| SIP | Title | Author | Status | Track | Created |
|---|---|---|---|---|---|
35 |
Origins as a Subprotocol |
Shebin John (@remedcu) |
Ready to vote |
Origins |
2021-10-31 |
Origins is a launchpad and platform that allows platforms to kickstart their communities, raise community funding, and do so in a way that can raise Bitcoin natively. It’s also the launchpad for launching projects that build the Bitcoin and Sovryn ecosystems.
Origins aim for conducting decentralized and transparent token sales with community governance. This allows the community to vet projects, acts as a self-regulating system to avoid bad actors and scams. It’s also a way for the community to decide on what they want to fund next and then come together to kickstart that. These decisions will be an expression of the collective Sovryn vision.
- The token allows for the governance of what things can be launched on Origins, a vetting mechanism to prevent scams and bad actors.
- Governing the Origins treasury & how funds will be used for the Origins sub-platform.
- To provide a mechanism for allowing users to participate in sales fairly by providing a queueing mechanism to avoid gas wars to make sure distribution is even (WIP).
- Origins is part of the Sovryn protocol. And will always be linked to it through a Bonding Curve, thus having everlasting economic incentive. SOV is the coordination token of the Sovryn community, and as more projects are launched, the use of SOV to coordinate them will grow.
- Veto Governance power over the Origins Governance.
- Staking Reward from Origins Revenue
- The fee collected on sell transactions in the Bonding Curve.
- Opportunity for allocations from token launches on the Origins platform.
The bonding curve inspiration is taken from the forum post created by John Light, Sovryn Contributor. To summarize the benefits:
- The bonding curve creates an economic link between SOV and the Origins subprotocol.
- This encourages the SOV holders who support the subprotocol development, at the same time isolates the subprotocol incentives.
- Generates demand for SOV, providing additional utility for the token.
Origins will create a new way to use SOV as a coordination token to develop the Sovryn protocol further, provide more governance capability and introduce new projects that grow the system. When the Origins platform launches subprotocols, they will frequently have their own governance token, turning Bitocracy into a governance platform and creating new ways to use SOV. All this will allow the Sovryn protocol to scale, and at the same time, reduce the need for all decisions to pass through the SOV Bitocracy - which will become the highest layer of governance.
There will be multiple subprotocols from Sovryn coming in the future. And as an added advantage, all the subprotocols of Sovryn will not pay any mandatory fee for listing in Origins.
These are the steps a project should ideally follow:
- The project wishing to list on Origins should contact the Origins Team for guidance and to get any help they require to write an OGP which could have a good chance to get accepted by the Community. This is an optional step, but one highly recommended.
- The concerned team then needs to make a post in the forum, with the relevant draft OGP, tokenomics, and any other relevant data.
- The community will provide constructive criticism and present their views. It is recommended to be highly active in the forum at this time.
- After a certain period, the Project Team can create a proposal in the Origins Governance and let the OG Stakers decide.
- If the vote is positive, the project gets listed.
The revenue earned from Origins is proposed to be divided as below:
- 20% of the revenue goes to SOV Stakers through Staking Reward
- 10% of the revenue goes to buy OG from the Bonding Curve and then burning bought OG tokens.
- 50% of the revenue goes to OG Stakers through Staking Reward (including Vesting Stakers)
- 20% of the revenue goes to OG Treasury
You can find the detailed version of this tokenomics here.
All the tokens have their vesting/locked schedule with unlocking & receiver party details. To maintain the reserve ratio, the tokenomics might change if the sale rounds don't reach their targets.
Token Sale will happen in different rounds, with varying amounts of tokens, investment limits. For Ex: There will be a vote weight based process for SOV Stakers, which is yet to be defined.
The Early Funders token allocation (approximately 20%) is divided thusly:
| Name | Party | Deposit | Token Amount | Price | Invest Limit | Total Raised | Vesting Period (Years) | Vesting Cliff (Months) |
|---|---|---|---|---|---|---|---|---|
| Seed | Influential Investor & Sovryn Team | Stable Coin | 15 Million | $0.2 | Min $50K | $3 Million | 2 | 4 |
| Presale | Sovryn Stakers | SOV | 11 Million | $0.22 | Max $5K | $2.42 Million | 1.5 | 2 |
| Total | $5.42 Million |
|
This will, in total, raise $5.42 Million (USD).
The SOV raised in the Early Funders round will be primarily used for the Origins Bonding Curve reserves.
The stablecoin raised in the Early Funders round will be used by the Origins Treasury.
The Programmatic Sale token allocation is this way:
| Deposit | Token Amount | Price | Invest Limit | Total Raised | Vesting Period (Year) | Vesting Cliff (Months) |
|---|---|---|---|---|---|---|
| SOV | 17 Million | $0.3 | $10K | $5.1 Million | 1 | 1 |
| Total | $5.1 Million |
|
The SOV raised by Programmatic Sale will be primarily used for the Origins Bonding Curve reserves.
The anticipated budget for one year is around $2 Million, and once TGE occurs, it will require an OGP (Origins Governance Proposal) through the Origins Bitocracy.
In general, the mission for this SIP is to get the below things:
- Approve the Origins as a subprotocol.
- Ask the Sovryn Treasury (Exchequer) for 220K SOV in exchange for 40% of the OG Tokens, solely to be used as reserves in the OG <> SOV Bonding Curve.