Summary
Mangrove’s early contributors did not mint any MGV token for themselves at the inception of the protocol. This proposal aims to allocate a portion of the total supply equitably among all major contributors of the protocol.
Rationale
In order to organize the development and the decentralization of Mangrove, early contributors founded the ADDMA, aka Mangrove Association (the acronym stands for “Association for the development of Mangrove DAO” in French).
The Mangrove Association is a French non-profit entity that deployed the first instance of the Mangrove protocol and the MGV token contracts. It raised the first rounds of funding but did not allocate any tokens to the core contributors. Instead, it was decided that the community should vote to allocate the tokens to the contributors.
During the early phase of the project and before its main round of funding, the association distributed Mangrove Early Contributor Tokens (MECT) to contributors. The MECT equitably embodies the commitment of each contributor. Today, it is proposed to enable the conversion of each MECT vested into one MGV vested, in order to incentivize founders and initial contributors to keep contributing to the protocol and to enable them to participate in the governance as token holders.
Specification
Contributors currently have a MECT vesting made with the DSSVest framework with the following contract on Polygon: 0x502DD08C2467074AF54CF0c7872FF1d719B8D5B5 .
The Mangrove Association deployed a contract in order to collect the MECT/MGV exchange approval from each early contributor.
If the contributor approved the conversion of his/her tokens on chain, then a new DSSVest contract will be deployed with MGV Tokens instead of MECT by the DAO.
All vestings would be set according to the same rules as the investors: 36 months linear vesting, starting at the same block for everyone (investors and contributors).
The proportion of MGV tokens allocated would correspond to: 15.43% for the founding team and early contributors and advisors.
Link to MECT Swap Approver contract: