[SIPS-003] - Move Community Pool Funds in Preparation of SOMM Token Airdrop

Status: Proposed

Author(s): Volume

Type: Text

Discussions-to: [SIPS-003] - Move Community Funds in Preparation of SOMM Token Airdrop

Created: 12/15/2021

Simple Summary

After the successful community vote on [SIPS-001] & [SIPS-002], Sommelier’s community set the foundation to move toward the next steps needed to continue to launch the liquidity of the Sommelier token as well as the launch of Sommelier Cellars, the automated liquidity manager controlled by the Sommelier blockchain. This SIPS-003 proposes the next step into that direction: To move 15 million SOMM Tokens from the Sommelier Community Pool to new addresses on Ethereum and Osmosis in preparation for the Community Token Airdrop distribution.

Sommelier Foundation. If you are interested in the community taking this proposal and conversation to an on-chain vote, please send a signal with 10 SOMM tokens at this Sommelier Address: somm1m767hcal3c42czfwr0tad0pvzvqdka4n9cd6cu

We will use this to deposit the 10SOMM required to start the voting period for this proposal

Abstract

The community proposal for the Sommelier airdrop successfully passed. We at VolumeFi prepared an analysis of the Ethereum and Osmosis blockchains to identify and propose allocations for the airdrop rewards. Now that the work of the analysis of the airdrop is complete, we made the repo of the output available for the community here: Implementation And Analysis Of The Sommelier SIPS-002 Proposal

Given a month of reviews and no objections, we wish to propose the next steps to prepare for the distribution of the airdrop tokens to the wallets that qualify based on our analysis. The tokens for the airdrop are currently in the Sommelier community wallet. We wish to ask the foundation to move the tokens into two wallets that will segment the airdrop tokens in preparation for distribution.

Wallet 1: A Sommelier Wallet that will transfer the Osmosis allocation to an Osmosis distribution script

Wallet 2: A Sommelier Wallet that will transfer the Sommelier tokens to an ETH wallet that will be controlled by the Sommelier Gravity Bridge and Sommelier network for distribution of SOMM eth tokens.

The VolumeFi team also prepared the the Ethereum contracts that will distribute the ETH Sommellier tokens. The contract code may be reviewed by the Sommelier Foundation and the community.

Motivation

This proposal is motivated by the Volume team’s submission of the airdrop analysis and the delivery of the Sommelier airdrop Ethereum contract =.

We also consider that the airdrop analysis has 30 days of public review by the community and no substantial objections to the analysis. We believe the community is ready for the next step. We believe that this next steps is critical to indicate to the community that progress on the airdrop is moving forward with the preparation of the next milestones to completion.

Specification ‌Overview

Sommelier will create two wallets to segregate the SOMM token that will be transferred to Osmosis wallets and the SOMM tokens that will converted into ERC20 SOMM tokens for Ethereum distribution.

Technical Specification

No technical specification is needed beyond that the funds are moved to wallets in preparation for the airdrop

Rationale

The movement of Community pool funds is a key next step for preparing the Sommelier SOMM token airdrop to the community. This proposal signals to the community that the airdrop will be eminent and liquidity on Sommelier will launch.

7 Likes

Thanks for the proposal and update!

As a community member I appreciate the rationale and have no objections.

2 Likes

Great team, innovative projects, I will always support you.

1 Like

thank you for hard work

2 Likes

Hi, good news
Look forward to
somm1vjrx0lks65yefnsz4xk92vugda2z25esg8mgst

How to send a signal with 10 SOMM tokens at this Sommelier Address: somm1m767hcal3c42czfwr0tad0pvzvqdka4n9cd6cu??

Thank you for this proposal. As a community member I vote for it!

Sounds like a great proposal.

I just tried the liquidity, and was going to put in only USDC, but contract wanted me to approve ETH use as well, which seemed like an extra fee?

Thanks

Good proposal, I agree with it