This is an exciting week! More than a year after we first started discussing the SNS idea with the community, this week the first SNS canisters were installed on the SNS subnet!
Why SNS-1
SNS-1 is envisaged to be an experimental DAO owned and driven by the IC community with two main purposes. First, SNS-1 is an experiment to test the SNS canisters in production while including the whole community in a fun experiment. Second, SNS-1 educates all users how an SNS launch works.
Where are the SNS-1 dapp and SNS canisters?
This Wiki article provides more information about how you can interact with the SNS-1 dapp, which is being decentralized in this process, as well as with the SNS-1 canisters. We invite everyone to play around with the canisters and inspect their initial setup.
Where are we in the launch process?
The detailed SNS launch process is described here. In the first step, that happened this week, the SNS canisters were installed and the dapp’s control was handed over to the SNS DAO. As in every SNS launch, the next step is an NNS proposal that proposes to start a decentralization sale for the SNS.
This NNS proposal has a new topic which is called “SNS & Community Fund”. The default following of all neurons for this topic was set to the same default following as for the topic “Governance” as this is the most decentralized setup. This setting can of course be changed by each NNS neuron.
Call to action
To decide whether to adopt or reject the NNS proposal to start the sale, NNS neurons are asked to inspect the SNS canisters, their initial settings, and the proposal that determines the conditions for the initial sale.
The first two steps can already be done now. We thus invite everyone to already have a look at the SNS canisters and inspect their initial setup. Especially, we invite the known neurons to do so as they will likely have followers for this proposal as explained above.
The initialization
The SNS token and the initial distribution have been shared here. Let’s recap them for reference and add some more details regarding how the tokens are handed out.
The SNS-1 token:
- Token Standard: ICRC-1
- Token supply: 10,000
- Token inflation: 0 %
- Minimum dissolve delay to vote: 1 month
Initial token distribution:
- 3860 Airdrop tokens - in neurons with a dissolve delay of 1 month
- 50 tokens for Ludo (token design) - in a neuron with a dissolve delay of 1 month
- 12 tokens for 12 SNS developers (to send relevant proposals) - one neuron for each developer with a dissolve delay of 1 month each
- 3141 Tokens sold in the decentralization sale - will be handed out in baskets of neurons to the sale participants after a successful sale
- 2937 Tokens in the SNS governance’s treasury
You can check these numbers by looking at the neurons in SNS-1 governance and ledger canister. All the neurons for the developers and airdrops are already in the governance canister. Right now they just have limited capabilities as the governance canister is in pre-decentralisation sale mode. (Note: in the future this will likely be changed and airdrop neurons will only be created when the sale neurons are created - we will share a proposed design once available.)
You can also inspect the SNS governance’s ledger account which holds the treasury and the SNS decentralization sale’s ledger account which holds the sale tokens.
You can find the details on how to do so with the dashboard or dfx here.
We hope you have as much fun as we do seeing the first SNS canisters in action and playing around with them! Please let us know if you have any questions as we would like to encourage as many people as possible to follow and learn about this process!
