A lot of people wanted more context into why we are giving Gitcoin & MetaCartel a good chunk of Seeds, where did this “debt” come from etc; so here we go!
We owe a bunch of money to Gitcoin. We discussed & voted for paying back this debt more than 6 months ago but it ended up getting lost in the noise & we never followed through.
Why do we owe it:
- They charge $5k for hosting hackathons & we did 2 hackathons on Gitcoin. The first one was almost a year ago & for that one they didn’t want to charge us anything, but for MetaFest they wanted those $5k.
- They airdropped us about $15k worth of GTC.
- We raised a lot of funds through Gitcoin. We currently still have $100k worth of eth in the DAO & probably something like $50k securing the Seed pool. You could say they weren’t the ones to give us that money, but they are the ones who built quadratic matching, gathered the matching pool, built a platform for it & promoted it.
- We also got a lot of attention through Gitcoin in the early days. The first grant round got us from something like 300 members on Discord to 900. Also pretty much doubled our twitter followers.
How much do we owe?
Its hard to say how much exactly should be paid back to them, but we certainly owe them a lot. They enabled us to raise the money that is still sustaining MetaGame & hosted our hackathons.
We owe a bunch to MetaCartel. With MetaCartel, its less about the money we received through them and more about social support & credibility.
Why we owe them:
- If it weren’t for MetaCartel, I never would have started MetaGame. They are the whole reason I started working on the idea & was ballsy enough to actually started. Without MetaCartel, there’d be no MetaGame.
- A lot of the people that got in early, came through MetaCartel. A lot of the patrons are from MetaCartel.
- It was easier to gain credibility when we were able to say “we got started from MetaCartel”
- I think we got about 13eth from them which was slowly put inside the pool. Its hard to say how much of the current 60eth in the pool is that original 13eth, but even if its just 5, that’s $12.5 (which is about how much the current calculation suggests we give them)
How much do we owe?
Again, pretty much impossible to calculate. You could also again argue that we owe them 0 as all of the things they gave us were given with no strings attached, but imo that would be a really lame thing to say.
We also owe some Seeds to the world. From day 1 of MetaGame, the idea was that we’d be putting a % of our tokens into ecological & philanthropic initiatives.
Why we owe it:
- For starters, again, we owe everything to the stability that our wider ecosystems provide. We’re claiming to be building a better future - better future means making sure the ecosystems stay stable & other people are provided with similar opportunities that we had.
- We made it an explicit part of the mission by having it in the manifesto. We are expected to put our money where our mouth is.
- We agreed to at least offset our carbon footprint back at MetaFest & we haven’t done it. Let’s fucking do it already.
How much do we owe?
All of it? Ok, ok, not all. But I do think we should perpetually be putting 2-3% of Seeds into these kinds of initiatives. If some more self-preservation minded people disagree, we can count some of that as marketing for MetaGame
Other then “where did this come from?”, it seems that the main concern was how much impact this has on the distribution.
Contrary to popular belief, the reason everyone is getting less Seeds this month is because there were less active players (“Total Seeds minted” is calculated “per-active-player”, to be “an active player”, you need to be earning at least 20XP)
While it would have been true that we’d be getting less because of the big initiatives, MD upped the “Seeds per active player” to mitigate for this.
To dispel the concern that GTC & MC were the reason everyone is getting less, he made another calculation. The far right calculation is “without Gitcoin & MetaCartel, with the same number of Seeds per active player”
Left column: First calculation with debt initiatives & Seeds-minted increased to accommodate
Middle column: Calculation with debt initiatives & Seeds-minted increased to accommodate that as well as for the fact there were less active players
Right column: Calculation without debt initiatives & with Seeds-minted same as last month
I should have started this thread before going on to ask Hammad to add these iniatives.
The reason I haven’t is because we never did that before & always did it this way:
- Added initiatives
- Made the first calculation
- Asked people for feedback, what initiatives are missing, what should be removed or balanced.
- Made the second calculation
But obviously, people want to be included even before the first calculation happens.
So, I will never do that again!
From now on, there will be a thread for adding & discussing initiatives before each minting.
Maybe also a call to discuss? Though imo discussing on the forums seems fairer as not everyone can attend the calls.
As for the current calculation, my suggestion is that we put up another one, this time voting on one of the 3 calculations displayed in the sheet.
Anyone got a better idea?
In either case, to me personally, even the highest minting calculation seems low.
- In the left case, we’re giving them less than $10k worth of Seeds & in the middle calculation, we’re giving them $12k. Imo, this is nowhere near the value we received from them.