Shimmer Ecosystem Funding Vote Result

Ecosystem Aug 3, 2022

The Genesis Supply for the Shimmer Network has Been Set

The IOTA community has signaled with their votes that the new Shimmer network will start with an ecosystem funding token allocation of 20% of the Shimmer supply. Half of these tokens will be given to a community DAO and the other half to the Tangle Ecosystem Association, which was recently set up by the IOTA Foundation to host the new structure of the Ecosystem Development Fund and other ecosystem-focussed activities.

IOTA’s community node operators have validated the result of the Shimmer Ecosystem Funding proposal governance vote. Here are the final results:

In answer to the question: “Should we incentivize builders and activity on the Shimmer network by increasing the token supply to give the Shimmer Community Treasury DAO and the Tangle Ecosystem Association (TEA) each 10% of the new total supply?"

“Yes” received 8016019115490064 votes (54%)
“No” received 6788243478652862 votes (46%)

Based on this decision, the total token supply in the Shimmer network will be increased and distributed as follows:

Shimmer Genesis supply: 1,813,620,509 SMR (in Glow, 1,813,620,509,061,365)
Distribution to IOTA stakers: 1,450,896,407 SMR (in Glow,
1,450,896,407,249,092) (80%)
Distribution to the Community Treasury DAO: 181,362,051 SMR (in Glow, 181,362,050,906,137) (10%)
Distribution to the Tangle Ecosystem Association: 181,362,051 SMR (in Glow, 181,362,050,906,136) (10%)

Once the community has established the structure of the Community Treasury DAO and established its governance through a vote, the tokens will be handed over to the community treasury. As this will require smart contracts to govern the funds, the IOTA Foundation will hold the community token allocation until the technology and the community is ready to take ownership of them.

A future-proof network

The result of this vote means that Shimmer will have two strong and distinct funding mechanisms: the community DAO and the Tangle Ecosystem Association. Both will support the network in different ways and will have a huge impact on participation and decentralization in the Shimmer network. Both funds will provide incentives to create the best possible technology and demonstrate the full potential of Shimmer. This is a keystone for the future of our ecosystem.

The decision to allocate additional tokens towards ecosystem development aims to attract new builders, teams, and dApps to the Shimmer ecosystem, which will increase activity on the network and help validate the innovative ideas built on Shimmer. We are eager to learn which projects and activities the community will support through funding, once the community treasury DAO has been established.

Dive deeper

Eager to learn more? Currently, the Community Treasury Working Group meets on the IOTA and Shimmer Discord every Wednesday at 4 pm CEST to set up the structure for the Community Treasury. Get involved by joining the discussions in the #community-treasury channel, and join the meetings.

We also invite you to join the IOTA x Bankless Townhall meetings on our Discord, where experts from Bankless Consulting present different structures for grant-giving ecosystem funding systems. This is a great resource to learn how successful a community can be in supporting an ecosystem. You can watch recordings of the recent meetings in this playlist. The last session will take place on our Discord at 5 pm CEST today, Wednesday, August 3. We look forward to seeing you there!

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