Retroactive PSY token rewards for early users and community contributors

Governance
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As far as I know, currently PSY only clearly participated in FTX and Gate’s IEO, and there is no airdrop reward plan for early users and community members.

Psyoptions is not a newly created project . From the beginning of the project to the upcoming token launch, It’s been a long time,there is not only the team’s efforts, but also the support of the community and users, it is unreasonable for early participants to have no PSY token rewards.

Although Psyoptions is about to launch European options, there are currently only physically settled American options. ITM options cannot be exercised automatically, and exercise is not easy. Assuming the purchase of 1,000 USD options, 10,000 USD cash is often required to complete the exercise. Early users did not choose options of Lyra, Oddz or Binance, Deribit , nor did they choose mature perpetual futures products. Instead, they chose Psyoptions and Solana because they trusted the team and took risks (early products may have bugs and various inconvenience), and there are indeed people who have suffered losses due to these reasons, Early adopters did not get any rewards.

The tokenomics gave by team is like this
Team/Contributors/Advisors: 15%
Private Round 1: 5%
Private Round 2: 7%
IEO: 3%
DAO Treasury: 60%
External contributor fund: 8%
PSY liquidity provisions: 2%

Excluding the unclear DAO Treasury allocation, of the remaining 40%,

12% belong to Private Round

15% belong to the team (there is no clear criterion for Contributor and Adviser)

3% IEO belongs to FTT and GT holders, Most people have never used or participated in the project

2%, PSY LP

8%, External Contributor Fund

It can be said that no part really belongs to the community and users.

And if PSY is a governance token, then DAO belongs to PSY holders, but PSY holders are almost all team and VC, so it can be said that the remaining 60% also belong to team and VC.

This is unreasonable. If Psyoptions really respects users, rather than funders, then it must give token rewards to early users and community members.

The team should make a retrospective reward plan.

Trading rewards for early users, if PSY rewards can be obtained by trading in Psyoptions after token launch, the retroactive trade rewards of early users must be at least the same as the rules of new users.

The rewards for participating in community governance and the people who give product suggestions. Almost no one chat in Telegram, and only some people in Discord insist on participating in community talks. If these people are not there, the team is solo- mode, these people seem to be completely ignored by the team now.

The detailed incentive plans still need to be discussed by the team and the community.

Hope the team can prove that they really care about the community and users.

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9 Likes
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yes. I agree with you very much

2 Likes
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I fully agree to reward early users. All web3 products partly belong to users and communities . Encouraging early users is a way to learn from. It can be anti-bots, but early users are completely ignored , many projects have proven that this is a sane approach~

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yes bro. i support you. and I hope team can consider retro-active rewards for early users.

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5

support! support! Can’t agree with you more

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6

Forget about this.
Team don’t care about any user at all,this can be seen from the fact that their tokenomics does not contain any reward instructions for early adopters.
As long as the IEO goes well, they don’t need to think about fair or unfair,defi or tradfi,web2 or web3.

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On the whole, I understand the sentiment of wanting an airdrop, however I think parts of this proposal are poorly conceived.

For example:

In my opinion (as a member of the community), the team does not owe tokens to early adopters. The risks of the protocol were clearly stated and nowhere was it suggested that a future airdrop would reward early users.

The questions the community should be focused on are things like:

  • how can we organize ourselves to provide value to Psy and maybe get a grant?
  • are there members of the DAO that have skills that can provide value?
  • how can we grow Psyoptions together?

I believe the above would all fall under the category of ‘things that should be rewarded with tokens’

Myself, personally, I like getting rewarded for building things :man_shrugging:

note i have no affiliation with core team just giving my opinion

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No any token distributed to users and community.
So DAO=Team+SBF?

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İ think the community reward is necessary. İt could be airdrop, or giveaway. But some are locked. İt is understandble . You and we want to earn. So means basicly the Earn to earn strategy.
Ultimately, the purpose of issuing coins is basically to make money. No matter what job you do to earn money. 3 basic conditions must remain, manage time well, manage man well and manage money well

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Agreed as well, the proposal just comes off as self entitled and exaggerates the hurdles that user has to take to use the product as some kind of trade-off they need to be compensated for. It also naively assumes a unspoken social contract between the team and early users that there would be some sort of reward.

News flash: Just because other projects do it doesn’t mean this one has to.

I would love some kind of airdrop in return for participation but if a project doesn’t want to give it then that’s fine by me and I’ll take my support elsewhere. It was a punt that didn’t pan out.

If a project shows you who they are, just accept it and move on. No use getting hung up,

1 Like
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There are many excellent CEX option product,such as Deribit Binance and Okex.
They have the cheapest fees, the best pricing, a stable system, simple functions, good reputation and payment history. At present, all on-chain options are not as good as centralized exchanges.
There are only two reasons why on-chain derivatives are used by someone 1. It is nominally a web3 product, and users have the governance right 2. You don’t need KYC to launder money.
If the team really doesn’t want to give users any governance tokens.
why create this product?
Why don’t you just join CEX as their employees?
What’s the difference between psyoptions and CEX?Or just a CEX without KYC?

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Damn, this is so disappointing. This is literally everything it was never supposed to be. If you were here early enough boy was there a good game talked, and I do believe at the time everything said was honest. It was all about community, and a Fair Launch was very important, top of the list, everyone gets taken care of. I don’t know if I feel fooled, because when I left it was because I knew a thing or two and transparency was often spoken of but not practiced. Or is this another example of the downside of not having financial professionals on your side to fight for what is right. When I came here how options worked was understood on a very basic level. I flooded the discord with information, education and Alpha. More than a few of my ideas have found their way into the ecosystem, and I’m 100% fine with that. But I was made promises, told I’d be taken care of more than once (I forfeited that in my mind when I left, so I feel a little lucky) My departure was when I realized (someone ratted) that most of the small very dedicated community wasn’t being kept in the loop. The company line is now "We are giving you nothing, for your safety, we’ll keep it instead? How is that real? And the fair launch, all you need to do is stake $6,000. Shameful.

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If there should be any airdrop, I would suggest not airdrop of PSY tokens but option contract on PSY. for example 1y long expiry at a IEO price. This way treasury gets extra funds if anybody decides to exercise options.
I believe psyoptions team talked about such a way for airdrops in september in some tweets/articles.

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perfect! hope to get it!

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It’s really sad for no airdrops. I’ve traded in psyoptions for 3 months. Put my money in here. Give serveral useful feedback. I’m not the guy who just made some interaction and wait for airdrops. I traded every new contracts here.
I traded here because I am a option trader in stock market, I love this project and solona. Comparing for no airdrops , it hurt me more when heard ieo news from FTX instead from discord.

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I strongly support this proposal. If there is no early adopters and the community builders, how can psyoptions achieve today’s developments. So don’t forget these people. Do to others as you would them do to you.

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I support airdrop for early adopters. We risk our capital to try new protocol and paid fees. We tested the not fully finished products and gave feedbacks sincerely. We helped the iteration.
And now, because of CEX KYC, some of us can’t even participate the IEO. Think how disappointed we are.
I truly believe love is not one way. You can’t expect users love you without showing your respect.

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yes,I support airdrop for early adopters and member who has roles in Discord.

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Thank you all for taking the time to address the Psy team and broader Psy community! To address the elephant in the room, we’d like it to be made clear that just because “community” tokens are not explicitly on the IEO or related materials does not mean that the core Psy team doesn’t want to reward community participants/contributors. Crypto projects are made by their community.

For compliance reasons, airdrops and allocations of any kind must be handled through governance. The core team did not make this decision lightly and believes it is the safest and best approach forward.

While we hold ideals around decentralization and trustlessness, in practice it is more difficult to achieve. It is even more difficult to achieve from the start, especially as we’re all learning. It is the core team’s intention, as well as initial partners, to grow towards those decentralized/trustless ideals. That includes voting towards rewarding active community participants.

I think this proposal is an ok first step, but we can do better. I’d like to see more concrete examples of what kind of community actions should be rewarded and how. Less airdrop bandwagoning, and more thoughtful conversation around how we can foster an active community that can help improve the Psy organization and Psy product line.

In regards to something specific like retroactive airdrops for protocol usage, a proposal would need to include the plan/code to determine all the eligible addresses. This is less trivial than one may think and we’d like to rely on the community to help with this as much as possible so core team can focus on the roadmap. Happy to provide further technical details in discord :slight_smile:

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That is a fair point, airdrops are very difficult. When is the last time you heard of one??? Today, yesterday, almost every single day for months? Don’t fall it again. They are trying to take your time and effort to build their product Again. This is same scam, “oh keep helping us and we’ll take care of you”. How did that work out for everyone before? Actions speak louder than words, and their actions are Screaming “run away”.

As I said in my previous post, I don’t have any “skin in the game”. I’m not here trying to get an airdrop, I wouldn’t even take it if offered. I’m just so wildly disappointed. If you were here in the begging you would know why. Tommy would always talk about community, fair launches and transparency… And I was sold. I thought “Alright here are guys who share the same vision of what DeFi was always meant to be about”. It wasn’t until I was told that I had been lied to that I left, but still I gave a little benefit of the doubt to them and hoped they would be successful… Then I see this thread in my email. Damn near heartbreaking.
I’ve been working with people to start a large Solana targeted project and from the minute the conversation started I thought " I need to get Tommy to be on the “board” or a key advisor", the first person I thought of. I don’t know if I feel more foolish or more disappointed, it’s a lot of both.

Despite the ugly course of events I still think I’m a pretty good judge of character. I do Not think Tommy is a bad guy, I’m more inclined to believe they got worked over by the VC’s.

Knowing how VC’s and Market Makers work I rallied against making any deals early. Little did I know of the behind the scenes conversations (no transparency)… And it at it now. A horrible launch and an entire community that feels betrayed. It’s a cutthroat game kids. If someone didn’t betray Tommy I never would have known I was being told the truth.

I’ve alluded to this nonsense on Twitter, but I can’t bring myself to call out names and really get into it. It’s not because I have an issue with confrontation, I ripped apart a project and it’s founder on Twitter just yesterday (the project has no less that 6 points of mass failure, and I’ve delt with the head of it for over a decade, he sucks) I haven’t, and won’t, call people out on this because I still trust that I’m a good judge of character. I think the guys were out of their depth dealing with the VC’s, that’s not what they do… they’re super coders, not finance guys, and VC’s are vultures.

So many think these VC guys are Hero’s… Wolves in sheep’s clothing. You don’t make the money that Alameda and Three Arrows do with out being ruthless. (Fun fact, it wasn’t Arthur liquidating you on Bitmex. I won’t say who, but I mentioned them in this post, and it’s not Tommy.

We’re all just people. We live, we learn, we screw up bad and fall on our faces, we hurt people. None of us can claim otherwise.

It’s what we do next that matters.

Good luck