In a significant move to enhance its governance and operational framework, we are transitioning from our own DAO framework to a SNS on the Internet Computer. Hence this message on the forum to announce that the proposal, on the NNS, is live:
This upgrade, will benefits ORIGYN on the technical standpoint as the SNS infrastructure is really powerful and maintained by DFINITY. Being a SNS allows us to be in-line technically with DFINITY .
Since 2020, we have operated as a DAO, providing neutral certification for valuable assets like luxury goods, precious metals, and digital collectibles. Operating as a DAO is key for ORIGYN, as DAO’s are neutral and neutrality is required to become a universal standard, which is our aim.
The SNS wasn’t existing back in 2020 hence the decision to launch it now. It is purely a technical transition SNS, not a fundraise. We are not taking the community fund and are only putting a symbolic amount in the SNS.
Key Parameters of the SNS Launch
The SNS upgrade for ORIGYN is a purely technical transition and not intended as a fundraising event. Here are the key parameters:
OGY Tokens for Sale: 8,888 OGY
OGY Tokens for the Team: 8,888 OGY
Minimum ICP to Raise: 8 ICP
Maximum ICP to Raise: 88 ICP
Minimum Number of Contributors: 8
Min/Max Tokens per Contributor: 1 ICP
Duration: 88 minutes
The Upgrade Procedure
The upgrade process involves several critical steps to ensure a smooth transition from the legacy ORIGYN governance to the new SNS framework:
SNS Sale: The sale will create newly minted OGY tokens, marking the official start of the SNS.
Minting Proposal: A proposal will be submitted to mint the equivalent total supply on the new ledger, matching the legacy OGY ledger.
Token Swap: Legacy OGY token holders will swap their tokens at a 1:1 ratio by burning their old tokens and receiving new ones.
Unlocking Tokens: Any tokens locked in the legacy governance system will be unlocked, allowing holders to participate in the new system.
Staking New Tokens: Holders can stake their new OGY tokens in the SNS governance framework, continuing their involvement in ORIGYN’s decentralized governance.
For more details and updates on the transition, follow ORIGYN on Telegram and Twitter Join us in this exciting journey toward a more transparent and decentralized future.
Hey @skilesare would you please confirm this ORIGYN SNS-DAO is legit. The OP is from a relatively new forum account and was posted on the forum after the live SNS proposal 130063, which means it wasn’t announced in advance as normally expected. I haven’t heard you talk about Origyn wanting to go the SNS route previously. In fact, I thought you and the Origyn team were quite proud of the self made DAO framework that you have developed. I don’t see anything wrong with going the SNS route, but just want to confirm this proposal is by the Origyn team.
I just saw this previous post on the forum announcing the Origyn upgrade. I’d still prefer that someone that is recognizable (e.g. @skilesare) confirm that this is legit since the ORIGYN Foundation forum account is new.
Yes…we’ve been working very hard to get things set up to roll to the SNS. Our initial DAO framework came out almost a year before the SNS and has some cool features and things we think will eventually make it into the SNS (such as vote overrides which was nice to see in the dfinity road map released last week), but the ORIGYN team would like to focus on delivering the DAO utility and value promised by the network instead of having to support our own custom DAO framework.
The SNS gets us 80% of what we need out of the box, 10% is on the road map and another 10% can be handled by app canisters which you will soon see when we deploy the rewards canisters that support the deflationary tokenomics.
The added bonus of easy third party integration makes it a bit of a no brainer now that there is a pathway to upgrading to the SNS without doing a fundraise. (Which I would encourage many teams to explore so that they don’t have to give more of their platform away in a decentralized swap before they are ready…and I think there are far fewer regulatory hurdles to voting to add an existing token with utility than there are to launching a new token).
The minting proposal executed last week but I’m still unable to swap my legacy OGY tokens (they’re locked due to having staked them on the old DAO). Would you be able to clarify if there are any steps I need to take now to switch my tokens to the new ledger, or when I will need to take certain steps?
The swap function will be activated on June 5th. In the meantime, no action is required from your side.
Please be advised to wait for the swap option on the old ORIGYN dashboard. Once the swap is completed, you will be able to transfer the assets to the NNS app, and only once the swap is complete, not before.
More information will be shared in due course. For updates, kindly follow our Twitter and Telegram channels.
Additionally, there will be an AMA and a tutorial to thoroughly explain the entire process, ensuring everyone understands the necessary steps.
Thanks ORIGYN. Do you have any advise for someone who unstaked their legacy tokens and then attempted to transfer them directly to their SNS Origyn wallet address (the new ledger), rather than to the account ID address that’s supposed to be used before swapping? It’s been a busy day, and I wasn’t thinking clearly. This is what I’ve done, but now my OGY tokens do not show up in either the old dashboard nor my SNS wallet.
Here’s the tx for the transfer (3a72937898f372c46ce84c280703a423ea7d702d4484fa9393eae7afe0930e21). Your advise would be much appreciated. Thanks in advance
