Navin makes a good point. Seems that doing any formal vote should happen after the STAKE/GNO swap is complete.
Having said that, it seems that getting a “phase 1” temperature check through this discussion at this time is a good thing.
I lean toward supporting the initial (and measured) token burn, since they were somewhat of an inadvertent outcome of the initial 2017 Dutch auction going so well, and selling such a small percentage of the GNO tokens on offer.
Hi, imho, if such actions/decisions benefit only to original Dutch auction participants, I doubt that the elephant in the room will be killed. Token holders are token holders and should be treated equally. Nobody forced some original Dutch auction participants to sell their tokens (or to buy more). And for those non-original Dutch auction participants who bought GNO tokens on the market and hodl in their wallet, nobody told them in advance that ‘all token holders are equal but some are more equal than others’. I would welcome any solution, provided that it applies equally to token holders.
My issue was that STAKE holders had no way to swap when this conversation was happening
Now that swap is live, I think it is fine to take a temperature check.
Having said that, waiting for a day might be even better given that the auction ends Dec 20 3pm CET.
With a 165k ETH warchest, it seems that a goodwill gesture of burning a portion of the vested GNO would be hugely beneficial for all holders. In the event there are cost overruns, some ETH can be used to cover them and replenished later with small GNO sales once additional GNO vests (especially in the event of a large squeeze in GNO token price, when Treasury diversification makes the most sense and brings value to GNO holders through additional ETH holdings and yield farming activities). In terms of value accrual, it seems to me that convincing the market that all un-needed GNO will be burned is much more important than potentially controlling that liquid GNO through a DAO. Large supporter of this idea.
I may be missing your point, but I believe that this action does apply equally to all holders regardless of when they purchased GNO. The market is fearful of being dumped on and so is discounting GNO token value as though some portion of the ~7.8mm GNO controlled by the Treasury may be dumped. If the market becomes convinced that the most likely path will result in burning a large portion of those holdings, then the liquid market cap of ~$800mm becomes seen as the fully diluted market cap, rather than the market currently viewing the fully diluted market cap as ~$4.5bn. That would allow the token to appreciate and benefit all holders.
This is especially true given current GnosisDao ETH holdings of 165k ($660mm) mean that in the event we believe all Treasury GNO will be burned the market is currently only valuing CoWswap, GnosisSafe, seed investments, etc at ~200mm.
My point was answering to comments above where a suggestion was made in favor of holders who participated to dutch auction. I beleive token holders should be treated equally. On the proposed solution, I would support a burn of the remaining unused 715k GNO. As the circulating supply is currently around 1.5 or 2.0 million, a 715k is significant part of it. If swapped against any other asset, this is the elephant in the room. To put things in parallel with stock market, a company owning his own shares usually decide to cancel by a reduction of capital because if it flows on the market there is a risk perceived the overflow impact negatively the market pricing.
@ernst Should we move this to phase 2? Seems to have universal support and to my mind is an easy choice with limited downside. Any shortfalls in funding can be covered with ETH, and more GNO unlocks within a year I believe. Then we get to have this conversation all over again.
Yes! Agree, I will move it to phase 2.
It looks like we finished Phase 2, so when is the timeline to get this to a snapshot vote (Phase 3)? Apologies, new to the protocol.
This GIP-19 has the community’s support, it’s been active for more than 1 week, imo it should be ready for snapshot.
just wanted to follow up here, thank you!
This proposal is on Snapshot!
https://snapshot.org/#/gnosis.eth/proposal/0x34c8c299df663957c4ccde826cf56cc798c2590f62ec2e400d635ffae506d901
btw, its beyond stupid that GNO holders on GnosisChain still cant vote
not including LGNO holders is a farce.
Can’t vote. All my GNO is currently utilized. Will we be able to vote with other GNO before this snapshot has closed?
I am having the same issue. All my GNO is either locked or on the Gnosis Chain.
For the record, my vote is Yes.
All GNO is also on Gnosis Chain and am not yet able to vote, either. My vote is Yes.
My GNO on gnosis chain and locked. But if I could vote, I would give a Yes…
yes，we don’t need that much