I just voted on Snapshot in favor of this proposal. Great job ya’ll! Here are my thoughts I put on Twitter (https://twitter.com/hudsonjameson/status/1399868787579625480?s=20).
I have been reading forum posts on https://gov.gitcoin.co/ regarding what to do about the AKITA tokens Vitalik donated:
Announcement: Gitcoin Community Receives Generous Gift From Vitalik Buterin | Gitcoin Blog
I just voted for the proposal that sells 10% AKITA & places 90% AKITA in a 2-year Sablier Contract
Thread on my thinking
It is a common tactic for a projects to send a portion of their token supply to Vitalik’s public Ethereum address for publicity reasons. I’ve heard different reasons for why the AKITA team did this: publicity, as a “burn” address, as a gift to Ethereum’s creator. Akita’s creator sent roughly half of their supply (500 million tokens) to Vitalik’s address. Now that Vitalik has donated much of the 500 million to the Gitcoin community multi-sig we all need to decide what to do with those tokens. To me this decision hinges on the collective opinion of the viability of the AKITA community. The AKITA coin started “as joke coin without a team or project” by it’s own admission, that is now trying to find use cases to no longer be a joke coin (see: https://akita.network/faq).
I’ve seen a proposals that distributes or locks in other ways the token over a period of 2 years. What are the chances that the AKITA team, community, and token are viable in that time? What’s unique about their token? What if we slowly distribute over 2 years, but the team disappears and the price/liquidity tank? I don’t think the token and team will last 2 years and I don’t see any evidence on their site (plans, etc.) to convince me otherwise. So does that mean we should liquidate all of the tokens and get it over with?
As much as I would like to think positively about AKITA, I was starting to lean towards a more pragmatic approach of selling all of the tokens for maximum profit and avoid the risks and overhead of dealing with the tokens any longer. That was my thinking until I read this: Discussion: What should the gitcoin community multisig do with the donated AKITA - #126 by vbuterin
Vitalik’s reply seems to indicate he believes there are better ways to handle this than pure liquidation of all of the tokens. His words should hold some weight as he is the donor of the tokens and generally a smart dude. Thinking/reading on the forum more brought up a few other points. A point that resonated most with me is that it is bad optics/not in the ethos of Gitcoin to wreck a token/community, even if the origins of the project or viability of the project are in question. If we can help both AKITA and Gitcoin that is the best. So my “pragmatic” approach of liquidating the token completely is now in the trash can somewhat. However, I can be convinced to support a proposal that liquidates some of the tokens so Gitcoin can benefit now.
Specifically, the proposal that “sells 10% of its AKITA balance and place 90% of its AKITA balance in a Sablier contract unlocked over 2 years” is intriguing. [Proposal - Akita] Sell 10% AKITA & Place 90% AKITA in 2-year Sablier Contract
I will be voting on this proposal since it seems to be balanced and looking out for both communities to maximize value.
If you have GTC and want to delegate your coins to me check out this thread! I appreciate everyone who has delegated so far
https://twitter.com/hudsonjameson/status/1399853366847717379?s=20
