AUTHOR: CG studios co-author IamTroll
SUMMARY
This conversion aims to uphold the promise of P2E through the RPG’s previous implementation. To simplify the process tiers have been eliminated. Also the 1000 CGC requirement for eligibility has been lowered to 800 CGC required (earned). A 3-to-1 conversion ratio will be used. With an estimate of 2.5M eligible CGC total, this rate was chosen to avoid significant drain on the treasury while still rewarding users at a high conversion rate.
An additional eligibility layer will be utilized. This is to create a simple value-add to the project and also allow free to earn players who put little to no value into the ecosystem a chance to add value back with no cost. The eligibility requirement will not be tedious nor discouraging. Current plans are to require a Gleam or Gleam-like campaign involving a simple like, follow, retweet format. This social highlighting task aims to benefit the project and by default the users.
A 30 day “Last Chance” campaign will also be initiated to give ineligible users (below 800 CGC earned) a chance to gain enough CGC to become eligible.
Your “Earned” CGC is what allows eligibility. Your “Held” CGC (current balance) is the actual amount eligible for conversion. Your earned CGC represents your total earned CGC ever. Your Held CGC represents your current balance. Held = Earned - Spent.
MOTIVATION
As we continue to seek and explore possible P2E models that can be applied to our gaming ecosystem we want to ensure the previous promise of P2E through CGC conversion is upheld. This has been a sore spot for both the team and users. The wait has caused many splits and heated discussions and at times has put the optics of the project in peril.
Though the time has been long, the promise to reward users was never in question. It was the how and when that has held up the initiation of this process. By bringing this to the DAO in an open and transparent way, we aim to give users, players and members the opportunity to agree and discuss this process so that internal gridlock can be minimized through community governance and agreement (or compromise).
All processes in this proposal are meant to strike a balance between rewarding users, adding value back into the project, highlighting the event to attract new users, and protecting the stability of CGG and our ecosystem.
SPECIFICATIONS
A simplified flow of the process will like this:
Proposal passes >> Last Chance Campaign starts >> Campaign ends, results are aggregated and published >> CGC is removed from ecosystem >> Claim portal opens and eligibility layer initiated >> User completes Gleam campaign and begins claim >> 6 month distribution ends >> Unclaimed funds are burned or sent back to the DAO
If this proposal passes a 30 day “Last Chance” campaign will begin allowing all players/users the ability to stack up and pad their CGC bags for the last time. This is meant as an opportunity for all players old and new to jump back into the RPG, have some fun, and earn the last claims to CGC. This will coincide with marketing campaigns to emphasize visibility and to raise the overall excitement. A contest for tracking and rewarding the highest CGC accumulations during the 30 days is also in consideration. Rewards would be either additional prizes or an extra lump sum of CGG for the top earners.
Once the “Last Chance” campaign ends . The current stats provided and used for estimation are from a July Snapshot. The most accurate total for eligible CGC will not be known until all CGC earning has ceased. Upon final calculation, the total amount of eligible CGC and the 3-to-1 rate will be published. A list of individual accounts will also be published. It will be curated in a manner as to not to expose users’ emails and any other sensitive information. Once CGC earnings have ceased all references to CGC will be removed and replaced with CGG.
Once results are calculated and published a claim page/site will be open for users to claim. In order to claim a user not only must have earned 800 CGC or more but also must participate in an extra “Eligibility Layer”. This eligibility layer will most likely revolve around actively liking, following, and posting on an official CG social media page with possibility of some ecosystem tasks. This will likely be conducted and tracked through Gleam or a Gleam-like platform. Upon confirmation of eligibility users can begin claiming CGG.
Currently 6 months is the planned distribution period for claiming. After this period a user will not be able to claim and all unclaimed funds will be sent back to the DAO by default. A linear release schedule will be used which users can claim daily.
STATS
| Current Stats (July Snapshot) |
|---|
| Total Eligible CGC (Held): 2.55M CGC |
| Lowest Eligible CGC (Held): 800 CGC |
| Highest Eligible CGC (Held): 99k CGC |
| Total Eligible Accounts: 900+ |
BENEFITS
- Users receive reward for their work, time and value added
- Promises kept and optics of the project improve
- Value added back into ecosystem through simple Gleam-like campaign
- Current structure should minimize any massive dumping of the token.
- Allows more focus on other matters going forward.
DOWNSIDES
- Current CGG value might not reflect true valuation of users’ rewards.
- The treasury will take around a 10% hit in order to distribute CGC rewards.
- No airdrop lump-sum.
NOTES
- The exact amount of CGC can not be calculated until the end of the 30 day campaign. Accounts would no longer be able to accrue. Balances at that point will be used to calculate the final Eligible CGC amount. A list of accounts and balances will also be released at that time.
VOTING OUTCOMES
This is a Draft proposal vote for the CGC to CGG conversion.
- Voting “Proceed” will allow this draft proposal to continue to the final Proposal phase.
- Voting “Reject” will stop this draft proposal from proceeding to the final Proposal phase. After another period of 3 days in the Draft phase it can be submitted for another vote.
- Voting “Abstain” will voice indifference or objection to both outcomes (not for or against). Voting abstain will add to the quorum and is considered participation.
PREVIOUS DISCUSSIONS
The Great CGC Conversion
Terms and Conditions for converting CGC to CGG