Governance Proposal 5: Passage Chain V2.2 Upgrade

Voting for the governance proposal to upgrade Passage Chain to v2.2.0 is live. But what does this entail, and what does it mean for you?

In short, the Passage Chain v2.2 upgrade will ensure two core things:

• Strange Clan Airdrop: Data for Town 1 and Town 2 NFT holders is updated on-chain in preparation for the Strange Clan airdrop
• Community Pool: PASG Community Pool funds vest in accordance with the whitepaper (3-year cliff, vesting until end of Year 5)

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Proposal 5

The Problem

The PASG Community Pool (150M tokens) does not currently have vesting due to the account type (module). This contradicts the whitepaper, which states the unlock schedule should be a 3-year cliff with vesting until end of Year 5.

Additionally, final snapshot data for Strange Clan NFT holders is not yet updated on-chain on Passage mainnet.

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The Solution

If the governance proposal is approved, funds for the Community Pool will be transferred to a new multisig address that can ONLY send funds to Community Pool. 

Data from Strange Clan NFT snapshots 2 & 3 will also be added to the claims module account balance.

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Details

‍Due to a restriction on module accounts, the PASG Community Pool does not currently have vesting.

This means the full pool (150M tokens  / 10% of total supply) is already live on the market, which contradicts our whitepaper. According to the original tokenomics, the Community Pool is intended to have a 3-year cliff, with continuous vesting until end of Year 5.

You can view the current Community Pool address on MintScan.

‍In order to bring the vesting schedule in accordance with tokenomics, governance proposal 5 proposed the following:

• Transfer Community Pool funds to a new multisig wallet controlled by team (pasg105488mw9t3qtp62jhllde28v40xqxpjksjqmvx)
• The multisig wallet will be restricted so it can ONLY transfer funds to the Community Pool.
• This multisig wallet will be NOT be able to complete any other types of transactions (AKA no staking, trading NFTs, voting, etc.)
• Once vesting begins, the team will transfer funds back to the Community Pool in accordance with the schedule

This will not change anything on chain for the community or validators—it simply ensures vesting remains in line with the Passage whitepaper.

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Vote

To vote on proposal 5, visit resolute.vitwit.com/passage/proposals/5.