Voting Sessions
Period 9, Voting Session 1
Nov 30, 2023 - Dec 14, 2023CompletedDeFi Allocation: 50% of the total rewards
The community voted strongly to allocate 25M Algo, from the total 50M Algo available rewards in GP8, to DeFi, with 7.5M Algo distributed directly by the projects through the Targeted DeFi Rewards program. The Foundation believes that this more targeted use of rewards has benefited the Algorand ecosystem.
The total amount available for governance rewards distribution in GP10 is 30M Algo and this measure proposes rebalancing the allocation to up to 50% of governance rewards to DeFi, including the Targeted DeFi Rewards.
(The Foundation supports option A.)
Measure 1 - Should the DeFi rewards allocation for the next quarter be 15M or 12.5M Algo per quarter?
- A. Allocate 15M Algo for Q1/2024
Targeted DeFi Rewards in Q1/2024
Measure 2 seeks governors approval to run the Targeted DeFi Rewards program in Q1/2024, allocating 7.5M Algo as in Q4/2023.
The Targeted DeFi Rewards have been deployed during the last three quarters by DeFi dApps to support a wide spectrum of initiatives aiming to acquire and retain users, as well as maintain ecosystem TVL.
Governors have shown their support for DeFi on Algorand by overwhelmingly voting to allocate more funding to both DeFi Rewards and Targeted DeFi Rewards programs.
Whereas the Targeted DeFi Rewards program was drafted without much data to inform the criteria for the Terms and Conditions , now that we have seen its effects on the ecosystem, the participating projects are looking at ways to improve the program’s qualifying and distribution criteria.
The DeFi committee, composed of members of the top 10 DeFi protocols, has started to discuss how the terms and conditions of the program could be modified to guarantee fairer distribution, but in spite of everyone’s efforts, the terms and conditions review has not progressed to a level that would allow for community review this quarter. Therefore, we will not seek to increase proportionally the amount distributed until this review is completed and has been discussed with the community.
(The Foundation supports option A.)
Measure 2 - Should we run the Targeted DeFi Rewards program in Q1/2024, distributing 7.5M Algo?
- A. Yes
NFT Rewards Approval for Q1/2024
The NFT Rewards Program effect has gone beyond volume growth, as shown the latest progress report, and proved to be a source of attention from platforms and users on other chains, strengthening our positioning among other top NFT chains. Here are some examples from Q4:
- NFT enthusiast questioning the status quo on Twitter
- DappRadar recognized Rand Gallery
- Messari’s Algorand Q3 2023 Brief highlighted the success of the NFT rewards pilot.
- There was a shift in community sentiment, providing growth opportunities for existing Algorand projects.
Considering that NFT rewards are subtracted from the amount available for general rewards, measure 3 seeks governors approval to run the NFT Rewards program in Q1/2024 and measure 4 seeks the approval of 650K Algo for the program in Q1/2024 - an increase of 150K from Q4’s deployment.
(The Foundation supports option A.)
Measure 3 - Should we run the NFT Rewards program in Q1/2024?
- A. Yes
NFT Rewards Allocation
This measure is conditional on Measure 3 passing. Governors must vote on this measure, even if they voted “No” on Measure 3.
It has been a trend to continuously grow each program’s allocation at every governance vote, however, at the last governance period, governors were asked to approve an increase of the NFT Rewards Program from 500K to 1M Algo. That proposal was rejected, so we are returning with a smaller increase proposal, from 500K to 650K Algo, to allow the marketplaces to continue their work in attracting new active users to our ecosystem through their various programs.
(The Foundation supports option A.)
Measure 4 - How much for NFT rewards in Q1/2024?
- A. Allocate 650K Algo