This is the proposal for the NNS to create an SNS DAO to govern the IC GHOST.
Why the Need for Resubmission?
According to the design of the SNS framework and the parameters set for IC GHOST, the NNS community had concerns about the lack of lock-up for GHOST tokens in the SNS swap, which meant that participants in the swap would not immediately acquire voting powers, they would need to stake their tokens again to obtain voting powers. As a result, the NNS community was apprehensive that the IC GHOST team could exert control through arbitrary proposals after the SNS swap. Consequently, the NNS community did not approve the initiation of the SNS swap for IC GHOST (you can review the proposal here: Proposal: 123409 - ICP Dashboard).
We understand these concerns and have been discussing and incorporating feedback from the developer community and IC community to make improvements.
And now, if we (the IC GHOST team) make a second attempt at launching the SNS, we would need to start the SNS creation process from the beginning. This involves submitting a first proposal, installing and initializing new SNS canisters, and then submitting the second proposal for the SNS swap.
IC GHOST is the first meme coin and one of the leading projects within the ICP ecosystem!
At IC GHOST, we are deeply committed to realizing the vision of Satoshi Nakamoto and fostering a community driven by selflessness and dedication. With the launch of our SNS-DAO, we embrace the spirit of collective decision-making and invite our community to actively participate in shaping the future of our project. Together, let’s harness the power of DAO!
Through this strategic move, we are relinquishing control and entrusting the leadership and governance of the IC GHOST project to you, our valued community members. Our decentralized autonomous organization (DAO) empowers each individual within the community to play an active role in shaping the direction and success of IC GHOST.
We are committed to creating tangible value for all ICP users. Our ultimate goal is to establish a fully decentralized and self-governing organization where every $GHOST holder becomes a respected stakeholder, contributing to the growth and prosperity of the project.
Together, let’s pave the way for a new era of decentralization and community-driven innovation. Join us on this exciting journey and be part of shaping the future of IC GHOST!
Every penny from SNS sales will be used for the liquidity of GHOST/ICP, which will be added through proposals.
Proposed Token Distribution
Total token supply: 10 billion GHOST tokens
75.92%: Reserved for the SNS treasury & under control of the IC GHOST DAO. A portion of it is allocated for a 1:1 exchange between GHOST (EXT) and GHOST (ICRC1).
20%: To be distributed by the NNS run decentralization sale, Every penny from here will be used for the liquidity of GHOST/ICP, which will be added through proposals.
4.08%: Allocated to the IC GHOST team which vests 1 year
Ledger transaction fee: 1 GHOST token
For more information on the token allocation please read:
Each decentralization sale participant will receive their tokens in two neurons. The first neuron can be dissolved immediately, while the second neuron has a dissolve delay of 30 days.
Why are the tokens divided into two neurons? Firstly, this decision was made based on the request of the IC GHOST community users. Secondly, we want to avoid imposing mandatory governance on users. Instead, we encourage active participation from IC GHOST users. Once the sale is completed, and token conversion is finalized, every GHOST token holder can stake their tokens through the Internet Computer NNS and gain voting rights to participate in the DAO governance of IC GHOST. The immediate dissolve neuron provides flexibility, while the 30-day delay neuron is designed to ensure that in the initial stages of operation, the community’s voting power outweighs the team’s.
The IC GHOST team will receive their tokens in neurons with a 1 year dissolve delay.
Let’s discuss how this impacts voting power. A neuron’s voting power is determined by its token value, dissolve delay bonus, and age bonus. With no dissolve delay, the bonus starts at 1x and can linearly increase up to 1.25x for a neuron with a maximum dissolve delay of 1 year. Similarly, the age bonus also starts at 1x and can increase linearly up to 1.25x over a 6-month period.
Therefore, post SNS, the team’s voting power ratio would be 4.08% * 1.25 * 1.25 = 6.375%. For the community, considering an equal split between immediately dissolvable tokens and those with a 30-day delay, the voting power ratio would be 20% * 50% * 1 * 1 = 10%. But in reality, the dissolve delay bonus for 30 days would be slightly higher, marginally increasing the community’s voting power ratio beyond 10%.
The governance parameters for IC GHOST are proposed to be initially set as:
Min stake: 10,000 GHOST tokens
Min staking period for voting: 7 Days
Max staking period: 1 Year
Voting Rewards: 1.25% of GHOST token supply minted annually
Max staking bonus (for 1 year): 1.25x
Max age for age bonus: 6 months
Max age bonus: 1.25x
20% of the total supply of tokens are proposed to be distributed via an SNS decentralization sale. If the proposal is adopted, the sale will start after the specified delay. If the maximum number of ICP configured below is raised before that date the sale will conclude earlier.
Sale participation parameters:
Min participation: 1 ICP
Max participation: 50 ICP
Max to be raised: 20,000 ICP
Min to be raised: 10,000 ICP
From Community Fund: 0 ICP
Min participants: 200
Sale due: 1 week
Sale delay: 0
The sale is open to anyone. Participation is either via the launchpad in the NNS front end: https://nns.ic0.app/ 3 or on the command line using quill.
The Ghost platform consists of 3 dapp canisters.
IC GHOST official website canister: yadjb-mqaaa-aaaan-qaqlq-cai
IC GHOST NFT Collection canister: xzcnc-myaaa-aaaak-abk7a-cai
IC GHOST Token (EXT) canister: fjbi2-fyaaa-aaaan-qanjq-cai
GHOST Tokenomics parameters in SNS initialization
These are the relevant parameters for the two proposals we are about to resubmit. If you have any questions or suggestions, please feel free to reply here!