Iskra’s Third Governance Voting

Posted on by Iskra.World

Update as of September 8, 2023

Execution Plan

  • P-NFT Contract will be upgraded reflecting the changes from Proposal 3 on September 26.
  • The new scheme for P-NFT staking reward will be applied starting from September 29, 11:00:00 (UTC).
  • According to the new scheme, P-NFT staking reward pool by year will be changed as follow:
    • Total remaining staking reward pool: 175,000,000 ISK
Year
Staking Reward Pool
1st Year
2023 September 29, 11:00:00 (UTC) to
2024 September 28, 10:59:59 (UTC)		 25,000,000 ISK
2nd Year
2024 September 28, 11:00:00 (UTC) to
2025 September 28, 10:59:59 (UTC)		 30,000,000 ISK
3rd Year
2025 September 28, 11:00:00 (UTC) to
2026 September 28, 10:59:59 (UTC)		 35,000,000 ISK
4th Year
2026 September 28, 11:00:00 (UTC) to
2027 September 28, 10:59:59 (UTC)		 40,000,000 ISK
5th Year
2027 September 28, 11:00:00 (UTC) to
2028 September 27, 11:00:00 (UTC)		 45,000,000 ISK

Update as of September 6, 2023

Iskra is pleased to share that Proposal #3 has passed the Voting Stage with the following results:

  • Upvote: 100% (14M sISK)
  • Downvote: 0%
  • Abstain: 0%

As Proposal #3 has passed, we will proceed to working on its execution (detailed execution plan to follow).

Update as of August 28, 2023

  • Current Stage: Voting
  • Voter: Iskra DAO Members
  • Voting Purpose: Iskra DAO to Vote on a Proposal
  • How to Vote: Connect to Snapshot

Proposal #3 has passed the Proposal Stage with the following voting result.

  • Upvote: 81.5075% (excluding invalid vote: 99.998%)
  • Downvote: 0.0019% (excluding invalid vote: 0.002%)
  • Abstain: 0.0000%
  • Invalid Vote: 18.4906%

(*1 vote with 588 kolp has been invalidated as it is a lack of choice.)

Proposal #3

There has been no changes to Proposal #3 during the Proposal Voting stage. For details about Proposal #3, please refer to the previous update found below.

Team Feedback from the Proposal Stage Voting Comments

Inquiries and Comments

Team Feedback

What happens to referral rewards?

P-NFT Referral reward scheme will remain as same.

We will proceed to the Voting Stage on August 30, 2023, where all ISKRA DAO members can vote on Proposal #3.

Update as of August 18, 2023

  • Current Stage: Proposal
  • Voter: KOLs
  • Voting Purpose: KOLs to vote on a proposal
  • How to Vote: Connect to Snapshot

Proposal #3:

The Restructuring of the P-NFT Staking Reward system consists of the following three proposals. Except for the matters below, the existing structure shall remain.

1. Total Number of P-NFT Minted Changes from 40,000 to 15,000

1.1. DETAILS

    • Total number of P-NFTs minted changes

      • Current : 40,000 P-NFTs in total

        • Private : 4,000 units
        • Public : 26,000 units
        • Reserve : 10,000 units

      • Change to : 15,000 P-NFTs in total

        • Private : 4,000 units
        • Public : 6,000 units
        • Reserve : 5,000 units

    • Once 10,000th P-NFT is sold, all P-NFTs will reserve the right to be unstaked, allowing for P-NFT transfer, including secondary trading. Find more information about unstaking scheme in the 3rd proposal.

The following schemes will NOT change:

    1. The pricing model where $20 increases for every 10 units sold will be maintained.
    2. The conditions for P-NFT unstaking shall remain. The existing “linear reduction model” formula will continue to be used for P-NFT unstaking scheme.
      id <= 29999*(last_id-5001)/24999 + 1
    3. For every 1,000 P-NFT sold, 100 units will be taken as a Team reserve. (1,000 for team reserve)
    4. ‘Instant Unlock’ feature will remain. Even if you have not met the P-NFT unstaking conditions, you can still activate the ‘Instant Unlock’ feature after 18 months of P-NFT Staking. If you choose to instantly unlock your P-NFT, 50% of the ISK rewards for the selected P-NFT will unlock immediately with burning the rest 50%. Please refer to:

1.2. REASON

We have drastically reduced the overall quantity for sales to set the final price and quantity that we expect to sell out.

With the overall P-NFT minted being reduced, the expected rewards from staking each P-NFT will increase. As 2/3 of the 33,000 P-NFTs eligible for ISK rewards will be burned with the change, leaving 11,000 P-NFTs eligible for rewards, the expected staking rewards for individual P-NFTs will triple given that all P-NFTs are sold out.

2. P-NFT Staking Reward Distribution Change: Halving for 10 Years → Upward Distribution for the Next 5 Years

2.1. DETAILS

    • ISK distribution schedule for P-NFT staking changes from 9 years (9 years remaining from 10 years) to 5 years

    • ISK distribution for P-NFT staking changes from a halving structure to upward rewarding, increasing over years.

      • As of September 2023, approximately 180 million ISK rewards remain, in which case the reward changing as follows (numbers may vary based on the amount of rewards remaining at the time of actual implementation)

        • Total reward pool for the 1st year : 26,000,000 ISK
        • Total reward pool for the 2nd year : 31,000,000 ISK
        • Total reward pool for the 3rd year : 36,000,000 ISK
        • Total reward pool for the 4th year : 41,000,000 ISK
        • Total reward pool for the 5th year : 46,000,000 ISK

      • Restart [Year 1] based on when the change becomes effective.

      • The team will recalculate and communicate five years of reward amount at the time of the execution.

The following schemes will NOT change:

    1. Staking is required for P-NFT rewards and the way rewards are distributed will not be changed.
    2. P-NFT staking rewards will remain at 400 million, 40% of entire ISKs minted.

2.2 REASON

As the halving structure of P-NFT staking rewards makes it harder to sell P-NFTs over time, we are to change the staking reward scheme for selling P-NFTs even with a reduced quantity.

Our new proposal is structured to offer more rewards to those who stake P-NFTs longer. The longer you stake, the more rewards you will receive. This ensures incentives for those who joins P-NFT purchase later and allows participants to earn more rewards the longer they stake.

3. Delivering Clear Scheme for P-NFT Unstaking

3.1. DETAILS

    • If you had passed a time when you can unstake your staked P-NFT:
      • you can either continue to stake your P-NFT and enjoy receiving rewards through continued staking; or
      • unstake P-NFT at any time, and the locked ISK held by the P-NFT shall become immediately unlocked and available for use; if you have multiple P-NFTs, you can unstake respectively.
    • Impact of unstaking P-NFT
      • [Check Stage (as-is)] If you still hold P-NFT, even after unstaking, you will continue to receive CP as before.
      • [Proposal Stage (to-be)] Unstaking a P-NFT will mint a new NFT (tentatively called as P-NFT v.2) that can be secondarily traded, and staking it will not result in ISK rewards, but CP rewards will be paid as before.
    • Upon unstaking P-NFT, you will NOT receive P-NFT staking rewards.
    • P-NFT staking is available only once and cannot be restaked after unstaking.
    • Even without meeting the P-NFT unstaking conditions, you can activate the ‘Instant Unlock’ feature 18 months after P-NFT staking. In this case, 50% of the ISK rewards for the selected P-NFT will be burned with the remaining 50% becoming unlocked immediately. Please see for more details.

3.2. REASON

We would like to clarify the conditions surrounding P-NFT unlock scheme and conditions as this proposal will likely result in faster ISK reward unlocking.

P-NFTs will be eligible for unstaking based on the existing “linear reduction model” formula. As described in proposal #1, all P-NFTs will reserve the right to unstake once the 10,000th P-NFT is sold.

    • id <= 29999*(last_id-5001)/24999 + 1

Once a P-NFT is unstaked, the rewards for that P-NFT will be added to the overall reward pool from then on. With more P-NFTs being unstaked, the rewards available for users who still have their P-NFTs staked or those of unsold P-NFTs will certainly increase as the reward pool will remain the same. Such scheme is expected to encourage the sale of P-NFT even in the later stages and increase the expected return on long-term staking.

Why is P-NFT v.2 minted once the P-NFT is unstaked? We have changed the scheme to mint a new version of P-NFT (P-NFT v.2) once an original P-NFT is unstaked as it is a more proper way for development and implementation of the contract.

Team Feedback From the Check Stage Voting Comments

Inquiries and Comments

Team Feedback

As the number of P-NFT has decreased, I think the unlock order method should be improved accordingly reflecting the number of P-NFT now available.

With the total number of P-NFT decreased, the unlock formula should also be improved.

The change to the P-NFT amount for sales is a policy that does not affect existing P-NFT buyers, but rather those who will purchase in the future.

However, changes to the unlock formula will affect those who have already purchased P-NFTs, as it is closely related to the timing of unstaking. We are to keep the current unlock formula for a soundness of P-NFT tokenomics.

There should be a difference between P-NFT un-staking and P-NFT unlock.

The main purpose of this change is to create a structure that faciliates P-NFTs to be sold out.

We want to make a structure attractive for those who are willing to invest in the long-term growth of the project by encouraging them to maitain the P-NFT staking.

In addition, in order to provide rewards that are attractive enough for those who purchase P-NFTs later on, we have designed a structure to distribute the rewards allocated to P-NFT which had ceased to stake to be distributed to the remaining staked P-NFTs.

Again, the strategy is to provide greater rewards to those who maintain their staking to be in line with the original intention of P-NFT staking rewards.

  • What are anticipated rewards once the P-NFT is unstaked?

  • Will a real 3rd party market exist?

  • Will P-NFT owners ever operate storage or nodes?

  • The rewards after unstaking P-NFT would be the ability to utilize the locked ISKs as they will become unlocked for use. As we consider minting a new version of NFT for unstaked P-NFT (tentatively called P-NFT v. 2) if the P-NFT v.2 is staked the holder will no longer receive ISK rewards but will continue to receive CP rewards as before. Please stay tuned as the team is now working hard to come up with more utilities and additional reward systems for P-NFT v.2 other than CP rewards.

  • The new P-NFT v.2 can be freely traded on the secondary market.

  • We are now re-designing the operation scheme for P-NFT node from a long-term perspective.

Update as of August 14, 2023

Our third governance voting is UP! Please refer to the links below to participate (if applicable) and keep track of the voting:

Third Governance Voting as of August 11, 2023

We have recently conducted successful governance voting for two proposals last May. Today, we have another matter that will be the subject of our third governance voting.

Read 👉🏻 How to Connect to Snapshot

About Iskra’s Governance Voting for Proposal #3

To recap, Iskra’s governance involves the following stages:

  • Stage 1 – Propose (Check + Proposal)
  • Stage 2 – Vote
  • Stage 3 – Execute

During the first stage (Propose), we decide on the agenda for platform operation, and this stage is further divided into “Check Stage” and “Proposal Stage”.

The Check Stage serves as a step to collect various opinions before formally creating a formal proposal that will be presented in the Proposal Stage.

Please note that the matters released during the Check Stage is only a draft and not yet an official proposal agenda. Therefore, Iskra KOLs can contribute to modify the content of the proposal as needed.

How to Edit an Agenda

You can leave a comment through the voting feature in Snapshot. If you have a lot to share, you can also leave a link to your blog where you left your opinion. Let us know what you think through voting!

Draft Agenda Subject of the Third Governance Voting

This is a proposal to entirely restructure the token economy for P-NFT staking.

Background

  • The current model of P-NFT staking rewards was designed during a crypto bull market to concentrate rewards in the early stage to sell out quickly. However, just after the private sales, we’ve witnessed the market quickly turning bearish, resulting in a sluggish crypto market.
  • The current structure of P-NFT staking reward is such that the value of P-NFT decreases over time as P-NFT staking rewards are halved every year for 10 consecutive years.
  • This structure inevitably causes the value of P-NFTs to decrease over time with its price driving up, making the sales of P-NFTs even more difficult.
  • We plan to change the overall P-NFT composition and reward structure in a way that we can sell out all P-NFTs even in the current market conditions although the bear market were to continue as P-NFTs must be sold out to unlock those of the early stage buyers.

The restructuring of the P-NFT staking reward system consists of the following three (3) proposals. Except for the matters below, other existing structures shall remain.

#1: Total Number of P-NFT to be Minted to Change From 40,000 to 15,000

Details

Once the 10,000th P-NFT is sold, all P-NFTs will reserve the right to be un-staked, allowing for P-NFT transfer and secondary trading. Find more information about the un-staking scheme in the third proposal.

The following schemes will NOT change:

  1. The pricing model where $20 increases for every 10 units sold will be maintained.
  2. The conditions for P-NFT un-staking shall remain. The existing “linear reduction model” formula will continue to be used for P-NFT un-staking scheme.
    [ id <= 29999*(last_id-5001)/24999 + 1 ]
  3. For every 1,000 P-NFT sold, 100 units will be taken as a team reserve. (1,000 for team reserve)
  4. ‘Instant Unlock’ feature will remain. Even if you have not met the P-NFT un-staking conditions, you can still activate the ‘Instant Unlock’ feature after 18 months of P-NFT staking. If you choose to instantly unlock your P-NFT, 50% of the ISK rewards for the selected P-NFT will unlock immediately while burning the remaining 50%. Please refer to Governance Voting Proposals – Iskra News for more details.

Reason

We have drastically reduced the overall quantity for sales to set the final price and quantity that we expect to sell out.

With the overall P-NFT minted being reduced, the expected rewards from staking each P-NFT will increase. 

As 2/3 of the 33,000 P-NFTs eligible for ISK rewards will be burned with the change, it will leave 11,000 P-NFTs eligible for rewards and the expected staking rewards for individual P-NFTs will triple given that all P-NFTs are sold out.

#2: P-NFT Staking Reward Distribution to Change From Halving for 10 years to Upward Distribution for the Next 5 Years

Details

The ISK distribution schedule for P-NFT staking changes from 9 years (9 years remaining from 10 years) to 5 years, and from a halving structure to upward rewarding that increases over the years.

As of September 2023, approximately 180 million ISK rewards remain, in which case the reward will change as follows (numbers may vary based on the amount of rewards remaining at the time of actual implementation).

Restart [Year 1] based on when the change becomes effective. The team will re-calculate and communicate five years of reward amount at the time of the execution.

The following schemes will NOT change:

  1. Staking is required for P-NFT rewards and the way rewards are distributed will not be changed.
  2. P-NFT staking rewards will remain at 400 million, 40% of entire ISKs minted.

Reason

  • As the halving structure of P-NFT staking rewards makes it harder to sell P-NFTs over time, we are to change the staking reward scheme for selling P-NFTs with a reduced quantity.
  • Our new proposal is structured to offer more rewards to those who stake P-NFTs longer. The longer you stake, the more rewards you will receive. This ensures incentives for those who join P-NFT purchase later and allows participants to earn more rewards the longer they stake.

#3: Delivering Clear Scheme for P-NFT Un-Staking

Details

If you had passed a time when you can un-stake your staked P-NFT, you can either:

  • Continue to stake your P-NFT and enjoy receiving rewards through continued staking; or
  • Un-stake your P-NFT at any time, and the locked ISK held by the P-NFT shall become immediately unlocked and available for use.
    • If you have multiple P-NFTs, you can un-stake respectively
    • Even if you un-stake your P-NFT, if you still possess the P-NFT without transferring, you will still receive the same amount of CP.
  • Upon un-staking P-NFT, you will NOT receive P-NFT staking rewards.
  • P-NFT staking is available only once and cannot be re-staked after un-staking.
  • Even without meeting the P-NFT un-staking conditions, you can activate the ‘Instant Unlock’ feature 18 months after P-NFT staking. In this case, 50% of the ISK rewards for the selected P-NFT will be burned with the remaining 50% will be unlocked immediately. Please see Governance Voting Proposals – Iskra News for more details.

Reason

We would like to clarify the conditions surrounding the P-NFT unlock scheme and conditions as this proposal will likely result in faster ISK reward unlocking.

P-NFTs will be eligible for un-staking based on the existing “linear reduction model” formula. As described in Proposal #1, all P-NFTs will reserve the right to un-stake once the 10,000th P-NFT is sold.

[ id <= 29999*(last_id-5001)/24999 + 1 ]

Once a P-NFT is un-staked, the rewards for that P-NFT will be added to the overall reward pool from then on. With more P-NFTs being un-staked, the rewards available for users who still have their P-NFTs staked or those of unsold P-NFTs will certainly increase as the reward pool will remain the same. This scheme is expected to encourage the sale of P-NFT even in the later stages and increase the expected return on long-term staking.

Reference: Pioneer NFTs: Serial Numbers and Provenance – Iskra News

Impact

Policies that have been previously gone through Governance Voting will remain unchanged.

  • [Voting] 1. Conditional Instant Unlock Function in the P-NFT Lockup Mechanism 👉🏻 Snapshot
  • [Voting] 2. Using Locked ISK for Purchasing P-NFT 👉🏻 Snapshot

About Iskra

Iskra is an all-in-one web3 game platform that offers the latest in web3 games along with blockchain services that include a wallet, DEX, market, governance staking/voting, Mission Card NFT system, and launchpad.

Its unique community system allows the platform to reward both players and developers up to 100% of platform fees, based on their participation. Contribution Points (CP) are awarded based on activities such as running a network node (Pioneer NFT), using platform services or playing games. CP determines your ranking, which leads to increased benefits and rewards.

Backed by some of the biggest technology and video game companies in South Korea, Iskra ranks at the top of games dApp rankings for unique active wallets and engagement.

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