- The Growth Committee will be to unlock opportunities in increasing the adoption of the Shimmer network by allocating a budget of 90,681,025.5 SMR.
- The Shimmer Community Treasury Grant Committee is looking to form a DAO as a non-profit LLC in the Marshall Islands. It has an annual budget of 27,204,307 SMR tokens.
The IOTA Foundation unveiled its Layer-1 staging network Shimmer last year in September 2022. Since then, the Shimmer blockchain has registered fast growth in terms of the new projects launched on the platform. The Shimmer network serves as a testbed to host new innovative projects before moving them to the IOTA mainnet.
Over the last two weeks, the Shimmer ($SMR) token holders voted on four different governance proposals while finally agreeing to set up a Shimmer Growth Committee and Shimmer Community Treasury Grant Committee.
With support from the IOTA Foundation, the Shimmer community developed a highly flexible and secure system for casting votes directly on the Shimmer Tangle and through the Firefly wallet. Let’s take a look into what exactly these two Committees shall bring to the Shimmer ecosystem.
The Shimmer Growth Committee
In the next few days, the Tangle Ecosystem Association would start setting up the Shimmer Growth Committee. As per the governance proposal, the members of the Growth Committee will serve as the Program Lead of the Shimmer Community Treasury Grant Committee. It also includes two Grant Reviewers – Linus Nauman and Garrett Jin – having the highest number of votes. These leads will form the Growth Committee along with the IOTA Foundation members Christian Sauer and Holger Webel.
The job of the Growth Committee will be to unlock opportunities in increasing the adoption of the Shimmer network. Also, the Committee will allocate a budget of 90,681,025.5 SMR to a separate wallet, and will discuss the first projects and proposals looking to accelerate the growth of the Shimmer ecosystem.
IOTA believes that the current votes are a step further in decentralizing the Shimmer ecosystem. Besides, it would also be a step further in driving ahead several community-driven initiatives.
Shimmer Community Treasury Grant Committee
The new members of the Shimmer Community Treasury Grant Committee will work further in forming the organization under the temporary legal umbrella of the Tangle Ecosystem Association. The Treasury Grant Committee has an annual budget of 27,204,307 SMR tokens which will be transferred from the Community Treasury Wallet to a newly-created separate Treasury Grant Committee Wallet.
To begin with, the first tranche of SMR tokens will be converted to 100,000 USDT through an OTC sale. Once the Treasury Grant Committee sets up a multi-sig wallet, they would start receiving these USDT.
Furthermore, the Treasury Grant Committee will submit a prepared application to the government of Mashall Islands, to form a DAO as a non-profit LLC. Having received the application to form a DAO and all official documents, the Treasury Grant Committee will become an independent legal entity as per the legislative non-profit framework of the Mashall Islands. Thus, the Shimmer Community Treasury Grant Committee will leave its temporary engagement with the Tangle Ecosystem Association.
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