Proposal: On Pylon Acquiring Glow Yield via Token Merger

[4rest]

Largely i in support of this proposal.

overall this will add to development pace of existing products and add exposure to other areas like art patronage and lottery will be cool in that theyreylll be differnet applications that are going to be launching and make more mainstream

i have some questions tho…

@eric my mains questions for the glow team is that what are the products going to look like - for Glow creators, what’s the progress on its?? are there any more information you can share about that like with any examples of mock drafts or outlines of the final producct looking like? what’s the timeline looking for that launch? is that going to be pretty soon or how longer of a delay will that take? cos I think it’s gonna be a pretty cool product if its were to launches

still think 650m for the team is a LOT given that it’s already like $22M at current market prices; that’s going to be used to continue to expand the development team right?? is there any breakdown on where that will be going to be used for? mores information on the coomposition of glow team and funding could be helpful…

[laine_ust]

@Ale123

this is the present ratio → so 1,65 is, as mentioned above overvalued, besides any premium to pay for synergies you might see.
I never saw my shares almost trippling due to another company going to acquire it.

There’s someting wrong about your math here.
GLOW is currently trading at 0.056747

MINE is currently trading at 0.034346
That makes glow more worthy than mine in UST and thus the rate must be ~1.55 at current prices (1 Glow gives 1.55 mine)
So nothing is magically tripling.

[aesmonty]

Hey everybody! It’s Monty, in representation of the Glow team.

We are very excited about the potential merger of Glow into the Pylon ecosystem. This is a unique chance to become an unstoppable force in the yield-redirection space together!

The vision of Glow has always been to bring DeFi yields into the mainstream. There is no better way to accomplish this mission than joining the Pylon core team and community. Uniting our forces, we aim to support the Pylon ecosystem to expand to the next level of growth, developing a rich ecosystem of yield-based dapps around the already successful Pylon Gateway. Pylon Savings and Pylon Creators will be only the start of a flourishing ecosystem of fintech products leveraging programmable yields and decentralized money. We are also pumped to support the development of upcoming launches such as the GFI.

Personally, I can’t be more bullish thinking about the synergies and new amazing products this merger can create. We believe the best years of Pylon are ahead of us and the Glow team is fully aligned to make this vision a reality.

We are collecting your questions and will address them in a separate message shortly.

Let’s make Terra history together!

[Ale123]

Hi Laine,
you are right, I did a mistake as it is not tripling.
Still, nobody is answering the main question, who did the valuation and considering what input?
I am really disappointed of the team that just started the poll, without addressing important concerns from us. So why having the forum in the first place?
This is the market cap of Glow:

MC not even 5m, taking into account that the team has some tokens that will be distributed over time and may not be shown I understand that a valuation is higher.
Still, if we take 650m MINE/UST with the present price of 0,033 UST we have around 21.450.000 UST
So if I am (this time ) not wrong the price is ~4,47 times the MC.

How can this valuation not be addressed? @limowooj
The longer there are no answers the more it seems to be an exit strategy!

Thanks in advance answering the valuation.

[selo]

Hello everyone! Selo from the Glow team here. Wanted to bring some clarification regarding the team, products and vision:

• The core Glow team consists of full stack developers, smart contract devs, marketing & operations, and designers (UI/UX, graphic design, 3D). Of the 52 employees originally mentioned as part of the venture studio, there are some who spread their talents across multiple projects and support Glow with legal, administrative, and other tasks that are more easily shared across multiple projects. Building teams in web3 is not an easy task and Pylon approached us because of the alignment of visions, and the fact that it’s a ready-made team.

• We would come in to join the Pylon team and help them scale. This means that we will not only implement the products built on Glow as Pylon products, but we will help the team scale and deliver on every product, including improving Gateway , delivering the Gateway Fund I or build new applications.

• We think there’s a lot of opportunity in Glow Creators - by combining lossless pools and NFTs we can let any creator manage and monetize their community directly on web3, with web2 onramps (credit card payments etc). We’re going to share some more information and screenshots of the product this week. That said, we would be joining the team to work with Pylon’s advisors and the community to build whatever interesting apps we can build using yield as a primitive in the future.

• The swap of 1:165 doesn’t increase the total supply of MINE tokens. We haven’t vested any GLOW token as the team yet, the 1:1.65 swap covers only the GLOW investors as well as those that bought GLOW in the market.

Thanks everyone for coming up with questions! We’ll keep monitoring and answering them.

[butaw]

Overall in support of the proposal. It seems to me that both teams are acting out of good faith — the Pylon team wanting to increase its wingspan for speedy development and the Glow team wanting to onboard an existing OG Terra brand to release its set of forthcoming products.

Given the FEI-RARI precedent which I took a closer look at as well, I think the valuations seem reasonable when it comes to using allocation from the project partnerships section (which was bound to be used/distributed sooner or later) in order to absorb the $GLOW token and align incentives with the Glow team. From some of the Glow team’s responses in the thread, it seems that the tokens are being used to power dev team incentive alignment efforts in return for burning the team supply from the GLOW tokenomics.

@paletas @denis0007dl @HanniMou to respond to some of yall’s comments, I’m in support of this acquisition since it’ll give Pylon and our community more products and progress — at least from the past few months of progress, looks that the core Pylon team will need additional dev support, which the Glow team is going to provide, on top of the Glow Creators app which seems promising. Would rather they have a proper dev team to man these efforts than be stretched too thin and take longer to deliver & for teams with the same vision to come together and synergize (which is better than recruiting a bunch of random devs), and to deliver valuable products to expand UST usage, in effect leading to more TVL for MINE buybacks. Another way to look at it would be that the dilution was bound to happen anyways, since it’s being carved out of an existing tokenomics intended to establish partnerships like these, not pulled out of thin air. (as @dabbler put it, “bringing forward the inevitable.”)

In terms of the ve-boost multipliers that Glow has worked on already, @laine_ust @sayve.money do yall have any thoughts on how that could potentially be integrated with the Mineral Grade?

@Ale123 In terms of the numbers, as you admitted, I’m inclined to agree with @laine_ust that you messed up the math initially and there is no tripling of numbers here. As for the valuation from the forum post by @limowooj, it’s based on “time-weighted average price (TWAP) calculations” (current prices = 0.055334 / 0.033578) get the ratio to be around ~1.64792423611. Seems that it was done by looking at average prices/FDV. And you can’t discount the fact that the glow team is also going to be burning all of their existing team tokens (22.5% of GLOW token supply) + community fund, and that only circulating GLOW tokens will be eligible for the swap. In terms of what you said about the team tokens for GLOW, it seems that it’d still be vested over three years. Seems reasonable given what happened with FEI-RARI for which the ratio was calculated with TWAP as well. Not sure why you’re being so aggressive in your comments and making unreasonable accusations.

In light of this acquisition, one other question comes to mind — are there any other projects or products in the Terra ecosystem that we as the Pylon community want to also acquire and can push for? It seems like the acquisition of Glow is just the beginning of something greater ahead…

[butaw]

I also have a couple of additional questions for the Glow team @aesmonty @eric:

1. What is the development progress on Glow Creators? You mentioned in your post about potentially sharing screenshots of the dApp — when you share that, could you also make sure to additionally provide a timeline in terms of how long it’ll take to ship (in light of the delay that this acquisition process will cause)?
2. What are yall’s thoughts on the future of the MINE token, and what will yall do to contribute to the success of the Pylon ecosystem as a whole? What do you think are its strengths and pain points that could be better addressed?
3. What other products beyond Glow Lotto and Glow Creators are yall ideating so far, and what are yall’s long-term vision for Pylon?

I feel like I’m interviewing a candidate for a job position lol

[Ale123]

Thanks for your explanation.
Yeah, as I mentioned the math was wrong, still, it was just the base of it.
My key-point is the overall valuation.

I try to be not aggressive but I am clearly disappointed that the poll is already starting before things, you also are asking are clarified. If I made wrong assumptions I will acknowledge them accordingly.

All I want is to understand, what is being acquired (the impact I am having) and based on what evaluation. I believe everybody wants to know.
As well as somebody asked for the financial information at FEI-RARI, I woiud like to know or at least hear that this is confidential

Generally, I like the idea of an acquisition as it is usually leading to a price increase. Still it is my first time in crypto to attend one.

[Woody]

Really excited by this all in all. Knowing that the team is going to massively expand is exactly what I wanted to hear.

Yes, the token supply increase isn’t exactly what I want, but tbh the upside of the expansion significantly outweighs the downside of the supply increase at this point.

[Woody]

Also really interested to hear point 2. Would love to hear from the Glow team about where they see Pylon going, how they hope to add to it, and what ways they thnk Pylon/MINE could be imrpoved.

[laine_ust]

@butaw

In terms of the ve-boost multipliers that Glow has worked on already, @laine_ust @sayve.money do yall have any thoughts on how that could potentially be integrated with the Mineral Grade?

You’re the second person mentioning this and I have to be honest and say that I need to educate my self a bit more on ve-boosters to give you an answer(do you happen to have some resources?). But it is definitely something we need to look into sooner rather than later

@Ale123

I try to be not aggressive but I am clearly disappointed that the poll is already starting before things, you also are asking are clarified. If I made wrong assumptions I will acknowledge them accordingly.

I can to some extend understand that you’re disappointed in the fact that the poll is already live, but please consider that the two teams have probably been in talks for a while and came to the numbers and facts presented to us all. The two teams must be in alignment with the merger and future of Pylon to even propose this, and we have 7 days before the vote closes to do further “discovery” and form opinions around it (and subsequently vote yes/no).

@Ale123

Generally, I like the idea of an acquisition as it is usually leading to a price increase. Still it is my first time in crypto to attend one.

I think it’s a first for many of us

[Ale123]

True True, thanks Laine

I do not know how to link the quote but I try

Blockquote
I can to some extend understand that you’re disappointed in the fact that the poll is already live, but please consider that the two teams have probably been in talks for a while and came to the numbers and facts presented to us all. The two teams must be in alignment with the merger and future of Pylon to even propose this, and we have 7 days before the vote closes to do further “discovery” and form opinions around it (and subsequently vote yes/no).
[/quote]

Yeah, we still have to find the right holistic way as I would understand in a DAO you first discuss deeply and then start the poll (or maybe it is only me). So in a DAO we need to talk about at what point it starts to have a poll.
That is quite controvers but that is what makes it a DAO for my understanding. This is now generally speaking and can be applied to most of the DAOs, I guess.

Thanks upfront to all the support for me to get a better understanding

[coryaross]

Hey Pylon Community!

Cory here, from the Glow team. I know a lot of you want to know more about Glow Creators (soon to be rebranded into Pylon Creators ), so here’s your chance to see some of our exclusive screenshots from a working MVP DApp, currently operating on testnet. Many of these images haven’t been shared anywhere else! I’ll refer to everything as Glow Creators for now, so my words match the screenshots.

Glow Creators is a Web3 platform for celebrities, artists, influencers, KOLs, and content creators to further leverage their personal brands and communities by building a sustainable ecosystem of creator economies. Creators can team up with Glow to launch customized NFTs, no-loss pools, and eventually, social tokens.

Where Glow Creators differentiates itself from competitors is by 1) allowing for payments in fiat (credit card) or crypto ($UST), 2) letting creators sell customized NFTs with clear utility directly to their fans, and 3) adding no-loss forms of payment as patronage models.

For viewers and fans, they can support their favorite creators by purchasing NFT collections or donating into no-loss pools, which may unlock additional access, perks, and benefits.

The first screenshot shows an example of an NFT (for creator Amarna Miller), along with the payment method screen.

The next screenshot shows the payment tiers that creators can have for their NFTs. In this example, Amarna Miller has three NFT tiers or subscription levels, giving her fans several options based on what they can afford and/or the perks they want to unlock.

After choosing their subscription NFT tier, a fan can click on “Details” to learn more about extra benefits that come with their purchase. Below, you can see all the perks of buying one of Amarna’s Business Passes!

Below is another example of custom artist NFTs. As you can see, they are very different from the previous example.

What you can’t see from these screenshots is that every NFT — at least the ones in these examples — will have an element of animation and movement to them (see an example here). In other words, these NFTs themselves are aesthetically-pleasing on top of having exclusive-access utility.

On top of that, we are currently working on no-loss Creator Pools inspired by Pylon Pools on Pylon Gateway. With this feature, fans can deposit UST in a given Creator Pool in exchange for benefits, perks, and airdrops of subscription NFTs. The yield generated from the pools serves as recurring revenue streams for creators. After any designated terms/lockups (or none at all), users can retrieve their initial UST deposits without any payment of principal.

Simply put, think of this as an extension of Pylon Gateway where instead of crypto projects you’ll have creators from all kinds of verticals such as music, TikTok, streaming, and beyond.

As a sneak peek, we are additionally brainstorming other ways to integrate Pylon’s DP-token mechanism so as to potentially launch “social tokens” backed by stablecoins and yields.

Regarding all things MINE tokenomics-related, we’ll follow up with more information. Long story short, primary and secondary fees from the sales and trading of Creator NFTs will accrue back to the MINE token. Also, MINE governance stakers will have special access to these drops such as priority on whitelists, discounts, and airdrops.

So there you have it. Glow Creators!

[Woody]

@butaw

In terms of the ve-boost multipliers that Glow has worked on already, @laine_ust @sayve.money do yall have any thoughts on how that could potentially be integrated with the Mineral Grade?

I have been thinking about a new tokenomics model for MINE for a little while now. It hope to draft it up some time soon. It would hopefully incorperate both Mineral Grade and veToken model. I hope/think it could really take Pylon to another level.

[Ale123]

Thanks for the explanation coryaross
Sound to me like a good plan, a vision and bullish

Do you already have interested parties that want to use it? Such as an online casino.

[dabbler]

Reading about the no-loss Creator Pools, I just got excited about acquiring Glow! That’s a very interesting application. Will it have a revenue stream back to Pylon/Stakers?