0x1aa55a5f…bdacsent to0xf790a5f5…1365·#22,110,819·view on Etherscan
About the stream:
Maybe I’m missing something, but I withdrew an amount that was unlocked. Never seen a lock of a stream in action so I thought it was going to be executed on the vested amount and not on the unlocked one too.
About the nogs sold:
Since last year, I’ve estimated a burn of at least 40% of the supply finding ways to remove allocations that didn’t make much sense given the current structure.
10% team allocation — because it was an allocation objection made by some
10% ecosystem allocation — because it served no real purpose
20% nounish DAOs allocation — because after a while it became clear that allocation was excessive and actually a problem in the long term. We meant to upgrade the system to something closer to the Based Nouns model, approach that has been already tested with success as one of the first things of this mandate.
In total approximately 14B $NOGS have been sold and that entire amount, along with the rest of the allocations mentioned above, will be burned.
About vesting:
Another reason we want to make the supply leaner is that the current vesting structure was designed and started long before the LP launch and the updated version of the token. This brought us to have vested contracts with mixed allocations inside.
These were allocations defined when NOGS was just a social token with no economic value.
So even though we’re planning to burn everything, some allocations can’t be burned immediately due to their vesting schedule — some are still vested for another 2 years.
The plan is to automate the process, probably setting up a monthly withdraw-burn cycle.
That would result in an immediate burn of ~30% of the supply, followed by a gradual 10–20% burn over the year.
In writing this message I kept thinking about all the things that could have been avoided and improved if I had shared this plan with everyone instead of limiting myself to a few DMs to get feedback.
It should have been an exciting development to share and instead it became a mess.
I’m sorry for that and it showed again to me what a lack of context and communication can create.
That’s why, even if I still have to truly process all of this, I’ve already started to do my best to keep the conversation open.
The next releases will be delivered in the same way, creating open feedback and convos with the community during the building phase through Topics and WC.
+1
> how come you withdrew more money from your stream hours after this proposal went through rather than communicate? i have some more Qs if you want to keep this conversation going onchain .
>
> what % of the token supply (how many nogs) did you sell and offramp?
>
> what hapoened to "the tokens are locked for vesting"?
>
> +1
>
> > This prop has been a harsh blow to me and I took 2 days (over the weekend) to recover and reorganise our next steps.
> >
> > NOGS won’t go anywhere and we will continue to evolve it, just like we will continue to build for the ecosystem.
> >
> > Since everything happened so fast and this is our full time job, I’ll need some days to refocus and reorganise everything, from the pipeline of releases to the organisation of the team and everything else.
> >
> > We used the last k$ (already unlocked) from the stream to pay some expenses for this month, including the last physical drops of the Noggles Club we had already committed to.
> >
> > After that, we will regroup and figure out how to organise everything in order to support our work across this year.
> >
> > I’m sorry to see the scam accusations about nogs, and tbh if I am a scammer I really must be the most incompetent one in history.
> >
> > Following the plan we outlined for this mandate, we are going for a complete renovation of the tokenomics and supply of $nogs. This includes the burn of at least 50% of the supply which was set to happen between April and May leveraging the planned rebalance of the LP.
> >
> > Since in 2025 we were going to burn most of the nogs stored in the LP, I took the decision to sell some to support the team across 2024 and thanks to that we’ve been able to expand the utility of the token and our products without relying on additional funding for the second half of that year.
> >
> > NOGS has been our very first experience with a token, in a fast changing environment too, and I must admit I took many things for granted.
> >
> > Again, my lack of communication made a mess and I’m sorry for that. Had I shared more with the community about our struggles and plans, everyone would have had more context and all of this could have been avoided.