Next Wednesday there will be some new social votes and I’d like to post the pilot program for distribution up for a vote. We’ve had at least 4 threads on it with different mechanics and I feel it’s debated enough to be put on snapshot.
The objective and context will be mostly the one posted last week with a few significant changes based on feedback:
Progressive Ratio
Some people felt that the proposal would reward large amounts of tokens to those who already had received large grants and very small amounts to other developers. Also some felt the ratio of 1:1 matching felt arbitrary: why not 1:0.5 or 1:0.25?
Instead we decided to use a Quadratic weighing, a concept that has been used in Gitcoin grants and been around in the ecosystem. Basically for each amount you receive in USDC, we calculate the square root of that value as your “weight”. Then we decide on a total budget and allocate the distribution based on those weights. This means if you got more dollars you get more tokens, but it’s not a linear relationship as the larger the grant the smaller the ratio. It also allows a more predictable budgeting.
Breaking down Immunefi and EthGlobal
The largest receivers on the previous tables were EthGlobal and Immune, organizations that acts mostly as intermediary to other recipients. We reached out to them and asked them to get the actual value and recipients of these bounties/prizes. They got back to us with more details on how much of our grants went to the organization themselves, how much went to developers and how much is still unpaid (these are not counted here).
We’ve updated the table to reflect that. Immunefi got us the exact addresses and transactions of all bounty receivers (they have @ on their names on the table) while EthGlobal is still coming back with more information but based on our conversation we are doing a lowball estimate of a hundred hackathon participants getting prizes averaging $500. Due to the Quadratic Ratio, it means the EthGlobal winners get much more ENS total but it’s spread among many participants. This is a conservative estimate, I expect to have more details before it goes to a vote, but assuming the total amount of USDC doesn’t change (we are confident of it) and the amount of receivers is below the estimated 100, then the value of the total ENS for others would go up. If we can’t get these details by next week we will simply treat ETHGlobal Hackers as a single 50k Entity.
We also felt good about adding Karpatkey to the list. They received a large amount of payments due to their work with the endowment and don’t have voting power, but with the quadratic option they would be receiving some large amount but much less than with the linear ratio.
Vote mechanics
The vote will be a ranked choice voting with the option on the total budget:
- YES, 90K ENS
- YES, 60k ENS
- YES, 30k ENS
- NO, 0 ENS
These values were based on the previous distributions of ENS this term (90k for stewards, 80k for service providers). These values are not there for anchoring, I do believe either of them represent some interesting options for a test pilot, depending on how the DAO feels about it.
Table of recipients
The following table reflects who are the recipients, how much they received from ENS DAO from January 2024 to September 2024 and the amount of ENS they would receive in each scenario (as well as what that represents as percentage of their USDC received assuming ENS @ $17). Excluded from the list are stewards, ENS Labs, reimbursements, payments from ENS Labs, and others.
The list might still change based on new updated information. You can find more information on each transaction on this google sheet.
| $ Received jan-sep 2024 | 30k ENS | % | 60k ENS | % | 90k ENS | % | |
|---|---|---|---|---|---|---|---|
| ETHGlobal | $ 190,000.00 | 1,441 | 13% | 2,883 | 26% | 4,324 | 39% |
| Karpatkey | $ 187,149.13 | 1,430 | 13% | 2,861 | 26% | 4,291 | 39% |
| @UGWST_COM | $ 75,000.00 | 906 | 21% | 1,811 | 41% | 2,717 | 62% |
| Rotki | $ 53,973.38 | 768 | 24% | 1,536 | 48% | 2,305 | 73% |
| wslyvh.eth | $ 50,004.00 | 739 | 25% | 1,479 | 50% | 2,218 | 75% |
| gashawk.eth | $ 40,000.00 | 661 | 28% | 1,323 | 56% | 1,984 | 84% |
| buidlguidl.eth | $ 35,000.00 | 619 | 30% | 1,237 | 60% | 1,856 | 90% |
| borderlessafrica.eth | $ 30,000.00 | 573 | 32% | 1,145 | 65% | 1,718 | 97% |
| daemon.eth | $ 27,000.00 | 543 | 34% | 1,087 | 68% | 1,630 | 103% |
| Revoke.Cash | $ 25,000.00 | 523 | 36% | 1,046 | 71% | 1,568 | 107% |
| Onthis | $ 25,000.00 | 523 | 36% | 1,046 | 71% | 1,568 | 107% |
| ipns.eth | $ 25,000.00 | 523 | 36% | 1,046 | 71% | 1,568 | 107% |
| Fluidkey | $ 25,000.00 | 523 | 36% | 1,046 | 71% | 1,568 | 107% |
| Blockscout | $ 25,000.00 | 523 | 36% | 1,046 | 71% | 1,568 | 107% |
| beaconchain.eth | $ 25,000.00 | 523 | 36% | 1,046 | 71% | 1,568 | 107% |
| 1w3.eth | $ 25,000.00 | 523 | 36% | 1,046 | 71% | 1,568 | 107% |
| Firefly | $ 20,000.00 | 468 | 40% | 935 | 79% | 1,403 | 119% |
| EIP-7212 | $ 20,000.00 | 468 | 40% | 935 | 79% | 1,403 | 119% |
| Urbe Campus | $ 19,680.00 | 464 | 40% | 928 | 80% | 1,392 | 120% |
| ethdaily.eth | $ 14,797.60 | 402 | 46% | 804 | 92% | 1,207 | 139% |
| Discord Support | $ 13,000.00 | 377 | 49% | 754 | 99% | 1,131 | 148% |
| Dappnode | $ 12,500.00 | 370 | 50% | 739 | 101% | 1,109 | 151% |
| generalmagic.eth | $ 11,563.43 | 356 | 52% | 711 | 105% | 1,067 | 157% |
| Immunefi | $ 10,200.00 | 334 | 56% | 668 | 111% | 1,002 | 167% |
| Pugson | $ 10,000.00 | 331 | 56% | 661 | 112% | 992 | 169% |
| Juicebox | $ 10,000.00 | 331 | 56% | 661 | 112% | 992 | 169% |
| frolic.eth | $ 10,000.00 | 331 | 56% | 661 | 112% | 992 | 169% |
| ETHDenver | $ 10,000.00 | 331 | 56% | 661 | 112% | 992 | 169% |
| Drips | $ 10,000.00 | 331 | 56% | 661 | 112% | 992 | 169% |
| Lemma | $ 9,998.67 | 331 | 56% | 661 | 112% | 992 | 169% |
| Tally | $ 8,999.54 | 314 | 59% | 627 | 119% | 941 | 178% |
| pairwise.eth | $ 8,402.18 | 303 | 61% | 606 | 123% | 909 | 184% |
| @navad | $ 7,500.00 | 286 | 65% | 573 | 130% | 859 | 195% |
| apoorv.eth | $ 7,021.88 | 277 | 67% | 554 | 134% | 831 | 201% |
| leticiaferraz.eth | $ 6,949.32 | 276 | 67% | 551 | 135% | 827 | 202% |
| @Sagamore | $ 6,000.00 | 256 | 73% | 512 | 145% | 768 | 218% |
| Socket | $ 5,000.00 | 234 | 79% | 468 | 159% | 701 | 238% |
| Latin Hackathon | $ 5,000.00 | 234 | 79% | 468 | 159% | 701 | 238% |
| eth-mexico.eth | $ 5,000.00 | 234 | 79% | 468 | 159% | 701 | 238% |
| aynieducativo.eth | $ 5,000.00 | 234 | 79% | 468 | 159% | 701 | 238% |
| @adhd | $ 5,000.00 | 234 | 79% | 468 | 159% | 701 | 238% |
| ENS Fairy | $ 4,781.34 | 229 | 81% | 457 | 163% | 686 | 244% |
| glodollar.eth | $ 3,762.22 | 203 | 92% | 406 | 183% | 608 | 275% |
| weird3.eth | $ 3,000.00 | 181 | 103% | 362 | 205% | 543 | 308% |
| Event Support | $ 3,000.00 | 181 | 103% | 362 | 205% | 543 | 308% |
| daveytea.eth | $ 2,818.29 | 176 | 106% | 351 | 212% | 527 | 318% |
| @solidityhaxor | $ 2,500.00 | 165 | 112% | 331 | 225% | 496 | 337% |
| @haoce505 | $ 2,500.00 | 165 | 112% | 331 | 225% | 496 | 337% |
| @h4nt3rx | $ 2,500.00 | 165 | 112% | 331 | 225% | 496 | 337% |
| stephancill.eth | $ 2,367.89 | 161 | 116% | 322 | 231% | 483 | 347% |
| Scope.sh | $ 2,367.89 | 161 | 116% | 322 | 231% | 483 | 347% |
| Kiwi News | $ 2,367.89 | 161 | 116% | 322 | 231% | 483 | 347% |
| bloomnetwork.eth | $ 1,881.11 | 143 | 130% | 287 | 259% | 430 | 389% |
| modularcrypto.eth | $ 1,818.29 | 141 | 132% | 282 | 264% | 423 | 395% |
| aexek.eth | $ 1,750.00 | 138 | 134% | 277 | 269% | 415 | 403% |
| @austinoa012 | $ 1,000.00 | 105 | 178% | 209 | 356% | 314 | 533% |
| illuminated.eth | $ 940.56 | 101 | 183% | 203 | 367% | 304 | 550% |
| dhive.eth | $ 940.56 | 101 | 183% | 203 | 367% | 304 | 550% |
| pabl0cks.eth | $ 877.74 | 98 | 190% | 196 | 379% | 294 | 569% |
| iviangita.eth | $ 877.74 | 98 | 190% | 196 | 379% | 294 | 569% |
| easlabs.eth | $ 877.74 | 98 | 190% | 196 | 379% | 294 | 569% |
| 2118.eth | $ 877.74 | 98 | 190% | 196 | 379% | 294 | 569% |
| andrewpage.eth | $ 780.00 | 92 | 201% | 185 | 403% | 277 | 604% |
| ETHGlobal Hackers (est 100 participants) | $ 500.00 | 72 | 245% | 144 | 491% | 216 | 736% |