Hey, Savvy Community!
On October 24th, Savvy DAO passed Savvy Improvement Proposal 4 (SIP-4), which airdrops a Hedgey Finance NFT to all LBP NFT holders. This NFT contains 200 SVY that linearly vests over 24 months. Once deployed, NFT holders will be able to claim vested SVY rewards at https://app.hedgey.finance/vesting
SIP-4: Staying True to Savvy DAO Values
SIP-4 is a meaningful step for Savvy DAO because it reflects the community’s values of decentralization, long-term sustainability, and fairness while rewarding the earliest supporters.
“The Savvy DAO is designed to follow a path of progressive decentralization, gradually ceding control of the protocol to the community. Our mission is to encourage self-regulation and policy management by utilizing both on-chain and off-chain tools.”
But before we get into the details of SIP-4, let’s rewind a bit and go over the journey that led us here.
The Liquidity Bootstrapping Pool (LBP)
Back in August, Savvy conducted its Liquidity Bootstrapping Pool (LBP) on Fjord Foundry. An LBP is a fair, transparent way to distribute tokens and conduct token price discovery. This system of distribution was chosen after careful research which can be found here.
Celebrating with Commemorative NFTs
LBP participants were eligible to mint a commemorative NFT on Galxe. As a way to say “thank you” to the incredible members of our community who participated in the Savvy LBP, the Savvy DAO voted to associate the NFT with a reward.
SIP-1 and Quorum Requirements
The DAO proposed to reward the NFT holders with some extra SVY with the first ever SIP-1. Although it got 100% of the votes in favor, it failed to meet the Quorum requirements set forth by the Savvy DAO and made a come-back in the form of SIP-4.
Our commitment to a sustainable, long-term future for Savvy made us reconsider the distribution process of the rewards. Instead of going for a quick airdrop, we took a more careful approach that aligns with our long term vision and beliefs at Savvy with a unique way of rewarding NFT holders.
If you hold the Savvy Pool Party NFT, you can start claiming your SVY following this guide from Hedgey.
SIP-4 represents more than just a milestone for us; it’s a testament to our commitment to our community and core values. It’s an example of how a community utilizes both on-chain and off-chain tools to suggest, discuss, and adopt decisions with visible outcomes.
We invite you to join us in shaping the future of Savvy by actively participating in discussions and decisions. Your support is invaluable, and together, we’re creating a more inclusive and equitable future for decentralized finance.
Thank you for being a part of the Savvy community, and stay tuned for more exciting news on our journey!
Fjord Foundry: Fjord Foundry is a launchpad that has deployed LBPs on several chains including Arbitrum, Ethereum, BNB, OP, Polygon, and more. They’ve bootstrapped over 130 communities and processed $1.4 billion.
Galxe: Galxe is the leading platform for building Web3 community. With over 13 million unique users, Galxe has propelled the growth of Optimism, Polygon, Arbitrum, and more than 3000 partners with reward-based loyalty programs.
Hedgey: Hedgey provides free token infrastructure for onchain teams such as token vesting, investor lockups, and token distributions.