Proposal to create an SNS DAO for SNEED

[ckMood]

@Robert_Hon

Sneed has inadvertently hedged against the high inflation of ICP in eight years

What do you mean eight years?

[jennifertran]

Thank you so much for the details! Do you have a timeline on when you will launch a proposal?

[ckMood]

What do you mean by this?

[Robert_Hon]

Circulation

The token economics of ICP is entirely inflationary. Although we accept this governance consensus, this inflation is a chronic depreciation for 1-2 year holders. SNEED has the genes to hedge against inflation as a derivative.

[jennifertran]

We are just confirming the timeline on when the @Sneed team plans on making a proposal to create an SNS on the NNS dapp.

[cryptodriver]

A question: How do you team deal with sale income? To put them into 8-year neuron?

[Sneed]

The Sneed Team is currently finalizing the proposal and weighing in community feedback such as the minimum/maximum amount to be raised. Giving an exact timeline is difficult because we are carefully evaluating all details and technical requirements. If we would have to give a tentative timeline it would be Q4 2023 - Q1 2024.

[Sneed]

This would be up to the DAO to decide.

[Sneed]

Thank you! Yes, we were about to announce it here as well. We are being audited currently.

[cryptodriver]

Waiting for some update from the SNEED team.

[Sneed]

The Sneed team is currently improving the SNS dApp’s code according to recommendations given in the audit.
You can see our progress on: GitHub - icsneed/sneed_sns_dapp: Sneed SNS dApp

Simultaneously, we are testing the potential SNS setup locally to ensure a robust launch.

Thank you for your patience and we are looking forward to finalize and submit the proposal as soon as possible!

[Robert_Hon]

Looking back on the past, SNS1 carried the community’s great DAO dream, and united the entire ICP community, developers, investors, and the foundation. Seeing the success of DKP today, I can’t help but sigh with emotion. After a long bear market, ICP is now back on track and continues to strive to become the top 3 market leader in blockchain.

The SNS1 community once had an idea that SNS1 holders could receive token airdrops from more DApp startup projects on IC. However, due to various reasons, the SNS1 team at the time was unable to successfully execute in this direction. This is a positive feedback mechanism that can not only promote Sneed to be more valuable, but also help more and more new DApps grow rapidly. Here, I would like to ask Mr. Sneed if he can inherit this idea and make it a part of the SNEED DAO roadmap after Sneed starts SNS.

(two history links attached, which are all our experiences on SNS1. I hope every SNS project will achieve great development.)

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Hi there! There is a lot of curiosity about the status and future of DKP/SNS-1. We have been giving this a lot of thought and we wish to discuss with the Dfinity community the first steps that we envision for the DKP/SNS-1. Firstly, we want to update the ticker symbol from SNS-1 to DKP (Draggin Karma Points). We understand that this requires a vote on this aspect at the NNS level, to which you would be invited to give your opinion. @domwoe @lara Can you please confirm that this will be possib…

[DHemingway]

SNS1 holders are receiving an airdrop from Neutrinite Dapp. 1:5 (10,000 SNS1 : 50,000 NTN) that’s 5 NTN tokens per each SNS1. There is still an airdro spirit with SNS1, I hope it continues.
Sneed could also airdrop to the SNS1 too.

[gatsby_esp]

SNS is not for meme coins

[Robert_Hon]

Blockchain and decentralized ledgers have fundamentally broken the boundaries between currency, stocks, points, and memes, allowing these data that are limited by centralization to flow freely and realize value in a decentralized and permissionless manner.

From the history of Bitcoin, is Bitcoin a meme? Is Bitcoin a sovereign currency? I’m afraid you may not be able to make a conclusive definition of Bitcoin yet. The most important thing is community consensus, as well as a consensus mechanism that is creditable, tamper-proof, fair, and transparent. SNEED DAO is currently moving in this direction. Therefore, your attribution of SNEED to meme is actually lacking in rigor.

Please believe that the DAO behind SNEED, as well as the entire community consensus mechanism, can bring concrete value to holders, including the ICP ecosystem.

[Esfeso72]

Many opinions about the SNEED SNS which is good for the IC ecosystem. The fact remains obvious that SNEED SNS proposal is great and is welcome

[Sneed]

The Sneed Team is proud to announce that after months of preparation, including development of the Sneed converter dApp for converting from the OLD (currently circulating) Sneed token to the NEW Sneed DAO token (to be created upon successful Sneed SNS launch), testing, auditing, revising and auditing again, we are ready to submit our Sneed SNS proposal.

The Sneed converter dApp will be activated and filled up with NEW Sneed DAO tokens from the SNS treasury via DAO proposals after successful launch.

dApp: https://4pk43-5qaaa-aaaag-qc44a-cai.icp0.io/

dApp source code: GitHub - icsneed/sneed_sns_dapp: Sneed SNS dApp
dApp audits by @skilesare: sneed_sns_dapp/audit at main · icsneed/sneed_sns_dapp · GitHub
Sns_init.yaml: sneed_sns_dapp/sns/sns_init.yaml at main · icsneed/sneed_sns_dapp · GitHub
White paper: SNEED

We will be launching our SNS proposal shortly.
The token allocation of the NEW Sneed DAO tokens will initially be 85% treasury, 10% decentralization sale, 5% Sneed founding team (this is the allocation specified by the SNS initialization parameters).

However, because there is already an existing OLD Sneed token in circulation which will be convertible 1:1 (minus transaction fees) to the NEW Sneed DAO token created for the SNS, the following will end up becoming the actual allocation:
19.5% treasury, 10% decentralization sale, 10% Sneed founding team, 60.1% Sneed converter dApp, and about 0.4% Burned.

The reason is that a majority of the NEW Sneed DAO tokens in the treasury will be sent to the Sneed converter dApp, so that holders of the OLD Sneed token can convert them to the NEW Sneed DAO token.

The Sneed founding team will (after burning 500 of their OLD Sneed tokens) own 500 OLD Sneed tokens and 500 NEW Sneed DAO tokens.

After converting their OLD Sneed tokens to NEW Sneed DAO tokens, the Sneed founding team will end up with 1,000 NEW Sneed DAO tokens, or 10% of the supply.
500 of the Sneed founding team’s NEW Sneed DAO tokens will be locked in a neuron with 8 months vesting time and 1 month dissolve delay, and 500 will not be locked.

Thank you for your consideration and please feel free to ask any questions!

[Robert_Hon]

what’s the SNS price ?

[gatsby_esp]

10% for the founding team on a meme token. Hilarious.

[SumMonsterism]

Explain, if you’d be so kind!