DAO Partner Program

Proposals Parthership
1

Proposal Overview

This proposal aims to engage with strategic partners in the SSV network as token holders, operators and users.

We propose to adopt a partner program based on token sale, lockup, vesting, and price lock per the details below.
At most, this program will mint additional 3M SSV tokens to partners, no pre-mint will be executed. All new SSV token minting will happen after specific partner proposals have passed voting.

As part of the partner program we propose to allocate 323,102 SSV tokens to: Digital Currency Group, Coinbase and Lukka per the details below.

Motivation

The success of the SSV.Network depends on its community, currently comprised of highly technical and experienced individuals from the ethereum community.
The motivation behind this proposal is to enlarge the community by engaging, via SSV token ownership, with strategic companies (partners) from the ethereum staking industry.
The partners below are central actors in the space, highly influential and early adopters of technology.

We believe that together we can bootstrap SSV.Network with experienced operators, their communities and eventually mainnet ETH.

Mechanics

Potential partners shall present themselves to the DAO and propose to purchase SSV, the network’s native token. Such proposals should adopt the below (in appendix) format.
The proposal will be voted on and be approved or rejected by the DAO.

Although, subject to DAO’s guidelines, everyone has the ability to make any proposal at any time, this current proposal seeks to establish a structured scheme in order to achieve certainty and transparency.

We propose to allocate a maximum of 3M SSV tokens, exchanged with ETH or USDC tokens, for strategic partners, as shall be determined by the DAO.

Initial proposed allocation for such partners, of 323,102 SSV tokens for ETH or USDC, shall go to:

● Digital Currency Group – 161,551 SSV tokens.

● Coinbase (Coinbase Global, Inc. US) – 40,388 SSV tokens. Update 22nd of Dec 2021: Coinbase requested to change their SSV receiving address to - 0x389097F8176b0D4eB339e0c4c998843147E3F0Dc

● Lukka (Lukka, Inc. US) – 121,163 SSV tokens.

(See partner description below)

We further propose that the above mentioned three proposed partners shall be the genesis of the first Batch out of proposed three (3) of such purchases.

Each Batch will have a two (2) month period at which partners who want to become an integral part of the network and the DAO by purchasing SSV tokens will submit a proposal (or be proposed by a third party) to the DAO to be voted on.

A reference price for each Batch will be based on the average SSV(or CDT respectively) price of the thirty (30) day period immediately preceding the batch’s start day.

Anyone may submit a proposal (or be submitted by a third party) to purchase SSV tokens during each of the two-month Batches. An approved proposal shall have the reference price set for its Batch.

Batches’ reference prices and dates:

  • Batch 1:
    • reference price - 6.19 USD, calculation table
    • Duration: October 1st - November 30th
  • Batch 2: TBD
  • Batch 3: TBD

Restrictions and limitations:

  1. The reference price for each Batch shall not be lower from the reference price of the preceding Batch/es.
  2. Minting of new SSV tokens shall be in accordance with the actual amounts in approved proposals.
  3. Each of the three (3) Batches shall be limited to 1M SSV tokens.
  4. Allocated SSV tokens will be locked for 1 year + 1 year continuous linear vesting.
  5. Voting power for tokens will be available immediately.
  6. Approved partners shall receive newly minted SSV tokens directly from the DAO
  7. All proceedings shall be transferred to the DAO’s multisig wallet 0xb35096b074fdb9bBac63E3AdaE0Bbde512B2E6b6.

Genesis partner details

  • Digital Currency Group - DCG is the most active investor in the digital assets sector, with a mission to accelerate the development of a better financial system through the proliferation of digital assets and blockchain technology. Today, DCG sits at the epicenter of the industry, backing more than 175 blockchain-related companies in over 35 countries. DCG also invests directly in digital currencies and other digital assets. In addition to its investment portfolio, DCG is the parent company of Genesis (a global digital asset prime brokerage), Grayscale Investments (the largest digital currency asset manager), CoinDesk (a leading financial media, data, and information company), Foundry (a leader in bitcoin mining and staking), Luno (a leading cryptocurrency platform with a large international footprint) and TradeBlock (a leading provider of tools and data for institutional cryptocurrency traders).
  • Coinbase - Coinbase is a leading online platform that allows merchants, consumers, and traders to engage with the crypto economy. Coinbase recently went public on the NASDAQ, and is considered by many one of the most successful crypto companies. Coinbase Ventures, the investment arm of Coinbase, has made over 150 investments across the crypto ecosystem, ranging from notable international plays to crypto tax players, to marketplaces, to infrastructure plays, to decentralized finance.
  • Lukka, Inc. - Lukka is the leading enterprise crypto asset, middle and back office data and software provider. Lukka solves the very unique complexities of crypto (and blockchain) data for businesses so that they can adopt digital assets. Its customers include Crypto Asset Exchanges and Trading Desks, CPA & Accounting Firms, Funds, Fund administrators, Fund Auditors, and Financial Auditors, Miners, Protocols, individuals and any business that interacts with crypto transactions. All of Lukka’s products are created with institutional standards, such as AICPA Service and Organization Controls (SOC), which focus on data quality, financial calculation accuracy & completeness, and managing technology risk. Lukka is a global company, currently headquartered in New York City.

Partner Proposal Template

(The below template is a recommendation for any partner wanting to propose himself/ others to the DAO)

Title

One line expressing what this proposal is all about

Proposal Overview

This is a 10-15 lines of text explaining the proposal overview, including:

  • Who the partner is
  • Contribution of partner to the SSV network
  • Amount of SSV requested to buy
  • Batch number

Partner details

Free text explaining in-depth information about the partner, might include some or all of the below:

  • Partner’s work in the industry
  • Past experience in other DAOs
  • Vision for SSV
  • Principal individuals that will lead the partner’s efforts within the network
  • Entity/individual name and place of residency/incorporation.
4 Likes
2

I agree
Coinbase Ventures, DCG, Lukka
It’s a good Backer.
If it is 1 year cliff and 1 year linear vesting condition, how about making more batch 1 allocation? 2M USD seems a bit small.

3

The batch is still open, so there will probably be more partners coming in. also the entire program will last 6 months, so there is time to get more people on board

4

Agreed as to partners, unclear why the differing amounts to each. Is this what they’ve offered to purchase at reference price?

5

Exactly. When joining the program, partners need to specify the amount of SSV they are looking to receive for the DAO to approve.

1 Like
6

partners need to specify the amount of SSV they are looking to receive for the DAO to approve

7

Its all in the proposal, please check again

8

Batch 2 reference price is $12.37

3 Likes
9

The vote has been passed. Did the partners deposit funds into the DAO treasury? If yes, where is the vesting contract?

10

Hi there, all treasury related info can be found here

11

Thanks, very helpful!
One small question, where is the etherscan link of this mint: “Minted supply 592,672”

12

all in here

1 Like
13

Hi, Any more details about batch-2? Has batch-2 started? What’s the reference price and minting number limitation?

14

See above. Batch 2 has started, and there is already a partnership request. The price has been calculated as $12.37.

15

I have a question. Are there any potential benefits to joiners from joining the Partner Program? How is it different from buying directly from an exchange?

16

Good question. Few points:

  1. For batch 1 there was a price incentive as ref price was lower than mkt price
  2. Signaling out to the community and the public that you are involved as an investor/partner. That gives validation and recognition to the project. If you are invested in a project might as well show public support in it
  3. Some funds or companies are not allowed to purchase tokens in the secondary market or are reluctant to do so. DAO purchase is a valid alternative for such companies
  4. Important to look at it from the DAOs prospective as well, not only the investor’s prospective. The DAO has transparency and control when welcoming people/companies to participate in governance and become a part of the ecosystem
17

Thank you for your patience in answering. The amount of SSV requested to be purchased in the partner proposal template led me to misunderstand that the prerequisite for participating in the partner program is to purchase tokens from the dao. I suggest that we should modify the proposal template to prevent the community from misunderstanding about Forbole’s proposal.

18

lll check the DAO Partner Program to make sure there is nothing misleading there. Thanks for raising your concerns in here.

Forbole are running a verified node in the network, they are a reputable staking service and also decided to purchase SSV tokens (potentially for future use in mainnet) . All in all, a net positive for the network.

2 Likes
19

Batch 3 started on the 1st of Feb.

SSV reference price is: $8.02

However, the proposal states the following:

The reference price for each Batch shall not be lower from the reference price of the preceding Batch/es.

The reference price of batch 2 was: $12.37

Since nobody joined in batch 2 (due to the high price), we could relax this rule, but that’s the DAO’s decision.

@SpookyG @fod @Adamefr @alonmuroch

4 Likes
20

Agree. According to the performance of SSV in the secondary markets, the rule should be revised for more partners to join. Usually, we offer a discount of reference price but which is very close to batch 1. So let the community make a decision.

1 Like