₡ABIN minting and treasury diversification

Summary

We propose that the DAO mint 1,000,000 ₡ABIN and replace the current CABIN token. If approved, the DAO will distribute up to 21% to existing CABIN holders, swap up to 10% with strategic partners in exchange for $2,500,000 USDC, and hold the remaining portion in the DAO treasury.

Motivation

The original CABIN token was distributed to serve as a governance mechanism for a 3-month experimental residency program for independent online creators. While this program has been a huge success, the token itself is no longer sufficient for the community that has grown around it. This proposal calls for a new token, ₡ABIN, which will allow us to:

• Establish a larger token supply to account for the increased size of the community
• Maintain more of the token supply within the DAO treasury to support future contributors
• Diversify the treasury with stable assets that can be used to compensate community members
• Allow the DAO to mint more ₡ABIN in the future

Over the past month, we have discussed these goals extensively as a community and have achieved rough consensus around the following plan.

Specification

Mint 1,000,000 ₡ABIN to replace the existing CABIN token (0x94515e4f6fabad73c8bcdd8cd42f0b5c037e2c49)

Distribute ₡ABIN as follows (all remaining ₡ABIN not accounted for below will remain in the DAO treasury):

• Distribute approximately 11% of supply to existing CABIN holders
  • Existing holders are eligible to receive 3.2 ₡ABIN for each CABIN held as of the snapshot
  • Existing holders who participated in governance will receive an additional 10% compounding multiplier per governance vote as of the snapshot
• Distribute 10% of supply to founders
  • Zakk (zakk.eth) and Jon (hillis.eth) will each receive 50,000 ₡ABIN, subject to vesting conditions
• Distribute 10% of supply to strategic partners at an implied fully diluted token valuation of $25M
  • Execute a treasury diversification by swapping 100,000 ₡ABIN for $2.5M USDC into the DAO treasury
  • The full list of participants, including dozens of operators from across the DAO ecosystem and community members can be found here
  • The largest participants in this treasury diversification (subject to vesting conditions) are:

Partner	Allocation
Multicoin Capital (Vishal Kankani)	40,000 ₡
Awesome People Ventures (Julia Lipton)	10,000 ₡
Seed Club Ventures (Nima Asghari)	10,000 ₡
IDEO CoLab (Reuben Bramanathan)	10,000 ₡
SHL Capital (Sahil Lavingia)	4,000 ₡
El Cap (Kunal Tandon)	4,000 ₡

• Vesting conditions
  • The supply distributed to existing CABIN holders in exchange for ₡ABIN will not have vesting conditions
  • All remaining grants (founder + strategic partner) greater than or equal to 4,000 ₡ will be subject to a vesting period with 50% vested after one year and the remaining 50% vested after the second year from the date of proposal approval

Closing Thoughts

This proposal represents both an important moment for Cabin. It represents the impact we've had through our residency program. It also shows the strength of the community we've built: 42% of the contributors to the treasury diversification were existing DAO members and combined they are contributing 66% of the total funds. The most important thing this proposal represents is what we get to do next: build cool shit.

Your vote is the most important investment that can be made here. It signals your commitment to this next chapter of Cabin. Let's build!

Vote

Hell Yes - Vote Hell Yes to approve the proposal No - Vote No to reject the proposal