Governance NFTs

Tigris migrated from a Governance NFT model to a Token model on June 1st 2023. Before that the protocol was governed by 606 Gov NFTs, sold in batches to raise liquidity for the Vaults and to fund product development.

This model had its perks but also its limitations so the DAO decided to switch to a more standard erc-20 token model.

This was the Gov NFT distribution before token launch:

Holders	Circulating GOV NFTs	% of circulating supply	% of total NFT supply
Investors	400	66%	4%
Team	109	18%	1.09%
Treasury	97	16%	0.97%
Total	606	100%	6.06%

Since the migration, each Governance NFT can be converted into 1300 TIG tokens resulting into:

Holders	Available TIG tokens	% of total TIG supply
Investors	520,000	26%
Team	141,700	7.085%
Treasury	126,100	6.305%
Total	787,800	39.39%

Once a Governance NFT has been converted into TIG, it can't be retrieved. After the conversion the tokens are linearly vested for 30 days.

These are the sales that happened during the Gov NFT phase:

Date	Chain	Quantity	Price	Raised
2 Sep 2022	Polygon	100	600 DAI	60k DAI
21 Sep 2022	Polygon	100	600 DAI	60k DAI
20 Oct 2022	Arbitrum	200	650 USDT	130k USDT