Hey everyone! During today’s AMA, we shared more details about how we propose the initial reward distribution should be structured and calculated. The details provided above outline mechanics that align with the current proposal and answers to your questions:
Initial Reward Distribution (Sign Up Reward)
- On November, 27, 2024, mainnet will be launched across applications within the Guru Network ecosystem.
- Users who possess any Season Pass, Themed collection (Spooky Guru) or Guru DAO NFT will be able to switch to mainnet in apps.
- Upon sign up, eligible users will be able to receive Mainnet Sign Up Reward (Initial Reward). The amount of reward is depended on the following factors:
- Type of NFT possessed
- Governance activity
- Accumulated Balance in apps on testnet (e.g. Burns in Burning Meme, tGuru in Guru Network app, etc)
- App specific rewards
Sign Up Reward is calculated by the following formula:
Sign Up Reward = Base Sign Up Reward * Pass Multiplicator + Governance Participation Reward + Accumulated Testnet points across apps * Conversion Rate + App Specific Rewards
Where,
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Base Sign Up Reward - fixed amount of 250 $GURU
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Pass Multiplicator - Each type of Guru NFT provides a multiplicator that increases the amount of the reward. Season Passes 1 and 2 have multiplicator 2, Themed collections and Guru DAO NFT have multiplicator 1. If users have more than one type of NFT in their wallet, multiplicators are combined. The number of each type of NFT does not increase the multiplicator. Example: user has 1 Season Pass #1, 2 Season Pass #2 and 1 Guru DAO NFT. Total multiplicator is: 2 for Season Pass #1 + 2 for Season Pass #2 and + 1 for Guru DAO NFT, total is 5.
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Governance Participation Reward - Users that are participated in Guru Network Snapshot voting, get additional reward 200 $GURU
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Accumulated Testnet points across apps * Conversion Rate - Points that were accumulated during testnet (tGURU, Burns, etc) are combined and converted into $GURU based on TVL ratio between mainnet and testnet conversion rate. We are still working on calculating the exact economics behind it.
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App Specific Rewards - applications within the ecosystem may provide additional rewards based on the app-specific criteria.
- Sign Up bonus calculation formula may be adjusted by Core Contributors.
- Sign Up Reward will be transferred to the user’s operational wallet. Tokens in this wallet will be available across all applications within the Guru Ecosystem.
- Users can redeem a Sign Up Reward by one wallet per Telegram account.
- The rewards will be allocated from the Ecosystem Chest, which is filled up from the Season 1-5 pool (Airdrop Community pool).
- According to tokenomics, tokens have linear vesting over 1.5 years. Each period a part of the pool will be unlocked and transferred to the Ecosystem Chest to be used for community incentivization.
Ongoing Rewards
Users can earn more rewards by using the apps on mainnet and completing the quests and activities that lead to ecosystem growth. Thus we are aiming to support the ecosystem development and incentivize users to continue use the apps.
Voting mechanism
We agree that the voting strategy requires further review to minimize the risks of Sybil attacks. We are currently considering and testing various options and will share the ideas later. In the meantime, if you have any suggestions on how the voting process could be improved, please feel free to share your thoughts. We can incorporate them into a proposal and present it for community voting
Please feel free to ask any questions, share your concerns and ideas. Thanks for your feedback and thoughts.
UPD: Fixed a typo re: period to make it consistent with the proposal above.