SPS Governance Proposal - Allocate 20M SPS from DAO Treasury for Exchange Listings

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Blockchain Founders Fund (BFF) is an investor in the Splinterlands company, a large asset holder in the game and the SPS governance token. BFF has worked with its extensive connections in the Web3 space to help to bring value to the Splinterlands ecosystem.

Exchange listings in particular can be extremely beneficial for the SPS token as it opens the token (and indirectly the Splinterlands game) up to new markets and provides additional liquidity and legitimacy to the project.

Most exchange listings, however, require tokens to be spent or locked up for listing fees, initial liquidity, promotions, and deposits, so BFF would like to request that the DAO approve up to 20M SPS tokens from its treasury to be available for securing new exchange listings for the token for a period of one calendar year from the date that the proposal passes. For context, the DAO treasury currently holds over 126M SPS tokens, as was reported in the latest DAO treasury report.

The listing agreement for the vast majority of exchanges does not allow any information about the listing to be made public until the exchange announces it, so it will not be possible to include specific exchange details in a public SPS governance vote. This is why we are requesting that 20M SPS tokens be allocated generally for this purpose so that we are able to secure new exchange listings without violating any confidentiality agreements.

BFF will do its best to ensure that the expected value received from any new exchange listing exceeds the value of the SPS tokens that are required to be spent for the listing, and will use its connections and industry experience to negotiate the best possible deals for the benefit of all SPS holders.



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(Edited)

Thank you for participating in SPS DAO Governance @blockchainff!
You can place or monitor SPS Stake Weighted votes for and against this proposal at the link below:
Link to this Pre-Proposal

This Pre-Proposal is over!
599 Users voted with 2% of the staked SPS supply at that time!

Updated At: 2023-02-22 18:03 UTC

Summary

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I just want to be clear about what this proposal is stating...

  1. If this is a vote that we are authorizing up to 20M SPS from the DAO treasury to be used in securing a listing, instead of, say, held for future rewards, that is one thing we can consider and vote on.

  2. However, the language ALSO seems to suggest that this DAO vote is to empower BFF specifically with a mandate to use its own connections and unilaterally recommend a listing that they can't talk about until it's announced by an exchange. I think that is a separate vote to determine who is responsible for executive decision making.

So I'd request that the preproposal be amended to clarify whether it is asking for one or both of these things, and if both, perhaps it can be split to two proposals.

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@blockchainff - I understand your point about not being able to make terms public for exchange listings, but this proposal reads as if you are asking the DAO to contract with your company to find and secure those exchange listings (and maybe you already are - that part isn't clear to me).

If the DAO does move forward with reserving these tokens and contracting with your company, what percentage of each fee for exchange listings does your company typically take?

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From reading this proposal, it seems you are asking the community to contract BFF specifically for securing exchange listing privileges and terms. Most of the top tier exchanges for listing requires at least $60-100k payment for token to get listed. Another thing is no one does stuff from free or even use connections without monetary profit, so this proposal is seeking a contract with Splinterlands in which BFF will be Splinterland's negotiator with fees attached. Please lay out all the cards on the table and outlining specifics and bulleting all the necessary details in proposal. For example, I have never heard of BFF, who you guys are, what you guys accomplished.

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(Edited)

Regarding this proposal, any successes you can share with us in working with other organizations in your portfolio?

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(Edited)

This seems to be a proposal for the DAO to hand out 20 million SPS for something we're not allowed to know about and we can't really ask questions about.

If there is an actual payoff it's an exchange listing which is a meh payoff at best unless we're talking coinbase, which we aren't.

It should also be noted that for someone asking for 20 million SPS, this proposal should be much clearer.

Hard no from me.

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(Edited)

I love the fact that Blockchain Founders Fund has invested in Splinterlands and generally want to support you guys in order to support us. But I have a lot of issues with this proposal, and without any more information, I will have to vote NO for it.

Here are a few of my issues:


First and foremost, 20 million SPS tokens are a HUGE amount to spend on any marketing project. That is $600,000 at these prices, and like most people, I feel that SPS is super under-valued. So at even at a still very low price of $0.10 we are talking about $2 million for a marketing idea.


Second, the proposal is very vague about what this massive amount of money will go for. How much will go to simply pay off the listing exchange versus how much would go for providing liquidity and other such things. We are essentially voting to give a blank check. In my life, I never would authorize a purchase of this significance with such little information.


Third, its a horrible time to spend money on marketing the project. Right now we are in the midst of a bear market and this bear market has exposed quite a few problems with the game. These issues need to be fixed before any additional players will be retained. Getting the players to show up is fine, but if we can't keep them once they get here then its a big waste of money. In fact we are suffering from this issue right now after the initial SPS rush and retreat.


Fourth, as a long term holder of the token and a asset holder for 5 years, I have no interest in "buying investors' interest in our token" for the purpose of pumping up the price. I don't like the model of creating hype to create interest in the game, and since I wouldn't plan on being a seller this looks like a waste of money to get people interested.


If this was a nominal $10,000 investment to take a shot, then I could understand and may be more receptive. But its not, its a significant amount of our SPS that we will need to sustain the game for years after this type of pump has worn off.

Like I said in the beginning, this is no disrespect to you and I hate to be negative when I admire that you are here supporting us with your investment.

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Horrible time to be spending money to list a token in centralized exchanges. If we ever list, I like to do it for free.

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I 100% agree AZ!

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Blank check of 20M SPS! I think not!

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It's not a blank check . If the listing doesn't happen none of the money will be spent. Bff is not taking any fees

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Great time more like, to help with selling pressure, giving more people easy access to buy the token is promising and will only boost the value of SPS and the return on investment from the money used to register on major exchanges will quickly be recouped - we have to take these risks to become more of a global force, give more people access to buy it, and the value of SPS will rise, benefiting all the stakers

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i think we should pass something but give the dao a very large amount of control over when and if the funds are spent like they pitch us

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20 M SPS is 0.667% of Max SPS supply & only 20M out of 300M that is getting unlocked in DAO. Not adding SPS coming through RW and Node sales or any other means in future. It could be worth allocating especially if good volumes come and absorb the pressure. With around 1B SPS issued including staked amount, 20M is decent allocation.

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(Edited)

I 100% agree, voting for a blank check, err.... no!

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yes we need this in place but we choose the opp and it needs to be pitched and we needto say yes with like a 90% and no with 10 or something

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I have a lot of issues with this proposal. The first being we shouldn't be handing out SPS to spend when its $0.03. That I feel is selling SPS way too short. It makes much more sense to market SPS in a bull market not a bear and we will have to spend a lot less to do so. Secondly there is far too little information being given here. If we are giving $600k+ out for an exchange listing I would rather the team handle it who I trust.

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Genuine question, if the only place to buy SPS is within the game itself and it's been printed and given out to those people by the millions already, then how exactly do you expect the price to ever rise if it's not found on any exchanges?

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Even if having a token listed on a exchange can have its benefits, it is often at the cost of stability so it is not interesting for us, players, when we have to stake good amount of SPS to play the game.

Second, if that is hype you are looking for (and I don't think that is the right way), the timing is terrible. It can only work during a mid-bull market, when euphoria has taken the investors and they are all looking for the 100x gem and ready to buy anything. Right now, investors are highly risk averse and there are no strong evidences that SPS can 100x rapidly.

I would like to also remind that the HIVE token, base layer of the Hive chain is not widely accepted by exchanges, so I don't see why SPS should be listed.

Finally, the game is in an intense reworking phase with soulbound rewards completely changing the reward and "own your game" system, land system getting ready and a new game mode (Tower Defense) being developed. Therefore, the value of SPS will need to be re evaluated after. Also, the game is not beginner friendly at the moment and that needs to be worked on.

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SPS is a token on BSC. We do not need any minor listings like we had with gate.io.

Crypto is becoming more and more centralized, we should buy us into binance and see what it does.

A proposal that aims for getting a binance listing would get major support but this very vage concept at a super heavy price tag is just not what the community need IMO

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thanks for burning 100 000 dec. but no thanks, i don't do business with ``companies'' that ask me for money

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I love your first sentence. :)

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I'm unsure whether or not I like this idea, as neither I nor any of my viewers have ever heard of BFF.
I absolutely do not like the vagueness of this proposal; I will happily rethink my position if it is drastically cleared up but this is a mess and no details whatsoever are given. If that's the way most listings are done, so be it; this isn't most listings, this is our listing, and if it's going to be put to a DAO vote then the cards need to be on the table so we know what we're voting on!

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(Edited)

First proposal that isn't just a temporary bandaid, love it

To clarify, yes, I understand that they are proposing this out of selfish reasons, but unless SPS are listed on exchanges, then it's pure vaporware. Without it existing on mainstream exchanges then it remains purely an in game currency. People are talking about "But why do it now when SPS is valued so low" well I would ask, how would you ever expect the value of it to rise? It's currently freely given out to users and there's far more selling pressure than buying, which is why the price has been plummeting.

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If we can get listed on Binance and Coinbase it will be worth it I guess. I trust Aggy has the best interest of the game in mind and he is for it than so am I. Bring receipt's :)

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I vote NO unless I know that it's Binance, which I'm sure I wouldn't know because CZ has repeatedly said that anyone promising a Binance listing will get blacklisted. Yeah okay that's kinda makes my position complicated...

Ah so I guess just promise that it would be a "MAJOR EXCHANGE" (binance, kraken, CB, etc.) and not some randos like Azbit, BigONE, etc.

I wouldn't want to spend on listing in a low tier exchange.

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Strong support, this is needed exchange listings are cheap before a bull run this is the best time to take advantage of centralized listings.

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Seems like a decent deal. Totally makes sense to get this token listed on a big exchange (finally).
And as for the amount of tokens, 20M is nothing compared to the amount of tokens we'll continue to generate from selling the rest of Riftwatchers.

And after recently helping someone invest $30K into the game, I can tell you it was an absolute nightmare not being listed on a large exchange. Splinterlands needs this.
So the cost doesn't matter, only the result does.

But the bff guy seems to have a handle on how to get the deals done.

So let's do this!

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i will vote yes for this if there is more accountably, i would like to know how many Exchanges are being targeted, what do you think the Lowest total amount the DAO could pay? with the MAX being 20m SPS. just getting a sense of we are looking at 3-4 exchanges in the top 10 or 15 exchanges would be a big step in the Community’s confidence. I get there is an NDA, but the funds are coming from the DAO and unless we get a board or some other representative system the community need at min a little more info. Thank you. I'm super excited about this.

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you are too late, the proposal has failed 😇

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We should add a veto option by the dao

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but it would need a much lower threshold for it and that means a new proposal by the dao or suggestions

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My idea give them a option to pitch us with funds allocated in that amount in the dao so we control them until x% is satisfied and a low % can say needs to be re done

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