Founder Token Restructuring/Ending

Ideas
1

In light of recent events, all founder vesting was paused and tokens returned to the treasury for the DAO to figure out a better structure–if any–in terms of timelines and amounts. If these end, we then also have up to 110M tokens as well for the DAO to use as needed. We can leave them unaccounted for for the moment, burn, use for vARMOR staking rewards, airdrop, or anything else.

My wallets: robertforster.eth/0xc93356BdeaF3cea6284a6cC747fa52dD04Afb2a8, vesting was originally in 0x4e70812b550687692e18F53445C601458228aFfD, and most of my tokens have been sent to 0xA673edcB35eDEe169362454A53ae98A7BDa55c1a (have ~20M, also have 4M in Unit at the moment borrowing $100k at a $0.06 liquidation—can payback or add to collateral if you guys want ← EDIT: repaid).

Azeem: 0x5aeee4eADa0bdc762ba33F8422F2003D7aFE8593, 0x2fDfABFC1510a2fBe615B8f001D16D680007B4ee (out of tokens after dumps and repaying stolen ones)

Umadbruhhh: 0xBd4668408dA346e58b80B765F94AEbbc60E3D8C8, 0x8eE88955D76C019887904d2f309B883c6635f399 (850k left after dumps EDIT: now completely out)

Corey: 0xF6101Db467c47E6d1B1bcAF461B1157fA92dF019 (has 5.4M, had 8.9M or so owed when freezing sent unclaimed tokens back)

We’re just about 10 months through our 24 month vesting period in which we were originally assigned 63.154M, 63.154M, 36.088M, and 36.088M respectively.

I feel Azeem and UMB, who had already left and blatantly disregarded agreements we had made regarding founders selling, should not continue to receive vesting tokens or receive unclaimed tokens. A proposal following guidelines, however, can be made if anyone feels they should receive tokens.

I think Corey should definitely get the 8.9M he had available to be claimed when vesting was ended as he’s still on the team and followed all agreements.

Corey and I agree that we’re fine with the rest of our vesting being returned to the treasury. I accept a certain amount of responsibility for the events that occurred and I don’t feel one person should have too much power over the DAO: if we burn tokens in the upcoming weeks, I would personally end up with 8% of the total supply if we received full vesting back. At the very least, the vesting periods should be extended.

I’m gonna make a proposal to return Corey’s 8.9M. I’m not going to make or vote on any proposals regarding my own vesting. I will vote against Azeem and UMB receiving tokens.

5 Likes
2

[quote=“Robert_Forster, post:1, topic:64”]
0x5aeee4eADa0bdc762ba33F8422F2003D7aFE8593
[/quote] Can we add them to burning 250MM + 110MM total to burn at a time 360MM will help ARMOR overall

1 Like
3

“A beginning is the time for taking the most delicate care that the balances are correct.”
Frank Herbert, “Dune”

If I had voting power, I would suggest Azeem and Umadbruhhh to be completely izolated from the project as persona non grata for attempted sabotage against the project, exposing its continuation at risk in key moments of its initial development, systematically. In light of this sentiment, I would suggest they should, at least, not continue to receive vesting tokens or receive unclaimed tokens.

If I had voting power, I would suggest the 110M tokens be left unattended. My considerations are tokens in question are not in free circulation and would influence price only indirectly; besides, burning affects price artificially, I would prefer bullish news and developments to drive price. 250M would be enough help and is appropriate in the current moment in Armor’s history.

If I had voting power I would trust Robert’s judgement for the rest of said concerns.

Love you Team!

1 Like
4

Thank you for sharing all these. I think it would be great to burn 250M + 110M to counter the negative events. Azeem and others who left the project should definitely not receive any tokens.

1 Like
5

Azeem and his crew does not deserve a token for what they have done. I suggest you send some of the tokens to be burnt to vitalik.buterin for marketing. If you are concerned about the voting power just send him a small amount. I am sure that will be a very chep and very efficient marketing move. Regards

6

Thanks for the transparency.
I agree that the ones who didn’t follow the agreements shouldn’t receive the rest of the tokens.

7

Nice suggestions Robert.
I would suggest we make the total burn to be 250M + 110M at once.

8

I just had an idea.

I kind of like the idea of sending the 110M tokens (or a fraction ofc.) to some influencer as a marketing move. As someone first proposed in Telegram channel, its an interesting idea to send some tokens to Vitalik.
Our fellow Knight Adam voiced his dislike to the idea, pointing out that creating pump and dump situations doesn’t do the project any major service, but rather providing weak hands with exit situations, which is no goal worth pursuing.
However, at the Telegram channel I expressed my consideration, that there might be sensible connection between Vitalik’s persona and Armor as a project. After all, ETH is seen as the soil for all DeFi. It not only provided the basis for DeFi in the beginning, but also gives incentive and serves as a motivator to all those Eth-killers and competitors that, together, make DeFi a truly diversified ecosystem full of choices. In light of this, we may truly say ETH is, after all, a flagship for DeFi. Thus, Vitalik consequently gains a public image, loaded with DeFi expectations.
Armor has its own super ambitious goal of insuring all of DeFi via its RCA’s. If this ambitious goal is brought to fruition, it won’t merely insure DeFi, it will change the rules of the game! It will fundamentally change the vectors through which governments try to apply their global regulation and by this alone DeFi will evolve into a next-level phenomenon.

This is all personal opinion, mind you. I just think it would be interesting to discuss and maybe consider it :slightly_smiling_face:

But today I thought to myself… if sending tokens to Vitalik sounds a little… overburdened, and maybe even distasteful (given that too many meme coins target him with airdrops)… Why not choose a less intense public character, who would also do a good marketing job?

Coin Bureau are fairly famous in the YouTube crypto world and Guy, their main man, is certainly recognizable out there! They have 1.6 million subscribers and demonstrate very professional approach in every new video. They further demonstrate good taste with jokes, which are always in place and exactly where they are needed (in producer’s point of view), making their reviews and analyses much more thought provoking.

Besides, Guy has very rarely received any airdrops and he always reacts to these events, so to create a marketing effect. He is no fool either, so this could be a double-edged sword - I’m certain he will see Armor’s ambition and potential and will give it the attention it deserves! True, he will also see the problems the project has in terms of tokenomics (those that are yet not addressed).

Maybe it would be a good idea to advance the work here and there, to make Armor more finished-looking, and then airdrop some to Coin Bureau in the hopes of receiving a review? That’s, potentially, 1.5 mil informed viewers :slightly_smiling_face:

9

Personally I think there’s probably better things we can do with the tokens than get a little bit of marketing out of them. One thing, for example, is to boost the treasury and potentially use it as reinsurance in the future in case there’s a particularly bad timeframe for RCAs (briefly mentioned in the burning thread).

Definitely don’t want to send to Vitalik as he’s publicly voiced his disapproval of that method, but smaller airdrops to influencers could work. We have some tokens set aside for airdrops that could be used for a bunch of things: airdrops to people from hacked projects, airdrops to community members, airdrops to influencers, and more, but 110M tokens is a lot for that. I think I more agree with your original post that we should save for now and decide on action for them in the future.

1 Like
10

Yeah, every project that has sent things to Vitalik got rekt when he dumped (and sent the proceeds to charity :slight_smile: )

Also, as Armor/vArmor is a governance token, we don’t want to handout a majority vote! It’s ok to have a bunch of ‘unallocated’ tokens. The DAO can then decide later what they should be used for, which could be anything from getting burned to reward the community etc.

11

I think putting up a discussion a fully proposal discussion on a group/influencer to airdrop would be a good idea! We do have a good bit of tokens to work with, and the marketing potential is good. I think doing a hacked community is a cool idea. But if we did so, having some type of influencer on board to cover the event would be integral for giving that move some reach in the community.

12

There are many early believers in the project who staked arNFT’s in the Armor protocol for a year (Azeem specifically asked community members to stake for a year +not just the short duration while the rewards were hot)

If you are in this boat you are essentially loosing 65- 75% of your initial value. It really hurts.

For me I would be grateful if there was some kind of remedy

1 Like
13

Ya, I’ve heard others say the same and have thought about it. Maybe an airdrop is in order? Can you make a thread for this specifically?

14

I would just add that ARMOR is a product and a brand that, in my humble opinion, definitely needs some heavy emphasis put on marketing. At the end of the day, it’s still a business that needs customers and like any business you need keen marketing to drive traffic. Without consumers you only have a great idea!! I do like XAUMANA’s ideas about finding influencers and everyone else’s ideas on Airdrops, burning, etc. just my 3 pennies.

15

Yeah, anti-burn camp here as well. And dont send to Vitalik, he doesnt like to get involved in this way - the marketing value of that is highly questionable too, imho.

One thing they could be used: find out the most pressing points about the usage/general questions about armor (see what gets asked often in Discord or Telegram, obviously excluding price action questions). Then offer bounties for the best youtube-videos tackling this exact question? Thinking about for example “what is the difference between the insurance options that Armor offers”, “how would a claims process work”, “how would I find the terms and conditions for the insurance?”, “which staking options do exist and a walkthrough how to do it”.

Why Youtube and videos, all this can be glances from docs and medium (I very much prefer text myself for time/efficiency reasons)? To me, it seems that these questions get asked over and over again, and people need some hand holding. Seeing someone actually take the steps and show it in a video would be highly beneficial imho. What seems easy to most of us, who have been using DeFi for months (or years), is very confusing to newcomers.

16

I’ve been keeping an eye on those types of questions. I’m actually collaborating with a community member right now to create as series of PP presentations in short video form accompanied by some written text too that goes over some of the questions. Why armor, coverage options, competitors, risks of the DeFi space, why insurance is important etc. Ultimate goal being a “DeFi school” so to speak in the long term.

We already plan to allocate to a grant/bounty program, for educational content beyond the work I’m doing right now too. We’ve been holding off starting this program until after the DAO launch.

17

Can we use this fund to launch on Big exchanges like Binance or Coinbase?

18

Working on exchanges. Bottleneck there isn’t cash but rather trading volume (they make their $$ off volume so that’s the biggest factor they consider).

19

Hey guys, just to make sure everyone knows nothing fishy is going on:

Corey’s been owed 9M ARMOR (explained in the first post here) for a while. We haven’t felt it was the right time to vote on sending them out before new token/tokenomics come out, but he’s been uncomfortable with it just hanging over his head with no updates. I’m gonna send him vARMOR to make sure he’s comfortable and I’ll open a vote to return tokens from DAO/multisig to me later. He’s not gonna be selling any of these and they’re being kept in vARMOR but he just wasn’t comfortable with being owed so much (not your keys, not your coins).

So ~8.11M vARMOR will be sent from 0xA673edcB35eDEe169362454A53ae98A7BDa55c1a to 0xF6101Db467c47E6d1B1bcAF461B1157fA92dF019.

I also wanna add since I didn’t mention it earlier that I sent 2M vARMOR to 4 different addresses from the same wallet (or robertforster.eth, not totally sure) to be able to delegate to different members of the team to give them some more voting power.

1 Like