- An amount of 21,341.40 TDAI were sent to the non-redeemable vault (due to a hatch tribute of 2%, see
- The rest 1,045,728.60 TDAI could be redeemed proportionally by TESTTECH holders (see hatch close transaction).
We minted 1 TESTTEC for each TDAI collected, so 1,067,070 TESTTEC were generated from the backers that sent in TDAI.
Appying the Impact Hours formula with the pre-selected parameters:
- IH rate at infinity (
Rm): 226 TDAI/h (see
- IH Rate at Target Goal (
Rt): 77.07 TDAI/h
- Target Goal (
T): 3,000,000 TDAI
- Impact Hours (
H): 8635.571 IH
- "Expected raise": E = 5.797197e-12 (This intended to be 5797197, but we commited an error)
IH rate (
Rx): = 226 * 1067070 / (1067070 + 5.797197e-12) = 226 TDAI/h
- Total TESTTECH coming from IH (
HRx): 8635.571 * 226 = 1,951,639.046 TESTTECH
Cultural tribute (
P): = 1951639.046 / (1951639.046 + 1067070) = 64.65%
At the end of the hatch there was 1,067,070 + 1,951,639.046 = 3,018,709.046 TESTTECH created. This can be checked by querying
We should have obtained:
- "Expected raise": = 5797197
- IH rate (
Rx): = 226 * 1067070 / (1067070 + 5797197) = 35.132346629 TDAI/h
- Total TESTTECH coming from IH (
HRx): 8635.571 * 35.132346629 = 303,387.87371134 TESTTECH
- Cultural tribute (
P): = 303,387.87371134 / (303,387.87371134 + 1,067,070) = 22.14%
At the end of the hatch there should have been 1,067,070 + 303,387.87371134 = 1,370,457.87 TESTTECH created.
You can play with the original parameters in the hatch dashboard.
TESTTEC could be redeemed for TDAI at a rate of redeemable vault balance / TECH supply = 1,045,728.60 / (1,067,070 + 1,951,639.046) = 0.3464158300998446 TDAI / TESTECH. There was no distinction between tokens that came from minting in the hatch or as reward for impact hours, both could be redeemed equally before the migration.
TESTTEC should be redeemed for TDAI at a rate of redeemable vault balance / TECH supply = 1,045,728.60 / (1,067,070 + 303,387.87) = 0.7630505270475771 TDAI / TESTECH. There was no distinction between tokens that came from minting in the hatch or as reward for impact hours, both could be redeemed equally before the migration.
As you can see, you only obtain the 0.35 TDAI for each TDAI contributed to the hatch if you redeem at this stage. There is only two situations in which it seems rational to do so:
- You are an impact hour holder that prefers to have TDAI now than locked TESTTEC when the DAO has been migrated (Commons Upgrade).
- You don’t agree on the terms fo the Commons Upgrade (maybe the token thaw will take to long or some other aspect doesnt feel right to you) and want to Ragequit before the migration is performed.
There were 13 redemption attempts, of which 2 didn’t work because their authors voted yes on the dandelion voting app, making Ragequit not an option for them. A total amount of 432,557.58 TESTECH were burnt and 149,844.79314168 TDAI were transfered due to rage quitting at the moment of the migration, totalling a 3,018,709.046 - 432,557.58 = 2,586,151.466 TESTECH in existence and 1,045,728.60 - 149,844.79314168 = 895,883.80685832 TDAI in the redeemable vault. This can be checked by querying
TESTECH.totalSupplyAt(16757785) and checking the migration vote transaction (803,861.286 + 92,022.521 = 895,883.807 TDAI).
They should have been 1,370,457.87 - 432,557.58 = 937,900.29 TESTECH counting that everyone who ragequitted had enough TESTTECH to redeem.
We are still working on the Commons Upgrade script, so we will be migrating these funds to a normal DAO with two vaults and the TESTTEC token (note that the token obtained in the hatch is TESTTECH and the migration creates and locks the new TESTTEC token).
The Commons Upgrade parameters will be decided by the TESTTECH tokenholders, but for the dress rehearshal, the benevolent technocracy decided some for you:
- Funding pool tribute: 10%
- Token locking cliff period: 0
- Token locking complete: 1 year
A total of three votes were created (filling up the non-redeemable vault with 3,000 TDAI). At the end, this vote passed and was executed, transfering TDAI from the Hatch DAO to the “Commons” DAO:
- 24,341.40 TDAI from the non-redeemable vault to the reserve (21,341.40 from the hatch + 3,000 from the tollgate)
- 803,861.286 TDAI from the redeemable vault to the reserve
- 92,022.521 TDAI from the redeemable vault to the funding pool (10% of total)
TESTTEC tokens could be claimed from a snapshot of TESTTECH generated automatically when the funds were sent. After 21 transactions to claim them in bulks of 10 addresses, we got 2,586,092.54 TESTEC (see
claimedTokens in MigrationTools) with a locking of one year since the date of the execution of the vote. You can see the token distribution and locking in the Tokens app (note an extra token is present which belongs to the creator of the DAO).
They should have been 937,900.29 TESTTEC if the “expected raise” calculation wouldn’t have been wrong.
After ten and a half days from the migration vote, the 2.97% of the tokens are already unlocked, and this will continue progressively at a linear rate.