Fundamental Labs sees SSV as the best technology and token economic incentive structure in the ETH staking ecosystem. We would like to help the project’s vision come to fruition and are engaging the DAO to become a member of the Partner Program. We have significant resources between the three arms of our business, including active trading arm IDEG, and one of the largest bitcoin miners in the world Atlas Mining.
We have been active investors in crypto with over 100 portfolio companies across 5 funds since 2016, including Coinbase, Binance, Cannan, Polkadot, Avalanche, etc. Please see our website for a more complete view of projects in our portfolio. As such, we are all-weather investors and have continued to provide support for projects we believe in regardless of market dynamics. On that note, through Atlas, we also have extensive experience running sensitive network infrastructure and would be happy to run an operator node to solidify our partnership with SSV network.
Due to a miscommunication as part of the SSV Partnership Program, Fundamental Labs sent $250k USDC to the treasury address. As part of this proposal, we are requesting those funds be returned to us at this address: 0x457e7F7e2Ec5d5d1d2E2acE64443A45b9d74d41f. Upon receipt of returned funds, Fundamental Labs will purchase $250K of SSV tokens in the open market. We will then stake these SSV tokens in the incentivized testnet to aid the network development.
We look forward to working together and engaging with the SSV community!
But with that said, I don’t like how we’re adding partners without requiring the vesting period. I understand that being added as a partner this way (by them buying tokens themselves on the market) might be necessary at this moment, given the current token price and how the program prices were defined. But I think we should change the program to get it back to a place where entering with a vesting schedule makes sense. I see a lot of value in having partners locked in for the long run as it gives them a strong incentive to contribute to the project long-term.
I’m not sure how exactly to do this. Maybe we should set the price of the upcoming batch 3 manually?.. maybe to the Batch 1 price of $6.19? Or maybe we should redesign the price calculation to something like 25% below some moving average of the previous two weeks from the time the proposal goes online? (I’m sure we could think of something better, but I’m just proposing that as a starting point.)
And I guess along those lines, would the community be willing to offer tokens to Fundamental Labs for, say the Batch 1 price of $6.19, if they don’t withdraw their deposit to the DAO and agree to the vesting schedule? And would you, Fundamental Labs, be willing to accept that?
forbole got off to a bad start. They also join the partner program after purchasing ssv directly in the market, and there is no token vesting period. Forbole Joining as SSV DAO Partner Proposal
I’m also in support of adding Fundamental Labs as a partner.
Batch 2 was a bit unfortunate, and I agree we need another approach going forward. However, we should also execute batch 3 as planned (started on the 1st of Feb.)
The new reference price for batch 3 is $8.02.
However, the DAO Partner 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.
@emmick, would this change anything for you guys, and are you willing to join batch 3 through the official DAO partner proposal (vesting)? That would be a bold statement, and there is some incentive. This is hopefully a reasonable price to get in, given the current momentum of the network. There is no guarantee that different partner patterns (ways of joining the DAO) offer a better price. Nobody can’t say for sure. I just want to figure out if this is still an option for you.
I think it’s acceptable, Fundamental Labs purchase $250K of SSV tokens in the open market.
these token should be locked 1 year as a partner, right? it’s perfect
Of course, this is all acceptable, and we value open market buyers. However, the official partner program was meant to have 2-year vesting with a 1-year cliff, which should be the same for everyone unless the DAO decides otherwise.
I also updated my previous answer since I’ve missed an important detail. @emmick, would you mind sharing your thoughts on this?
I follow all snapshot proposals / DAO treasury on behalf of the community and I cannot find your proposal on snapshot?
It is important that we send your money back fast so you can buy SSV on the open market.
You can also change your proposal and join the partner program (1 year + 1 year continuous linear vesting). The current partner program price is $12.37. You can use this proposal as template. Then we don’t have to send your money back.
If you have any questions about how to make a proposal ask me or one of the other community ambassadors.
Unless you submit this proposal to the DAO via snapshot it stays here as a draft and nothing happens.
We want you to buy SSV, so let’s get this moving…
We have just submitted a simplified version of this proposal to the DAO: Snapshot
In order to simplify the vote and expedite the return of funds, we are now only requesting the return of our funds to the address listed in the initial post. We are no longer requesting membership into the SSV Partner Program as part of this proposal.