Dear team,
So far we have spent 9,963,573.75 $FX tokens from the EGF funds on hiring, operations and liquidity. The remaining 65,757,331.25 of the EGF funds are delegated to validators and continue to earn yields. Attaching spreadsheet here.
As @DavidK announced, we’re proposing to allocate 3 million $FX for operations and year-end bonus, either from option 1 CSP through governance voting, or option 2 EGF. The inclination might be to allocate it from the EGF without diluting CSP. However, we would like to state the case for CSP application.
The team is rolling out various features and products eg: fx-swap, f(x)Wallet, explorer, evm support etc. And also upcoming ones like Ledger, Keplr support in Q1. Hence, just like everyone else, we want to have a chance to apply for CSP. Not wanting the team that built Function X to apply seems counterintuitive. The whitepaper mentions that EGF will run 15 years, so will our allocation for engineering, marketing & products. We believe it is actually in the community’s interest to encourage us to apply for governance and to keep EGF strong for 15 years. Finally, based on past experience, most of the 3M FX will NOT hit the market, and will be kept by team members.
Wishing everyone a good health and joyous season!
