Summary:
Revise the C3 token emission schedule to extend the protocol’s adoption timeline.
Motivation:
Shortly after the launch of C3 in March 2022, all major carbon credit registries established moratoria on one-way bridging, rendering C3’s initial one-way bridge product inoperable and dramatically slowing adoption of digital carbon.
The original token emission schedule had C3 reaching max supply in four years. However, given that it has now been almost a year since tokenization was halted and there is still no indication of major registries supporting any form of tokenization in the immediate future, the C3 community should consider adjusting the emissions schedule of C3.
Proposal:
Until tokenization is supported by mainstream registries, this proposal will substantially reduce the issuance of rewards.by extending the C3 emission schedule till 2030.
During the first year, ~ 1.85 billion tokens were distributed, accounting for ~ 46% of the total supply, while ~ 2.15 billion tokens remain undistributed.
Original C3 token emission schedule:
Revised Emission Schedule:
You can access a detailed view of the New Emission by clicking on this link:
https://docs.google.com/spreadsheets/d/1kEelR1R8dYE7bB-_yaWW0Mv2JcJdfnyBdcvWRiyQjhE/edit#gid=0
In the event that a major carbon credit registry, specifically Verra or Gold Standard, establishes a policy that allows C3 to build a functioning carbon credit bridge once again, a subsequent proposal would be advanced to readjust the C3 token emissions timeline.
Next Steps:
After discussions with the community, a token vote will take place on Snapshot.
Vote
Yes: Extend the C3 emission schedule
No: Do NOT extend the emission schedule