GOOD Governance Distribution: Results from the Snapshot

The GoodDollar snapshot was taken on September 29th, 2021 at 12:00 UTC to determine every community members’ role in the community-run governance model for GoodDollar, the GoodDAO. Why? Because community-powered GoodDollar is run by you and everyone else. 

To learn more about how GoodDAO governance will work, including the philosophy, GOOD distribution framework, and how delegation will work, read the GoodDAO governance overview here. Plus, check out the community Q&A we put together. 

What is the snapshot and how does it work?

The “snapshot” refers to a specific moment in time that is representative of a member’s ecosystem participation and G$ holdings. The allocation of the initial 96 million GOOD tokens is based on a member’s holding and participation at this date and time. 

GOOD Distribution Framework

Each wallet’s G$ holdings and its activity determine its GOOD allocation. The initial distribution of 96 million GOOD governance tokens to be divided amongst the community and supporters of the project for the past 3 years, as outlined below:

• 50% to Claimers (individual G$ claims/total number of G$ claims)
• 25% to GoodDollar Trust stakers (size of individual $ stake/total amount staked)
• 25% to G$ Holders (individual G$ holders/total G$ supply)

It is important to remember that this breakdown represents the initial distribution of the first batch of governance tokens. New GOOD tokens will be minted and distributed in an ongoing fashion to active participants, according to the terms of the GoodDAO. This ensures the resilience and longevity of the GoodDollar protocol, as new governance tokens, and in turn, influence will flow to active ecosystem participants over time. 

The GOOD Airdrop

Everyone said cheese and now, here are the GOOD Distribution results:

The GOOD airdrop calculations were run considering all blockchain data until September 29th 12:00 UTC, which translates to block number 13320531 on Ethereum and 13175510 on Fuse.

You can find the latest code and details about it in our GoodProtocol repo (via Github), and download the actual airdrop data from IPFS here. 

All those megabytes of data will be succinctly encoded as this merkle root hash in the GoodDAO governance smart contracts: 

0x2feece0e9bc03b54e63e6eb7abb81a128f6bc7ce9a3bafd5ca2bea0c40e3634b

GOOD Distribution in Practice

Here is the initial GOOD Distribution. 

Let’s break this down for a minute:

• 65 addresses meet the 0.25% threshold to make a new proposal for the GoodDollar Protocol 
• 3% quorum is required to approve a new proposal
• The two addresses with greatest initial influence are eToro and the GoodDollar Foundation due to staking and holdings
• Approximately 250 addresses have the majority of initial control in the GoodDAO
• 19 core team members (past and present) have 0.31%
• GOOD can be delegated to other wallets and members, but not bought and sold 

Expanding Community-Powered GoodDollar 

The results above show the initial control of the GoodDollar protocol and the DAO for the next year. GoodDollar is a young protocol, whose smart contracts launched only a year ago. As we have seen from other protocols and their communities before us, decentralization is a journey. The team and foundation’s core belief is that a community-driven GoodDollar driven through a DAO is critical to its longevity, adoption, and growth. 

With this motivation in mind, we challenged ourselves to release community governance as early in the life cycle of the GoodDollar Protocol as possible and incorporated the GoodDAO as part of the core V2 upgrades. As GoodDollar V2 is released, and staking and access to the GoodDollar Reserve are open to the public, we anticipate this will dramatically change the distribution of GOOD next year, and continuously in the future. In the short term, the core team members will use delegation to encourage active community members and voter participation.

With every year that goes on and as more people join the protocol, we anticipate that there will be a re-balance of power and influence. The role of the GoodDollar Foundation is to initiate and advocate for the GoodDollar protocol and build the foundation that enables the protocol and community to thrive through the GoodDAO. Over time, the influence of the GoodDollar Foundation, eToro, and the core team members will diminish as other ecosystem players establish themselves in the ecosystem, and gain influence through participation. This is healthy and by design. 

Another key insight is the work we have to do in making the GoodDAO work for all members – with a priority on Claimers who are claiming their G$ and GOOD tokens on Fuse. As a community, we must work towards enabling all GoodDollar members to easily and cheaply participate in voting. Over 230,000 members will hold GOOD on Fuse. A cross-chain solution, via a super simple UX, that showcases new proposals and enables free voting, will be critical to ensuring every member’s voice is heard. Improving accessibility to governance will be key to GoodDollar’s roadmap and grant strategy. 

Your GOOD Holdings 

We’ve also made a little website to easily check how much GOOD you will be entitled to receive once the official V2 contracts are launched, and GOODs are available for claiming. 

Go and check your GOOD allocation here! 

Enter the address of where you hold your G$ – either Ethereum or Fuse address will work. Remember – you will be able to claim your GOOD tokens following the GoodDollar V2 Upgrade rolled out throughout October. 

To find your Fuse address from your GoodDollar wallet, follow these steps: 

1. Click on the hamburger icon on the upper right hand of your wallet, and click on “Export Wallet” 
2. Find and copy “My Wallet Address”
3. Copy and paste your wallet address on the Airdrop mini-site to check your GOOD

The first GOOD bounty

Accessibility is key. And that is why our first bounty is focused on increasing accessibility to your GOOD.

The GoodDollar Foundation is offering a 2 million G$ bounty for the first builder that integrates the functionality for members to claim their GOOD in their Metamask, both on Ethereum Mainnet and Fuse, on the GoodDollar Airdrop mini-site. You can get started by forking the code on codesandbox.io.

Join t.me/gooddollarbounties for more info, help, and guidance!

How do I claim my GOOD?

With the launch of V2 we will also release a guide on how to claim your GOOD. Stay tuned, it’s coming really soon!