 will not distribute the entire amount of the unclaimed tokens, so we propose a solution.

Specifications

Clarification: There are a total of 67,511,578,629 unclaimed tokens in the wentokenairdrop.eth. The DAO has voted to airdrop 25% of those tokens (16,877,894,657) to holders. The snapshot for this airdrop claim shall be May 29, 2023, 12:00 PM UTC. The airdrop claim will be calculated based on the holdings at that time.

Amendment: We propose to revise the formula for the airdrop claim amount to ensure the entire amount is distributed. The following formula shall be used: TOTAL_DISTRIBUTION * (tokens_in_wallet * time_held_by_wallet) / TOTAL_TOKEN_SECONDS_HELD

Definitions: Qualified wallet: any wallet holding more than 0 WEN at snapshot that registers for the claim tokens_in_wallet: tokens held by the target wallet at snapshot time_held_by_wallet: number of seconds that the target wallet has held more than 0 WEN at snapshot TOTAL_DISTRIBUTION: the number of tokens to distribute (16,877,894,657.25) TOTAL_TOKEN_SECONDS_HELD: sum of (tokens_in_wallet * time_held_by_wallet) for all registered wallets

The airdrop claim registration will be Live for 10 days. Everyone who registers to claim the airdrop within the 10 day period will be entered in the pool. Those that do not enter will not be able to claim the airdrop. The 10 day period will be announced by the Dev team when the claim application is ready. Date TBA.

This claim will require 90 Day vesting with 10% releasable once the claim closes. The remaining balance can be released on a drip throughout the 90 days. Each transaction will cost the holder gas fees for which they are responsible.

Lastly, we propose to transfer 40,633,683,972 from the wentokenairdrop.eth wallet to the wentokendao.eth wallet once the 10 day registration period ends. We are leaving 10B in the airdrop wallet to cover future vesting needs.

Consensus

This proposal will be live for review, comment and voting for 5 days. It will be a simple for or against vote.

Motivation and Benefit

This proposal provides more detailed information to provide clarity requested by DAO members. Additionally it provides a solution to the issue found in the formula proposed in WDP-007.

Drawbacks

There are no drawbacks as this provides clarification and additional information regarding WDP-007.

Final Words

Upon passing this proposal the Engineering team will be charged with executing this airdrop using the parameters given above. We, the DAO, are placing this task at the highest priority and request this be expedited. A realistic timeline is requested upon the passing of this proposal.

Vote

For - Approves the Holder airdrop amendments described above.

Against - The airdrop must be further delayed and new solutions and clarification must be proposed.