BIOHACK-4: Set up Team Vesting & Increase Lock-ups

Context:

According to our Constitution, adopted early last year and ratified here, the team gets the following token allocation -

• Stewards - 0.5% of token supply with 1 year cliff; After Year 1: 0.5% of token supply / year, with monthly linear vesting
• Functional Leads - 2% of token supply with 1 year cliff; After Year 1: 2% of token supply / year, with monthly linear vesting

We intend to stand by this schedule and now that TGE has taken place, set up vesting accordingly. However, there are some minor changes we are proposing to increase fairness and benefit the DAO -

Proposal:

Two of the Founding Stewards (Maia & Goku) have been replaced within Year 1. Both stepped down voluntarily, either due to time constraints, and/or because a better candidate from within the DAO has stepped up to replace them.

Both Maia and Goku, however, remain active members of the DAO and key contributors. Because of this and the fact the transition was voluntary, we believe both should still receive their allocation for the time they served as Stewards.

In other words, we are proposing for Maia & Goku to receive a pro-rated amount of their tokens from the time they assumed their role, until they stepped down. This amounts to 0.46% for Goku (Jan-Dec ‘24) and 0.20% for Maia (Feb-Jul ‘24).

The founding date of the DAO is considered Jan 14, 2024 - which is when the group was first formed during the Vitalia pop-up city. Therefore, the Steward and Functional Lead token allocation for Year 1 has already been vested.

As discussed internally, none of the Stewards intend to sell their unlocked allocations and, in order to make this official, we are proposing that 20% of their already vested tokens remain locked for an additional 6 months after TGE - ie until Jul 13th, 2025, and 80% of their already vested tokens remain locked for an additional 12 months after TGE - ie until Jan 13th, 2026. All of their remaining allocation will continue vesting linearly as intended, and unlock between Jan 13, 2026 and Jan 13, 2028 or beyond (4 years after start).

The original vision was to have three Functional Leads - for Operations, Growth, and Science. In reality, however, most of these roles were not occupied during the genesis period. Instead, one of the Founding Stewards - Mgoes - has been taking the lead on both Operations and Growth - dedicating large amounts of time to each, and being accountable for hitting most of the milestones. Therefore, it is proposed that, instead of allocating 2% of token supply to 3x Functional Leads each, this is reduced by a third - ie to 4% - and allocated to Mgoes, who has been executing two of the three roles.

TLDR:

Now that TGE has happened, we wish to set up team vesting of $BIOHACK tokens. We believe this proposal follows the Constitution as closely as possible, whilst recognizing the early contributions of our two Founding Stewards, who no longer hold this role. In addition, all Stewards and Functional Leads are voluntarily committing to extend the initial lock up of their already vested tokens, as a gesture of commitment to the project.

The full team token allocations and unlocks for Year 1, as proposed, can be seen here:

All of team’s remaining allocation will continue vesting linearly as above, and unlock between Jan 13, 2026 and Jan 13, 2028 or beyond (4 years after start). Of course, this is subject to further updates by governance.

Voting:

Vote YES if you agree - the above proposal will be adopted.

Vote NO if you disagree - the above proposal will NOT be adopted, Maia & Goku won’t receive their tokens, Functional Lead allocation won’t be reduced, and all tokens will be set up to vest as originally intended, with tokens for Year 1 unlocking immediately.