Hi,
According to the proposal in Secret^3: Community Continuance of Secret Network L1 , the Foundation is expected to provide payout reports of fund distributions:
Transparency and custody. The Foundation will publish payout reports on validator distributions and core development distributions, and will publish annual reports on all expenditures. The largest treasury funds will be held in secure wallets, with smaller operating amounts held in hardware wallets.
How often can we expect these payout reports?
How have funds been distributed so far since the proposal passed? Where is the money going that the Foundation took from users of the network, and why haven’t there been any updates on this since it happened a month ago?
We will do reports, but I did want to correct inaccurate phrasing. Foundation didn’t propose “taking” money from users. There was a decentralized mint. We didn’t do an ICO, IDO, or raise any money from users.
There have been no core development distributons. Validator distributions were announced publicly the day after the mint.
If we do have some core development distributions we will publish a report about it.
We did commit to annual reports on all expenditures, but we’re not at a year yet, although some days it does seem like it.
Simply to provide transparency above the commitment made, I can share that the only distributions are those that have been made to ensure stability of our exchange listings, and some minor infrastructure costs (such as this forum, and our GSuite account.) We’ve also distributed a small amount to set up the data center and the new product on the hardware.
Nothing else has been moved. It’s easy enough to see how much was moved to the exchanges for stability, the wallets are all public.
Thank you both for the replies.
According to the proposed vesting schedule, 30% of the remediation fund for hack victims was unlocked when the proposal was executed. Are there any updates on how or when this will be distributed?
