Proposal to extend core team vesting time

Proposals
#1

Summary:

Based on the current CRV Supply Schedule (CRV Supply Schedule.xlsx - Google Sheets), we are nearing the end of the three-year CRV allocation period. By August, the CRV allocation will be distributed as follows:

Date Community (57%) Early Users (5%) Core Team (26%) Investors (4%) Employees (3%) Reserve (5%)
8/13/2021 274,815,283 151,515,152 200,240,288 54,064,878 45,454,545 151,515,152
8/13/2022 505,906,469 151,515,152 400,480,577 108,129,756 90,909,091 151,515,152
8/13/2023 700,230,220 151,515,152 600,720,865 108,129,756 90,909,091 151,515,152

Between 2022 and 2023, the community incentive emissions (194,323,750 CRV) will be less than the core team’s vesting (200,240,288 CRV). Consequently, the core team will receive a larger allocation than the community in the final year of vesting (2023-2024). This proposal aims to increase the core team’s vesting time to ensure a consistent incentive alignment with the community.

Abstract:

In line with the decreasing community emissions each year (approximately 0.84X of the previous year), we propose adjusting the core team’s allocation to one-fourth of the previous epoch’s allocation. Each epoch spans three years, and the core team will consistently receive three-quarters of the remaining allocation. This adjustment promotes a consistent and equitable distribution of incentives between the core team and the community.

Motivation:

Extending the core team’s vesting time through this proposal will ensure that the community receives a larger emission allocation than the core team each year. This adjustment fosters a sense of fairness and collaboration between the core team and the wider community while providing the core team with long-term incentives.

Specification:

The detailed emission data is outlined in the following table:

Date Community (57%) Core Team (26%)
- -
13/8/2021 274,815,283 200,240,288
13/8/2022 231,091,186 200,240,288
13/8/2023 194,323,750 200,240,288
13/8/2024 163,406,145 50,060,072
13/8/2025 137,407,642 50,060,072
13/8/2026 115,545,593 50,060,072
13/8/2027 97,161,875 12,515,018
13/8/2028 81,703,072 12,515,018
13/8/2029 68,703,821 12,515,018

For: This proposal primarily adjusts the core team’s vesting structure, benefiting the entire Curve.fi ecosystem. By ensuring a fair distribution of CRV and maintaining consistent incentives for the core team, this change enhances collaboration and alignment between the core team and the community. It promotes a more equitable distribution of incentives, supporting the long-term sustainability and growth of Curve.fi. We anticipate that the core team will be supportive of this proposal, as it strengthens the ecosystem as a whole.

Against: Considering that the core team has already received a significant portion of the total CRV allocation, this proposed change is not expected to have a significant impact on their existing holdings. The adjustment primarily focuses on maintaining a balanced incentive structure and ensuring a fair distribution to benefit the wider community.

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#2

According to @Fiddy’s suggestion on Discord, I have included the proposal execution section as following.

Proposal Execution

Given that the vesting contract is immutable and its parameters cannot be directly changed, adopting the proposed modifications requires a slightly complex procedure. Here’s how we can proceed:

According to the proposal, the core team’s emissions in the fourth year will be reduced to one fourth of the original arrangement. Since the can_disable parameter in the contract is set to false, we cannot directly lock the emission. However, we can still accommodate the proposed changes with a revised timeline.

If the core team supports the proposal, they can claim one fourth of the tokens on November 13th, 2023, which will represent their vesting for the year 2023-2024. After this initial claim, they are kindly requested to refrain from claiming the remaining tokens until August 13th, 2024.

To implement the specification of this proposal, a new contract can be developed and deployed on August 13th, 2024. The core team can then claim all the remaining tokens from the existing contract and transfer them to the new contract. Subsequently, all further vesting will be carried out according to the new contract and the specifications outlined in the proposal.

While this procedure may involve some intricacies, it allows us to align with the proposed changes despite the immutability of the current vesting contract. By following this approach, we can ensure the implementation of the modified vesting arrangement as desired.

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