The Commons Upgrade is LIVE!

Great news everybody,

Today the Commons Upgrade was set in motion by deploying our shiny new TEC gardens!

Check out the new home of the TEC at:
https://gardens.1hive.org/#/xdai/garden/0x1fc7e8d8e4bbbef77a4d035aec189373b52125a8/

The vote for the next step in the process is also live in the Hatch DAO. If you hold TECH tokens, make sure to vote!

Go here 👉 Aragon

The vote will be live for 2 4 days, and we need the community to support it. It will move the hatch funds following this distribution:

• 250k wxDAI will be set apart to perform the initial buy.
• 69% of the resulting funds will go to the Common Pool, which will be available to be requested as soon as the hatch vote is executed.
• The rest will go to the reserve agent, and will sit still there until we open the bonding curve.

The new TEC token will be able to be claimed 1:1 by TECH holders. The initial minting price will be set near to 1 wxDAI / TEC.

Remember that we will need to pass another vote for the actual launch of the ABC next week, so keep an eye on this thread!

Where can we claim the TEC from TECH conversion?

You won’t have to claim, it will be sent to you 😃

Small oversight… there will be no TEC for the Proposal Deposit that is needed to make a Proposal.

So even though wxDai will be in the Common Pool, and the Hatchers have Tokens to Vote; we will have to wait for the ABC to open so proposers can get liquid TEC to pay the Proposal Deposit.

🤦‍♂️

This vote has passed, and now the hatch funds are stored in the new TEC gardens. TEC tokens have been minted to all TECH tokenholders at a ratio of 1:1.

The second vote to complete the Commons Upgrade is up.