This proposal addresses the need for a more refined emission mechanism in light of factors impacting burn rates. Currently, the halving schedule can result in abrupt changes in token distribution, especially if burn rates cause the supply to decrease beyond what is currently considered a current “tier”. This can lead to an inelegant doubling of token emissions as halving tiers oscillate between emissions tiers. This could disrupt the economic stability of our ecosystem.
A smoother emission curve is proposed to ensure a stable and predictable token issuance, promoting long-term growth and stability.
Proposal Overview
I propose replacing the current halving schedule with a daily emission model. This model would emit 0.25% of the remaining gap between the total supply and the max supply each day. This change aims to create a more predictable and stable emission curve, aligning with the evolving needs of our ecosystem. This is based on a proposal submitted by Lukabylie, the creator of the WEN token.
Proposal Details
Background and Rationale
Factors affecting burn rates can cause the token emission to fluctuate, making the current halving tiers inefficient and unpredictable, especially if a source of significant burns enters the ecosystem. A situation where the emission is oscillating between two “tiers” would be severely suboptimal.
A daily emission model at 0.25% of the remaining gap between the total supply and the max supply offers a gradual and consistent token release, better suiting the current economic realities of the whole ecosystem.
Implementation Plan
Terminate the current halving schedule immediately.
Implement the daily emission model. The emission will be calculated as 0.25% of the remaining gap between the total supply and the max supply.
Following implementation, all documentation will be updated to reflect this change.
Expected Outcomes
Stability: Reducing the market shocks associated with halving events will promote a more stable economic environment.
Predictability: A smoother emission curve provides clearer expectations for node operators and potential investors, aiding in long-term planning and investment strategies.
Governance and Voting
This proposal should be subjected to a governance vote, requiring a majority approval from Founder’s Node operators.
The voting period should last for at least one week, ensuring ample time for all operators to participate and voice their opinions.
Vote Details
Voting Period: Voting will be open for a period of 1 week, starting with the announcement of this proposal.
Eligibility: All Founder’s Node operators (1 vote per Founder’s Node)
Majority Requirement: a simple majority of 51% will be required to pass this proposal.
Vote Question
Should the $GALA dynamic halving schedule transition to a system in which 0.25% of the difference between Total Supply and Max Supply is emitted daily?
Yes: I am in favor of this emission update for more stable and predictable token emissions.
No: I am not in favor of this update and have voted that emissions should remain with the dynamic halving tier-based system.
Conclusion
Transitioning to a daily emission model at 0.25% of the remaining gap between the total supply and the max supply represents the strategic adaptation and evolution of our ecosystem.
I encourage all stakeholders to consider this proposal carefully and ask Gala to put it forward as a vote in favor of a more stable and predictable emission strategy.
We are thrilled to announce the completion and results of Gala Film’s first two Theater Node governance votes. Marking a significant milestone in our journey towards a more decentralized and community-driven platform, our community of Theater Node operators has spoken, and their decisions will play a crucial role in shaping the future of $FILM tokenomics.
The Votes
The two governance votes focused on key aspects of $FILM tokenomics:
Maximum Boost for Film Projects
Distribution Method for $FILM Tokens
Voter Participation
We extend our heartfelt thanks to all Theater Node owners who participated in these votes. A total of 249 Theater Node operators cast their votes, with a total of 508 participating Theater Nodes. This strong turnout underscores the dedication and engagement of our community, and we hope to further increase the involvement and engagement of our valued Theater Node operators in the future.
Results
Vote 1: Distribution Method
With 58% of the votes, the community has decided to keep the current distribution method based on the prior day’s activities. This means that the daily minting of $FILM tokens will continue to be determined by the previous day’s ecosystem activity.
Vote 2: Film Boost Reward
With 43% of the votes (winning share), the community has chosen to set the Film Boost at 3X. This decision means that once a film reaches the Boost cap, each view will count as three views when calculating daily $FILM distribution.
Next Steps
These decisions will be incorporated into the Gala Film Litepaper and applied to the platform. We believe that these choices will foster a more dynamic and rewarding ecosystem for all participants.
We are immensely grateful for your continued support and participation in shaping the future of Gala Film. Together, we are building a more empowering film industry.
Stay tuned for more opportunities to have your voice heard in upcoming governance votes. Your participation is crucial in our journey to revolutionize the world of film through the power of blockchain technology.
Thank you again for voting and for being a part of the Gala Film community.
Moving toward the decentralized world of music we’re creating together, Gala Music is pleased to offer an exciting feature called NextUp, our innovative community governance system. The future of music means a more democratized and community-driven approach to the art, empowering you to have a direct say in curation and addition of new music and artists on Gala Music.
“Next Up” is designed to bring decentralized governance to the forefront of Gala Music. This feature allows our community to vote on new artists and tracks, making you an integral part of shaping the platform.
Every week, the Gala Music community is invited to vote, deciding on three tracks to add to the platform and one new artist
To learn more about the vision of Gala Music and our plans for a more decentralized world of music, read the Whitepaper.
How Does It Work?
Eligibility to Vote
If you have a Gala Account and a transfer code set up, you are eligible to vote. The transfer code is necessary because all voting is transacted on GalaChain, ensuring transparency and security. You can set up a transfer code in the Security area of your account’s Settings page.
Each Gala Music account gets one free vote. Additionally, for every Jukebox Node you own, you receive an extra vote, up to a maximum of 20 votes per voting period.
$MUSIC to Enhance Voting Power
Think of your $MUSIC as a great way to endorse your favorite artists and tracks, giving them an edge. In addition to your free vote, you can purchase additional votes for 5 $MUSIC each (any quantity. The world of web3 music runs on $MUSIC, so let’s let the $MUSIC do the talking.
Why NextUp Matters
The introduction of Next Up is a pivotal moment for Gala Music. Beyond a simple voting system, it is a testament to our commitment to decentralization and community involvement. By participating, you are helping to curate the new music and artists that will define the industry’s future, ensuring that our platform reflects the diverse tastes and preferences of our community.
Be a Part of the Future
With Next Up, we are laying the foundation for a robust and inclusive governance system. But this is just the beginning. Your feedback and participation will be crucial in refining and expanding this feature to make it even more impactful in the future.
Ready to make your voice heard? Ensure your Gala account is set up with a GalaChain transfer code. A new voting round kicks off at the beginning of every week, so cast your vote now and be part of this revolutionary step towards a more community-driven music ecosystem.
Stay tuned for more updates and be prepared to welcome new artists and tracks every week with NextUp. Let’s create the future of music together.
In light of the recent security incident which led to the unauthorized minting and sale of ~600 million $GALA tokens and a permanent locking of ~4.4 billion tokens, this proposal aims to formalize the burn of this ~4.4 billion $GALA tokens, as well as ~600m tokens from the central Gala Treasury, to ensure the stability and sustainability of the ecosystem.
Note: Due to the upgradable nature of the $GALA contract, the proposed changes will not necessitate swaps or relistings on exchanges, and can be executed with no disruption to all users of the $GALA token.
Objective
To upgrade the $GALA contract to include a definitive and irreversible burn of the same quantity of unauthorized tokens, or tokens determined by law enforcement to be illegitimately gained, and to enhance the security features of the contract to prevent future unauthorized access or breaches.
Proposal Details
1. Contract Upgrade
Develop and deploy a hotfix version of the $GALA contract that removes the illegitimate supply.
Develop and deploy a further upgraded version of the $GALA contract that locks in changes to better secure the contract and supply.
2. Token Burn
Permanently remove ~5 billion $GALA tokens from circulation by sending them to a burn address from which they cannot be retrieved.
Ensure that the burn process is transparent and verifiable by the community and external observers.
3. Timeline and Implementation
Immediately commence development of the upgraded contract upon approval of this proposal.
Schedule the contract upgrade and token burn to be completed within the next 72 hours.
Voting Details
Voting Period: The voting will be open for a period of 24 hours from the moment of the proposal announcement.
Eligibility: All Founders Node operators.
Majority Requirements: A simple majority of 51% of votes will be required to pass this proposal.
Vote Question
Should a $GALA contract upgrade be deployed for removal of unauthorized supply and enhancement of contract security, permanently removing ~5B $GALA from circulation via transparent burn in order to promote long-term ecosystem health?
Yes: I support the contract upgrade and $GALA burn for enhanced security and to promote ongoing ecosystem health.
No: I do not support the contract security upgrade and the burn of these illegitimate tokens from circulation.
Abstain: I choose to abstain from voting on this proposal.
Expected Outcomes
Restoration of community trust and stabilization of the $GALA token supply and Node Reward schedule by reducing the total supply.
Strengthening of the $GALA ecosystem through enhanced security measures.
Conclusion
This proposal is crucial for the long-term viability and security of the Gala ecosystem. Community participation in the decision-making process is highly valued; all Founder’s Node operators are encouraged to vote and contribute to the discussion.
As a foundational pillar of the Gala ecosystem, our Founder’s Node operators have always played a crucial role in shaping the future of our platform. Traditionally, the decision-making process has involved simple proposal style votes, offering a binary choice on the direction of development within the Gala ecosystem.
The Vote
The voting opens at 2pm PT on April 12th and concludes at the same time on April 19th.
As you know, we opened GalaChain to external development with the release of the open-source GalaChain SDK earlier this year. The community’s response was nothing short of phenomenal, leading to the creation of invaluable resources by dedicated developers. Among these resources, various GalaChain explorer apps stand out as exemplary projects that not only enhance the ecosystem but also enrich our community.
The Reward
In recognition of these contributions, we’re dedicating this vote to decide which development team will be honored with a remarkable prize: Either 1 million $GALA or a prestigious Gala Founder’s Node license– Winner’s choice. This initiative is not just about rewarding innovation; it’s about celebrating the spirit of community and collaborative growth that defines Gala.
The Candidates
The spotlight is on the following GalaChain explorers, each a testament to the ingenuity and commitment of our community developers:
We encourage all Gala Founder’s Node operators to engage with these explorers and make an informed decision on which project truly deserves the accolade and the prize. Your vote is a powerful tool in shaping the ecosystem and recognizing the efforts that fuel our collective growth.
Gratitude and Anticipation
Our heartfelt thanks go to all GalaChain developers for their contributions and to our extraordinary community for their unwavering support. This vote marks a new chapter in our journey towards a more inclusive, innovative and decentralized future. Join us in celebrating the creativity and hard work that continue to propel the Gala ecosystem forward.
