Proposal:Token Request for Dune-FreeTON Merge Execution
General Description
The merge of the Dune Network community into the Free TON community was voted on February 1, 2021. As part of this merge, the supply of DUN tokens on the Dune Network will be swapped against TON tokens at the rate of 50.3 DUN for 1 TON. The bridge between Dune Network and Free TON has been implemented through two contests (#149 for Architecture and #169 for Implementation) and audited by the Formal Method sub-governance. This proposal is the last step of the merge, requesting the TON tokens to be moved to a multisig with an incentivization mechanism for vesting, before being sent to the bridge managed by the 3 relays (Origin Labs, Ton Labs and DuneBread), prior to execution of the swap.
Detailed Description
The merge of Dune Network into Free TON was organised by 3 contests in the Main governance:
- #117 Dune Network Merger
- #149 Contest: Dune → FreeTON Swap Architecture
- #169 Contest: Dune->FreeTON Swap Implementation Stage 1 Proposal
And 1 audit contest in the Formal Methods sub-governance:
- #6 Contest Proposal: Audit of the Dune Network → Free TON merge contracts Free TON Community
The infrastructure for the merge is now ready. A website for Dune users is available at https://freeton.dune.network/ (currently connected to smart contracts on the Testnet for testing). The bridge for the Mainnet infrastructure will be deployed when the tokens will be received on the multisig contract, with 3 relays:
- Origin Labs
- Ton Labs
- Dune Bread
And a threshold of 2 confirmations on 3 for every swap to be validated and propagated to Free TON.
To decrease the risk of bugs and misbehaviors, the tokens will be transferred progressively from the multisig to the bridge, to decrease the likelihood of attacks.
The Multisig itself is controlled by 5 entities:
- Origin Labs/OCamlPro
- TON Labs
- Dune Bread
- Broxus (TBD)
- Minergate
Incentivization for Vesting
This proposal introduces a program to incentivize Dune holders to vest their swapped TONs for a period of 3 to 6 months. The bridge will be modified in the next week to add this functionality, through a specific debot. The users that will vest their tokens will receive 5% more tokens for 3 months, or 11% more for 6 months.
Dune holders will get 10% directly to Free TON account and will be able to choose a vesting period for the rest of a sum and claim additional rewards via a special DeBot which is under development by OLabs team right now.
Total Budget
The total maximal budget is divided in 4 parts:
- TON supply for swaps: as stated in the merge proposal, the rate of 50.3 DUN for 1 TON was chosen, with a supply of 463,000,000 DUN tokens. The corresponding TON supply is 9,204,772 TON. This part of the budget was already voted in the initial merge contest.
- TON has for the gas: we expect the infrastructure to have a maximal cost in gas for 50,000 TON;
- Each relay (Origin Labs, Ton Labs and Dune Bread) will run the bridge infrastructure for 3 months with a monitoring team. We request a reward of 1% of the swapped tokens for every relay. The corresponding maximal budget is 276,143 TON;
- Incentivization for Vesting: the budget is at most 11% of the merge supply, if all users accept to vest for 6 months. The corresponding maximal budget is 1,012,525920,478 TON;
At the end of the swap, after rewarding the relays, all remaining tokens that have not been swapped, consumed, rewarded or vested will be transferred back to the Main governance.
| TON supply for swaps (max) | 9,204,772 TON |
|---|---|
| gas for the swap infrastructure (max) | 50,000 TON |
| Relay rewards (max) | 276,143 TON |
| Incentivization for vesting (max) | 1,012,525920,478 TON |
| TOTAL | 10,543451,440393 TON |
Contact
Contact on Telegram: @fabrice_dune
Public Key: 0x97d1ac029229af5c5e7196932106186a4a085fe988562409803b3c4508da5475
Multisig Wallet
A multisig 3/5 wallet has been setup to receive the funds, with the following custodians:
- Fabrice Le Fessant ( @fabrice_dune ) CEO at Origin Labs, CTO at OCamlPro
Public key: 0x97d1ac029229af5c5e7196932106186a4a085fe988562409803b3c4508da5475
- Crabby Paddy ( @TheCrabbyPaddy ) Admin of Dune Bread Baker and Dune OTC admin
Public Key:
8bd615ce2c5d9c233dff389c7b86048c3053fa859c598ff5de4a6e36d45055ec
- Pavel Prigolovko ( @prigolovko) at Ton Labs
Public Key:
dd5994f3825c3a0c6c0d2b4ceca2a48bc71c52bd29b181d9eed71696fc4220dc )
- Vladimir Maslyakov ( @rainblowing ) at MinerGate
Public Key:
026ee8c28582995c70df44126999150c0eeec4e0f913cb545aafa7c5a285cc6f
- Vlad Ponomarev (@xestrum) at Broxus
Public Key:
c843d424bba89625d64fb592975180023e46b499388856fa832e287484adc4aa
The 24h multisig address is:
0:1e47ab9136f03d6dd2e66e5e8f901e529e51e6be9cd0b5720cc72b717e167a0b
