This post will outline how the Coordinape program will run.
Itenerary:
First Epoch: 00:00 UTC July 24th - 00:00 UTC August 24th.
550 POOL per epoch.
Token Name: GIVE
GIVE must be allocated before the end of the epoch to be counted.
Each successive epoch will begin immediately after the completion of the last.
What is Coordinape? Coordinape is a protocol that allows DAO members to reward each other for protocol contributions. These contributions can be anything that adds value. Coordinape operates in epochs. At the beginning of each epoch, core members are allocated 100 GIVE. Those with an allocation can then distribute these GIVE to other members of the PoolTogether circle. You can allocate your give in any way you see fit. You can allocate GIVE to others at any time, and adjust past allocations. If you notice someone doing something that adds value you give them GIVE. At the end of the epoch, these GIVE are converted to POOL and distributed to circle members. This all operates off-chain so when you send a GIVE you are sending a representation of POOL.
The PoolTogether grants committee has decided to fund three one-month-long epochs. Each epoch will have 550 POOL distributed. The GIVE to POOL peg will be fluid. The conversion rate will be calculated at the end of each epoch. This fluid peg will ensure that all 550 POOL are distributed in each epoch.
Example:
1000 GIVE & 500 POOL per epoch. (initial peg 0.5 GIVE per POOL)
5 members.
Member 1 receives 200 GIVE
Member 2 receives 250 GIVE
Member 3 receives 150 GIVE
Member 4 receives 100 GIVE
Member 5 receives 200 GIVE
Total GIVE allocated: 900 GIVE
This means that 100 GIVE were not allocated. The 900 GIVE are then converted to 500 POOL and distributed accordingly. The conversion rate in this example would be 0.55 POOL per GIVE. The actual distribution would be as follows.
Member 1 receives 110 POOL
Member 2 receives 137.5 POOL
Member 3 receives 82.5 POOL
Member 4 receives 55 POOL
Member 5 receives 110 POOL.
At the end of each epoch, I will receive a spreadsheet that enumerates the distribution for each circle member. I will then use the collab land tip bot in discord to tip people the appropriate amount of POOL. I have set up a separate discord account with the username “coordinapepayments.” Using the tip bot will simplify the process and prevent us from having to create a distribution mechanism. This also allows users to pay their own gas fees to withdraw funds.
There have been several members who have been testing this program out for a couple of months now. These early users will be the people who are given an allocation for the first epoch. at the end of an epoch if you would like to receive an allocation of GIVE you must request it in the coordinape discord channel. When requests are made the community can discuss whether or not that person should receive an allocation of GIVE. If there is a disagreement I will have the final say on the matter. I have discussed this with several community members and there just isn’t a great way to make this decision. The reason that not everyone receives an allocation is to prevent collusion and a Sybil attack. if we did not have a gatekeeper then people could make multiple accounts and allocate GIVE to themselves. I want to make it clear that ANYONE can join the circle. EVERYONE is eligible to receive GIVE. The only restriction will be who receives an allocation at the beginning of each epoch to distribute. If you would like to join the circle and be eligible to receive payments please send me a DM on discord with your full eth address. No ENS.
Coordinape Tutorial:
- Get added by sending me an ETH address. then go to app.coordinape.com and connect your wallet.
- Navigate to “Allocate” then “My Epoch”
- write a brief description of your skills and what you have been working on lately. (this can be edited as your work changes)
- Select “Opt in” to be eligible to receive tokens. (if you do not make this selection you will not receive tokens)
- click continue with current settings and sign transaction in wallet
- Navigate to “select team.” here you can choose who you will be able to interact with. If you leave someone off your team you cannot send them GIVE. after you select your team click “continue with this team” and sign the transaction in your wallet.
- Navigate to “Allocate Give”
- When you see a user you want to allocate GIVE to click the plus sign under their name. You can allocate to multiple people and change the amount. once you have allocated your give click “Save Allocations” and sign the transaction in your wallet. you can edit these amounts at any time before the end of the epoch.
there is a small box under your profile pic in the top right that shows how many GIVE you have left to allocate.
there is a small box to the left of your wallet address that shows how many GIVE you have received for the epoch.
It’s that simple, but if you have any questions please feel free to reach out to me on discord.
