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fip title status type author created updated
48
Reallocate Unclaimed Initial Integrating Wallets FIO Tokens to FIO Handles Giveaways
Final
Functionality
Pawel Mastalerz <[email protected]>
2024-06-21
2024-08-19

Abstract

This FIP proposes to reallocate 38,505,959.4 FIO Tokens from 13 permanently locked Initial Integrating Wallet accounts to FIO Handles Giveaways bucket.

New actions

Contract Action Endpoint Description
fio.token fipxlviii None Reallocate FIO Tokens per FIP-48.

Motivation

In FIO Chain genesis, 648,746,346 FIO Tokens were allocated to different accounts for different purposes. Specifically, as it relates to this FIP:

  • FIO Handles Giveaways bucket: 125,000,000 FIO Tokens were allocated to the FIO Foundation with restrictions to be spent on FIO Chain fees to offer free FIO Handles to initial users. This was reduced in FIO-21 to 100,000,000 and reduced further in FIP-23 to 90,000,000.
  • Initial Integrating Wallet Reward bucket: 113,940,385 FIO Tokens were sent to wallets belonging to application developers (wallets and exchanges) who committed to launching FIO Protocol integration within 210 days of Mainnet launch. If the integration was not launched, as attested on-chain by the FIO Foundation, the tokens were to remain permanently locked. Thirteen integrators failed to launch the integration in time and 38,505,959 FIO Tokens remain permanently locked (see Initial Integrating Wallets in Affected Accounts below).

As of 2024-06-21, FIO Handles Giveaways bucket is estimated to hold 15M FIO Tokens which, at current rate of free FIO Handle registrations and at current FIO Handle registration fee, will run out sometime in October 2024. The FIO Foundation believes that the FIO Handles Giveaways bucket remains instrumental in promoting the adoption of the FIO Protocol and should be replenished.

This FIP proposes to reallocate 38,505,959.4 FIO Tokens from 13 permanently locked Initial Integrating Wallet accounts to FIO Handles Giveaways bucket. As a result, 38,505,959.4 FIO Tokens will, over time, transition from locked token supply to liquid token supply. Because FIO Handle fees are locked when spent for a period of one year, it is estimated that it will take two years to transition the entire 38,505,959.4 FIO Tokens to liquid supply. As all tokens in FIO Handles Giveaways bucket, the reallocated tokens would remain restricted and could only be spent on FIO Chain fees. The total supply hard cap is unchanged by this FIP and remains at 1B.

Specification

Affected Accounts

Initial Integrating Wallets

Account FIO Public Key Locked Balance
xkezj1ocwe4r FIO8Wyh738QK7iZRyL1tBZredeubrHugjYCjEPJGxc7Cvj3niML9G 9,999,960
mck32myftiau FIO7DVJTbCjmBev9oAggRP7kRjXJfZAE4228SnMfsyyBhv7wggxDB 10,000,000
hjvwdy5p4zvs FIO7BQfxKtfebgrTZYbMYi6gvcWZwU8dogL78jAwNgeQVn5xazKAv 7,000,000
2mskjvkhj334 FIO5PyTGT7AitAcCEcmVhwfsWQ6DnGhai73wgGA4wxk7KQfpck9YX 5,500,000
oadme4v54cly FIO6z6cPxUx9S7r9qaPzLZCsWADYha8RbXcL58vcGfLg89JdssBv3 2,500,000
jsniuyaaeblr FIO5FZVQ6ehswr1Mig5a18r3FwdfFmXDVjn6TrAKLHZa3KUrpvSs3 1,999,999.4
nadppzyxtxjx FIO5HBTJeDZqbmVNXJy9CxJyKyeg6aLXMtfXoi7GddftjnFf3UKUt 1,500,000
zvt11xu5czlk FIO7K8wwggViLpSoEKXUbLirCpr7eFprWnaxq8ZMG7remasvmuGYo 1,000
dioxleem5hmr FIO6R6JTP1CNsX4PyNwPXf3RWQ4NswRV1P4wpVtn8Fu5hqdbmjaAu 1,000
iud1tjwtt2ey FIO7v6KMR6imo4EqZUBEJA51xL4ZjEaZtxNBT7zbHPm45mNnQGvBP 1,000
xgyg22tfizja FIO82nTSBe3CHeZnAACqHwLFSUENZGJd7h6Fo5rAzV6E2mvadFWzB 1,000
4urqjmtfvmjj FIO5QebHVoKoETsA9aGXET5XdAeGwA1AcqRHGxawgGfDNPZwuwdtJ 1,000
deq54dxuyquh FIO8MmqVkbBEj6vkXFuQRM8p6AC94zJCWsLHxmUengkUvSwD7Fths 1,000
TOTAL 38,505,959.4

Designated FIO Foundation Account

Account FIO Public Key
pkfbwyi2qzii FIO6WYaLQzB196NAyrfqCBQzJXYkDk99B2by1F8MHyEbAWHYJRnK2

New actions

Reallocate FIO Tokens per FIP-48

Reallocate FIO Tokens per rules defined in this FIP.

Contract: fio.token

New action: fipxlviii

New end point: None

New fee: None

RAM increase: None

Request body

None

Processing

  • Caller authority is verified. Only eosio can call this action.
  • This action can only be called once.
  • Locked Balance from Initial Integrating Wallets is moved to Designated FIO Foundation Account.
  • lockedtokens table for each Initial Integrating Wallet is adjusted to show remaining_locked_amount as 0.
  • lockedtokens table for Designated FIO Foundation Account is adjusted to show remaining_locked_amount as entire balance.

Response body

Parameter Format Definition
status String OK if successful
Example
{
  "status": "OK"
}

Rationale

Other options to accomplish the stated goal have been considered, such as block producer invoking a native transfer action, but it was determined that building a FIP-specific action is a more transparent way to enact the change.

Implementation

Overview

  1. New action name fipxlviii
  2. The new action can only be called by eosio account (MSIG from BPs)
  3. The target account will be hardcoded into the action.
  4. The new action will attempt to process all of the affected accounts in one call. There are 13 accounts, these accounts will be processed. All account names and amounts will be hardcoded into the contract action. For each account the following logic will be used.

Action logic

  1. Check if the account is in the locked tokens table.
    • If not report “NO WORK” exception.
    • If present then continue processing.
  2. Verify the balance of the account is >= the amount specified in this FIP for the account.
    • If not then report NO WORK.
  3. Transfer the amount from Step 2 for this account into the specified target account from this FIP.
  4. Remove the lockedtokens entry for this account from the lockedtokens table.
  5. Increment total amount transferred by the amount in Step 2.
  6. Modify the lockedtokens record for the target account.
    • Set the total_grant_amount to be the total grant amount + the total transferred.
    • Set the remaining_lock_amount to be the remaining lock amount + total transferred.
  7. Report status: ok.

Backwards Compatibility

None

Future considerations

None

Discussion link

https://fioprotocol.atlassian.net/wiki/spaces/DAO/pages/1064075265/Free+FIO+Handles