Illuvium Article

Council Voting: IIP-22 Revenue Distribution gets Approved

June 28, 2022

2 minute read

What this means

Last month we voted and elected the latest Illuvium council. This group was arguably the most important epoch to date as they decide how revenue distribution will be handled for the Land Sale, Illuvitars etc. Today the first domino has fallen with a unanimous 5–0 Yes vote. We now have a Revenue Distribution model for the Land Sale proceeds. Let’s break down the basics.

Distribution Percentages

The first order of business is figuring out what percentage gets distributed each day. 20% was the amount, but with this proposal passing that has been dropped down to 15%. This means less shock on the system and distribution over a longer period of time. These ILV purchases won’t happen in one large buy each day either, they will be split up throughout the day.

Explanation of revenue distribution from the Illuvium council.

Minimum Purchase

The minimum purchase is 500 eth per day. This means we won’t have a long drawn out buying process. Once we fall to 500 or below the rest is used to purchase ILV regardless of percentages.

Explanation of minimum revenue distribution from the Illuvium council.

Maximum Purchase

The maximum purchase is 5000 eth per day. This once again helps remedy any shock to the system. It also can be adjusted in future votes as we grow.

Explanation of maximum revenue distribution from the Illuvium council.

Essentially this system is putting guardrails on Revenue Distribution, which I think is a good thing. This will be Illuvium’s first RevDis situation and having training wheels on is probably necessary. Over time the community will have a better grasp of how things will shake out, but right now this makes a ton of sense. There’s a good chance the numbers will be adjusted moving forward, but the basic mechanics may become the foundation upon which Revenue Distribution lies.

Topic of Discussion from the council

Another important topic currently being discussed by this epoch is ETH vs ILV. The council is discussing distribution in ether instead of ILV. I personally think this would be a mistake. We need to give more credit to the ILV token out of the gate. Let’s see what the community does with their portion of the distribution and go from there. The ILV token and the Illuvium team in general deserve more credit. ILV is the backbone of the whole Illuvium economy and it deserves its day in the sun. This team has proven they can deliver and turning our back on ILV now would be a mistake.