RIP-000-018: Ren 2.0 funding and Ren Foundation

The results are in :ballot_box:

The proposal is approved, with 94.88% of the votes in favor :white_check_mark:

The amount to be minted according to the weighted average rule: 179.928M REN

Next steps

The next steps for the Ren DAO is primarily to continue setting up a Foundation or Trust which can custody the tokens that would be allocated to it. This work is ongoing in the 🧱|foundation-setup channel on the Ren community Discord server, which we encourage everyone in the community to participate in, to offer help and suggestions.

It is encouraged that a smaller group is formally or informally given the leadership role for this task, to help ensure that it can be accomplished in a timely manner. A smaller group would also make it easier for the Ren team to offer support and resources.

Smaller tasks

Some other tasks the DAO could settle in parallel to setting up a Foundation or Trust, is to determine exactly which darknodes are eligible for the ‘inflation cover’ of the mint, given that there have been contentious discussions within the community on this point. Should it only cover current registered nodes, and if so in the previous or current or some other epoch? Should there be a grace period, so current deregistering nodes are covered as well? And should the cover be open for anyone who wishes to register nodes now or at the launch of Ren 2.0?

Another minor task is to decide whether the minted amount should be rounded out to some decimal for UX reasons when bonding new nodes, such as rounding it to 180 000 000 REN, instead of 179 928 193.46 REN.

Future steps

As soon as a Foundation or Trust is ready to receive the allocation of new REN and custody those funds safely, the new token contract can rapidly be deployed by the DAO with technical support from the dev team. And then a funding agreement can be reached regarding development. And then Ren 2.0.

5 Likes