BIP-35: Have Cake and Eat It Too: OTCing with Treasury $BOTTO

Summary

**Please note that this Snapshot has a default 72 hour voting window. **

BIP-35 enables the core team with the ability to swap up to ≈30% of Treasury $BOTTO (max. 8M $BOTTO), with strategic partners in order to secure runway and onboard partners that can accelerate development and execution on Botto’s roadmap.

Here is a bullet-point summary of what this entails:

• Tasking the core team with swapping ≈30% of Treasury $BOTTO (max. 8M $BOTTO), with strategic partners in order to secure runway and onboard partners that can accelerate development and execution on Botto’s roadmap.
• Guidelines for the team would be that each OTC’d $BOTTO must have at least a 1-year lockup and be a maximum of 5M Treasury $BOTTO to a single counterparty in each swap. OTC partners will expect a discount for lockup, which can vary 10-20% depending on the length.
• The core team would be given discretion to negotiate up to a maximum discount of 20% based on the strategic advantages a partner can bring to the table for Botto.
• The swap would be limited to OTCing $BOTTO for $ETH or $USDC.

This BIP does not cover decisions on:

• Specific roadmap priorities
• Budgeting and spending decisions for how treasury funds would be spent outside of the swap
• Active treasury management strategies post-swap, such as ratios of $ETH vs. stables vs. $BOTTO, loans against ETH, or yield generating schemes. These topics merit their own BIP and discussion.

Budget

• Up to 8M $BOTTO

Please refer to the BIP-35 forum post to read all discussion topics.