On this forum, members of the Toucan community can propose ideas on how the value that was secured in a BCT-NCT mass rebalancing action should be allocated.
Suggestions posted here should preferably focus on the fund allocation and governance topics relating to the mass-rebalancing action, though we hope in the future it can be a place to ideate on other topics surrounding Toucan Protocol.
Toucan Protocol recently launched NCT, a carbon reference token backed by nature-based credits bridged to the Polygon blockchain via Toucan Bridge. In the weeks leading up to the launch, the Toucan Core team coordinated a mass rebalancing exercise to secure value from the BCT pool, which launched in October 2021. This value was at risk of being arbitraged by profit-driven actors.
The nature-based TCO2s with a Vintage of 2012+ that were secured had primarily been deposited by Klima DAO, Moss, Regen Network, and their community, with the following division based on available data:
Klima DAO: 463,825 (24.2%)
Regen Network: 271,794 (14.2%)
Moss: 600,595 (31.3%)
Others: 583,520 (30.4%)
The number of nature-based TCO2s secured amounts to 1,294,581, which results in between 2.3-2.7m$ of excess value, based on 5.86-6.20$ average cost basis and the current NCT price of 8$ (the cost basis is being finalized and we intend to calculate excess value based on the market price of NCT). Toucan has committed to let the community decide how to allocate all of the excess value.
You can read the complete account of events here→
While Toucan acted in the best interest of the long-term health of the on-chain carbon markets, we understand that our community did not feel heard or included in the decisions that have been made.
In line with our values and prompted by strong feedback from our community and multiple stakeholders, we’ve decided to create a space where everyone can propose ideas and strategies of how the rescued value should be utilized.
All members of our community can open conversations and share ideas as forum posts, collect feedback and submit formal RFCs (Request for Comment). As we believe that ideas strengthen under scrutiny, we recommend that suggestions are first ideated in a more casual and conversational way, for example on our Discord and other places.
When an idea has taken shape, it can be formalized into an RFC – a detailed forum post outlining the idea and rationale behind it in a detailed and concise way.
Learn more about RFCs here→
Proposals serve as very important feedback from the community and will be used as a basis for decisions on how to allocate the value. With that said, the RFCs are meant to gauge community support not act as final binding proposals, even if we want the final decisions to as closely map to community consensus as possible.