This is a proposal to continue our token vesting program for founder-level contributors to the DAO.
The goal of continuing this program is to retain founder-level contributors by providing them greater governance power in the DAO, while also keeping governance power much more decentralized than is typical at startup companies. When typical startups set up their cap table, the founders start with 100% ownership and then slowly dilute themselves by raising money from investors and creating employee option pools (usually 10% of the equity of the company).
Cabin is not a company or a typical startup, so we’ve done things differently. Instead of founders owning all of the token to start, we started with 100% community ownership of our governance token and distributed small vesting portions of the token to founders and strategic partners through community proposals and votes.
The token vesting we’ve had for founders is 2.5% of the total supply per year, and standard vesting terms are 4 year vests with a 1 year cliff. In this Oct 2021 proposal, we approved the first 2 years of token vesting for founders. Zakk returned his unvested tokens after leaving his founder role, and Jon has completed the first 2 years of vesting. After Zakk’s departure, Grin has filled his shoes as Cabin’s technical leader in a founder-level role.
This is a proposal to continue token vesting for people serving in founder-level roles at Cabin, at the same 2.5% per year rate for up to 4 years with a 1 year cliff.
Jon - 2 more years of time locked tokens @ 2.5% of supply per year (currently 25,000 ₡), vested based on continued work for the DAO since the end of the previous proposal
Grin - 4 years of time locked tokens @ 2.5% of supply per year (currently 25,000 ₡), vested based on continued work for the DAO with a 1 year cliff, starting 1/1/24
Learn more about the ₡ABIN governance token here.