Hey @jennifertran. @bobdotfun hosted an impromptu Q&A today in the bob.fun chat group on Telegram. It provided some additional clarity on this second attempt at an SNS launch including some references to prior and future development. Below is a summary and a link to a good starting point in that Q&A.
Here is a 1000 word ChatGPT summary of the Q&A...
Summary of Alice SNS Proposal Discussion
Overview of Alice SNS and Decentralization Proposal
- Purpose: The team behind bob.fun is proposing to launch an SNS (Service Nervous System) called Alice, aimed at decentralizing the applications bob.fun, launch.bob.fun, and alice.fun on the Internet Computer.
- Tokenomics: ALICE tokens will be minted through the SNS sale, with 20% distributed as an airdrop to launchpad users and BOB token holders.
- Airdrop Distribution: A custom off-chain mechanism will handle the airdrop, ensuring efficiency and transparency with on-chain verification. This workaround bypasses the SNS framework’s restrictions on airdrops.
Key Discussions and Clarifications
Treasury and Token Distribution
- No Treasury: Alice will have no treasury. All raised ICP will be directly managed by the DAO for investments and activities like token trading.
- Snapshot for Airdrop: A snapshot of BOB holdings will be taken in the coming weeks. Users need to withdraw BOB tokens from liquidity pools and hold them in personal wallets to qualify for the airdrop.
- Proportional Allocation: The airdrop will be proportional to BOB holdings relative to the total supply. Tokens in liquidity pools will be allocated to the pools’ contracts.
Decentralization Process
- Phased Approach: Initially, two canisters (BOB ledger and BOB mothership) will be transferred to SNS governance. Additional canisters, like the Launchpad, will follow after the team gains experience with SNS mechanics.
- Governance Dynamics: ALICE DAO governance rewards are expected to be high due to attractive tokenomics and limited participation. Users can vote manually or delegate votes to neurons.
Technical and Logistical Aspects
- Custom Implementation: The team’s workaround for the SNS airdrop includes creating custom code for efficient and transparent distribution. This approach will be tested for acceptance by the NNS.
- Development Background: The team consists of part-time developers with experience in canister development and AI. All Alice infrastructure is being built from scratch in Rust.
Community Questions and Answers
Eligibility for Airdrop
- Users must withdraw BOB tokens from liquidity pools and hold them in personal wallets before the snapshot.
- Supported wallets include any compatible with the Internet Computer.
Impact on Liquidity Pools
- Allocating tokens to liquidity pools raised concerns about price volatility during the snapshot as users withdraw liquidity to qualify for the airdrop.
Future of Alice DAO
- The DAO will decide how to utilize raised ICP, including potential investments in liquid staking, token launches, or governance tokens.
Voting Mechanics
- Initial neurons from the decentralization swap will have minimal lock-up periods for flexibility. Users can lock tokens for up to 3.5 years for maximum rewards.
Potential Innovations
- Community members suggested exploring financial products, such as auto-buy mechanisms for BOB using staking rewards. While these ideas are beyond the team’s current capabilities, they are open to community-driven proposals.
Development and Support
- The team consists of friends and part-time developers emphasizing community engagement and transparency. They plan to explain all processes on alice.fun upon launch.
Challenges and Considerations
- SNS Limitations: Custom implementation is required to address airdrop and treasury management restrictions.
- Market Volatility: Holding BOB tokens in wallets for the airdrop may cause temporary liquidity issues and price fluctuations.
- Governance Education: Guidelines for interacting with Alice DAO are needed for community members unfamiliar with AI-driven governance.
Next Steps
- Proposal Submission: The new SNS proposal with corrected parameters is under review.
- Snapshot Announcement: The team will announce the snapshot date and provide clear instructions for eligible participants.
- Phased Decentralization: Initial canister transfers to SNS governance will serve as a learning opportunity to refine the governance model.
- Launchpad Deployment: Subsequent phases will include decentralizing the Launchpad and other applications under DAO governance.
Community Sentiment
The proposal received positive feedback for its innovative approach to decentralization and transparency. However, concerns about token distribution logistics, governance dynamics, and the impact on liquidity pools remain. The team’s openness to community suggestions and proactive engagement were widely appreciated.
This summary highlights the technical, logistical, and community aspects of the Alice SNS proposal, reflecting the collaborative and experimental spirit of the Internet Computer ecosystem.
Or here is a direct link to one of the first posts in the Q&A…