Summary

When performing the final INTR crowdloan drop calculations, we made a mistake by factoring in only 5% for the early bird bonus instead of 10%.
This is an off-chain proposal and vote on how we wish to compensate the early bird crowdloan contributors.

Description

When performing the final INTR crowdloan drop calculations, we factored in only 5% for the early bird bonus instead of 10% as announced here: https://docs.interlay.io/#/interlay/crowdloans?id=bonuses. The remaining 5% ended up being distributed to all crowdloan participants instead of only the early bird ones.

This is a mistake on our side and we would like to remedy the situation.

Affected Accounts

• 3502 accounts contributed early to the crowdloan for a total of 1,027,328.436 DOT. They should have received an additional 0.965 INTR per DOT. Hence, a total of 1,583,357.999 INTR should be distributed to early contributors.
• All 14011 accounts received 0.575 INTR per DOT too much. The 5% from the early bird bonus was distributed across all contributors, meaning everyone received more than what they would have received if the early bird bonus would have been correctly calculated.

Proposal

One way (and probably the only practically feasible) to remedy this is via a on-chain treasury proposal, transferring additional 0.965 INTR for each DOT locked (factoring into account the already received 0.575 INTR / DOT locked) to early bird bonus recipients.

According to our calculations, this affects 3502 accounts that contributed a total of 1,027,328.436 DOT.

This would mean a total of 1,583,357.999 INTR paid out by treasury.

All other accounts that received more INTR are unaffected by this proposal and get to keep additional INTR.

What is the actual proposal that we want you to consider for this off-chain vote:

Create a treasury proposal to compensate all early-bird contributors that fall under the following criteria/conditions:

1. The account qualifies for the early bird bonus, i.e., they contributed to the Interlay crowdloan before December 24, 2021.
2. The account has to have claimed their tokens via https://crowdloan.interlay.io/ before July 31 (making this type of major redistribution is time-consuming and we will hence only prepare this once, so as to focus on iBTC).
3. The INTR received as a result of that proposal would be directly transferable. This means those tokens will not be subject to a vesting schedule. This is due to technical limitations of the Substrate vesting pallet implementation.

Why are we doing an off-chain vote first?

Since this is a major proposal and will require preparation, we believe it is best for the community to first align and decide whether this is the way to move forward.

The final treasury proposal will require an on-chain vote to be executed. We suggest waiting until the end of July to give everyone enough time to submit their crowdloan claim.