The Commons Upgrade is LIVE!

🗃️ Archive The Hatch
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Great news everybody,

Today the Commons Upgrade was set in motion by deploying our shiny new TEC gardens!

Check out the new home of the TEC at:
https://gardens.1hive.org/#/xdai/garden/0x1fc7e8d8e4bbbef77a4d035aec189373b52125a8/

The vote for the next step in the process is also live in the Hatch DAO. If you hold TECH tokens, make sure to vote!

Go here :point_right: Aragon

The vote will be live for 2 4 days, and we need the community to support it. It will move the hatch funds following this distribution:

  • 250k wxDAI will be set apart to perform the initial buy.
  • 69% of the resulting funds will go to the Common Pool, which will be available to be requested as soon as the hatch vote is executed.
  • The rest will go to the reserve agent, and will sit still there until we open the bonding curve.

The new TEC token will be able to be claimed 1:1 by TECH holders. The initial minting price will be set near to 1 wxDAI / TEC.

Remember that we will need to pass another vote for the actual launch of the ABC next week, so keep an eye on this thread!

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Where can we claim the TEC from TECH conversion?

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You won’t have to claim, it will be sent to you :smiley:

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Small oversight… there will be no TEC for the Proposal Deposit that is needed to make a Proposal.

So even though wxDai will be in the Common Pool, and the Hatchers have Tokens to Vote; we will have to wait for the ABC to open so proposers can get liquid TEC to pay the Proposal Deposit.

:man_facepalming:

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This vote has passed, and now the hatch funds are stored in the new TEC gardens. TEC tokens have been minted to all TECH tokenholders at a ratio of 1:1.

The second vote to complete the Commons Upgrade is up.

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