This is the AKITA communities proposal to the recent decision by Vitalik Buterin to send half of their supply to Gitcoin.
1. Summary - Our proposal is to burn everything that VB sent except for 5%. Leave 5% to stimulate progress between both communities. The reason for 5% is because, prior to the original developer leaving the project they burned 5% of the supply. This gives the token supply a 5% window that can be extracted before starting to mess with the original token metrics of the project. I propose giving 3% to Gitcoin to fund public goods, a finders fee so to speak. Along with giving 2% to the AKITA network team to act as funding for the future of the project. We have been completely self funded thus far, and with funding could make Gitcoin’s portion worth a lot more.
2. Abstract - Implementation would be relatively easy, send the tokens that need to be burned to a burn wallet, leave Gitcoin’s tokens in the multisig, send the AKITA teams tokens to our multisig.
3. Motivation - The motivation behind this proposal is to mitigate collateral damage. The Akita investors invested believing that half of our supply was “burned” to VBs wallet. We did not intentionally send these tokens to VB ourselves, and as such should not be punished for doing so. However our ignorance does not mean we are not subject to consequence. Gitcoin is an excellent source of funding for much needed public goods. By taking this route we can use the opportunity to educate new Ethereum users on the importance of public goods funding while staying within a range that causes as little harm as possible to the community. By holding $AKITA, Gitcoin now has a vested interest in the AKITA network project, and the AKITA network project has a vested interest in Gitcoin. By taking this peaceful approach Gitcoin will avoid any unnecessary backlash, and secure a long term source of funding, pending the AKITA communities success. The AKITA community reached a 1B valuation prior to these events. There is no reason to believe that long term success of this cooperation would not be obtainable for both parties.
4. Specification - I believe that as soon as Gitcoin announces this burn and cooperation that an immediate price action will take effect, the same that happened to SHIBA (+44%) after their burn announcement. Yet, the most important thing that will happen is that it will allow our community to rest on their speculation and move forward with more important topics. For Gitcoin, the implications are that there is now expectation from the Gitcoin community toward the AKITA community. Holding 3% of our supply is roughly equivalent to what some of the big exchanges hold. We would be honored as a community if Gitcoin found the most efficient way of using this capital.
5. Benefits - The benefits of this proposal are many, #1 The AKITA community is able to get back to our original tokenomics. #2 The Gitcoin community is able to secure a source of long term funding. #3 The Gitcoin community is able to introduce themselves to a community of new and eager Ethereum users. #4 The AKITA community is able to be introduced to some of the greatest minds on Ethereum and what they are trying to build. #5 This social experiment plays out in a natural way that benefits both parties tremendously. #6 No unnecessary backlash for either party.
6. Drawbacks - Drawbacks could include radical entities from either side not being satisfied with the decision and intentionally voicing this publicly.
7. Vote- Clearly outline what voting “yes” and “no” entails.
**Voting Yes means that you are voting to agree with my proposal. **
A Yes vote means to agree with Gitcoin burning 45% of the tokens sent from Vitalik’s wallet and splitting the remaining 5% with AKITA network’s team, with 3% going to Gitcoin and 2% going to the AKITA dev team.
Voting No means that you are voting against this proposal in favor of another proposal.
