Genesis Token Distribution

The GEN token contract currently has 60M total supply. 40M were sold in the ICO, and coinmarketcap currently has 41,255,043 as the circulating supply.

  1. Are these numbers correct?
  2. Who holds the approx 20M GEN that was not sold to the public?
  3. Can you break down the 20M GEN amounts by each holding party?
  4. Do these tokens have a locking schedule?
  5. Where did the additional 1,255,043 in circulating supply come from?
  6. Who is funding identityDAO and memeDAO with GEN? How much?
  7. I am aware that DAOstack will be handling over minting rights to a funding DAO for an additional 40M GEN, which could move the total supply up to 100M, correct?
  1. Yes
  2. DAOstack Technologies (see this blog post)
  3. No
  4. Yes and no. Team tokens are locked for two years, vested for three years. But DAOstack Technologies is free to use these tokens otherwise. It should generally be assumed any arrangements made with these tokens would be as locked tokens.
  5. Coinmarketcap generally doesn’t circulating tokens very well – it points to a wallet or wallets and says “these are not circulating,” when the actual circulating supply could be more or less.
  6. It doesn’t appear either the IdentityDAO or the MemeDAO has received any GEN for funding.
  7. That’s always been the plan, yes; that “funding DAO” is meant to be the Genesis DAO.

The IdentityDAO is rewarding each member 50 GEN upon signup. You say they have not been funded, but this GEN must be coming from DAOstack technologies, right?

Likewise the memeDAO is rewarding 50 GEN for each DAO meme that is tweeted. It’s great to provide incentives, but at some point this may hamper the buy pressure for GEN and indirectly hurt the ability of the Gen Predictors Network to gain traction. The predictors network game theory requires GEN to appreciate in value to drive their behaviour to curate. If they feel their GEN holdings are being diluted by DAOstack technologies, then people may question why even join the Prediction Network?

To address this concern it would help to be fully transparent of the ~20M GEN held by DAOstack Technologies. Some of them are already in the circulating supply, how is this possible if they are locked for 2 years? It appears more are being used to support the prediction network, IdentityDAO, and MemeDAO. The details around this are not clear.

Just thinking out loud, but whoever is funding MemeDAO could require holding GEN to join. Just as to take part in the Prediction Network you need to hold Gen. And this way they can still reward GEN to incentivize memes/promotion and not hurt the buy pressure. You need to buy GEN to get more GEN. The amount of GEN per tweet could be partially proportional to your GEN holdings. Current GEN holders can become active to maintain their ratio of GEN (or even increase it) compared to the inactive holders. Wouldn’t something like this that further engages your current investors while still incentivizing new members to join be preferable to a scenario that potentially dilutes and upsets your early adopters at the expense of new comers?

If you were new to DAOstack and you could buy GEN to curate proposals for a chance to win a share of the 50 GEN that is up for grabs to incentivize curators; or send a tweet and guarantee that you will get a full 50 GEN without the risk of losing any or potentially having to share it with someone all while not needing to buy any, what would you choose? I like pomotion, it makes sense to do it. But not at the expense of single most important aspect of this ecosystem which is the Prediction Network.

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The IdentityDAO is rewarding each member 50 GEN upon signup

Well, it would be, if there were any GEN in the DAO’s wallet. As it stands now, there isn’t. You can go into Alchemy and see for yourself. But, even if there was, to be clear: 20m GEN is at DAOstack Technologies’ full discretion to utilize. This was communicated during the token sale, and has been communicated transparently since. DAOstack Technologies is not obligated to provide details for each transaction the company makes with these GEN, and in the near future, probably won’t.

Just thinking out loud, but whoever is funding MemeDAO could require holding GEN to join. Just as to take part in the Prediction Network you need to hold Gen.

There’s nothing preventing you from passing a proposal within the MemeDAO to try to establish this rule a form of social consensus. It’s not a bad idea, truthfully, and I encourage you to try it out.

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Actually, it looks like the MemeDAO was just funded with some GEN, but I can confirm internally it wasn’t DAOstack Technologies who funded it.