After finding out we couldn’t actually move the decimal point, we have been left with no option but to mint new tokens.
We intend to do this as soon as the SNS Team gives us the green light that it is possible.
The goal would be:
Mint new tokens per our original proposal so there are a max of 8 billion tokens (The 1 billion was only if we could move the decimal place, but we can’t, so back to 8.)
Allocate these new tokens pro rata to existing holders, preferrable in the same locked/unlocked state as their current tokens.
No inflation. SNS-1 tokens will not be minted as rewards.
No deflation (aside from unavoidable transaction fee burning.)
Governance and voting incentives
We do have some questions that would be great to get answered. @lara@domwoe
Can we get a snap shot of exactly what neurons hold SNS-1 and how much is held? If so, what is the process for requesting this on a certain date?
Would this snapshot also include details of how much was locked and for what time period?
If we transferred newly minted tokens to a neuron that has locked SNS-1, would we be able to also lock the newly minted tokens for the same time period?
Any guidance you can give so that we can get this right would be much appreciated. Obviously, we dont want to screw this up
You may not need to go over all the neurons. Perhaps just multiplying the balance of all ledger addresses will update the neurons since neurons have ledger addresses (at least in NNS) ?
Just in case, re-mentioning idea with ‘wrapped’ SNS1 token which might be also one of the realistic options - without changing SNS1 tokenomics. On the other hand could mean more dev effort (and options ) in the future
Also, in the original suggestion I forgot to mention that there are already similar solutions (other than ckBTC and ckETH) in form of wrapped ICP (more standards) so getting info about those could make the implementation more straightforward:
Yes that is possibly using the method ‘list_neurons’ of the Dragginz governance canister. You can try it out here on the dashboard. The method allows you to specify how many neurons to collect in one call (I think the max is 100) and it has also a index pointer to iterate through all neurons (I might be able to dig out some pythons scripts for that purpose, as I was curious and extracted this data in the early days of SNS-1. We can discussion offline).
Please note (you are probably aware)
If you take a snapshot say today and roll out the distribution a bit later, then you will have a time lag, which might introduce inaccuracies. Even the iteration through all neurons might introduce a small time lag. Furthermore, you would need to consider what to do with tokens on the ledger but not in neurons.
Yes, the method above gives you full insight on the neuron state, including dissolve status, dissolve delay and all the good stuff. All neuron attributes are public with the SNS framework.
Yes, you can top up a neuron by transfering tokens to the account of the neuron. This way the tokens will be automatically linked to the neuron and will be staked for the same time. Afterwards one would need to trigger a refresh action so that the neuron knows about the top-up (I would need to check for the according command).
One last question (as I probably missed earlier discussions on this topic): What is the motivation for moving to 8bn tokens ?
Just because the number 8 is important in the game so we tend to use it whenever we can.
Plus, 51% is locked so this really makes the total amount of circulating tokens begin with a 3 as opposed to a 4. It was going to be a fairly arbitrary value anyway so we decided to theme it.
Why don’t you have everyone move their SNS1 to unlocked neurons to make a snapshot easier and if they don’t then they don’t get the DKP tokens - Or would that complicate things? Just curious.
What Cex are listing on after the name change, as planned for Q1 2024? Do you know how many DKP tokens the exchange will try to buy to keep in their hot wallet or will it be a P2P type Cex?
Additionally, consider the fact that the DEXes holding SNS-1 will need to freeze all transactions at the moment of the snapshot. This is to ensure that no one receives tokens for transactions they have already sold or bought at the time of the snapshot.
) in the future 