Summary
The Tezsure team, the team behind Plenty, proposes a DAO treasury for plenty.network. With the introduction of the new veTokenomics and PLY, we propose to utilize unminted PLENTY tokens for a Plenty Ecosystem Growth Treasury, managed by a DAO. Also included in this proposal: an end date for the minting of PLENTY.
Background
PlentyDeFi.com was originally co-founded by Tezsure & Draper Goren Holm (DGH), back in May 2021, and together the two entities defined very primitive tokenomics. Part of the co-founder agreement the two entities agreed on splitting the work and the PLENTY accumulating in the dev wallet (~10% of total supply) 50/50 between Tezsure and DGH.
PlentyDeFi.com was started as a yield farm and staking experiment on Tezos, back in May 2021, to test if we could bring more liquidity to Tezos, especially from Ethereum, by utilizing bridged assets. Following the experiment we launched the first token-to-token decentralized exchange on Tezos.
In its own time, the experiment was a great success. Plenty’s TVL crossed 50 million, and 100s of millions USD volume was generated through the Plenty smart contracts. However, the PLENTY token was never properly designed in a way that it automates inflation-based incentives to sustain the growth of the Plenty protocol.
When we acquired the Wrap Protocol from Bender Labs we saw an opportunity to redo our tokenomics, bring an EVM-Tezos bridge into our product suite, and combine both Plenty and Wrap communities into a new vision of the Plenty Network.
While designing the PLY tokenomics, we concluded that we won’t be able to allocate more than 5% of the PLY tokens for Growth. Ideally this percentage is around 10%.
We went ahead with a 5% supply for growth (airdrop and partner program) with the goal of bringing more users from other blockchain ecosystems.
Motivation
PLENTY
The Tezsure team is obligated to send DGH’s share (~5%) of PLENTY tokens to a DGH managed address, to honor the original agreement from May 2021.
Tezsure will burn its PLENTY share (~ 5%) of the original PLENTY since there is already a percentage of PLY allocated for the team.
PLY
With PLY being a new token, and Plenty Network being an entirely new platform, we have to put a lot of effort into educating users from Tezos and other blockchains. This includes onboarding more developers so that they build products like Convex on top of Plenty, and also supporting the growth of the ecosystem by helping other initiatives such as the listing of the tokens on a CEX, market making etc.
There will be a lot of unforeseen circumstances where having a DAO treasury could be overall beneficial for the community. Having seen a proposal on the Youves forum for market making, we can expect a similar scenario.
Hence, the need for a Plenty Growth Treasury, and the easiest way to get capital in it is by using unminted PLENTY. We also propose to stop minting new PLENTY from December 20th. After the 20th the remaining PLENTY will be minted and sent to a new multsig which will act as the new DAO treasury. This treasury will be managed by veNFT holders.
Specification
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Stop minting date: December 20th
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Expected launch date zone new system: between December 20th and January 10th
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Multisig admins mint all the unminted Plenty and send it to a new Multisig controlled –initially– by team members of Tezsure. In the future the multisig members can be changed.
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Upon plenty.network launch, the new multi-sig converts all the owned PLENTY to PLY.
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After converting all PLENTY to PLY, the multi-sig will evolve into a Lambda DAO (similar to Kolibri) governed by PLY/veNFTs.
Temperature check
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