Dissolution Proposal for Contrax DAO, LLC.

Summary: This proposal calls for the dissolution of Contrax DAO, a Wyoming DAO LLC, due to the project's inability to secure the necessary funding to continue operations. This vote will decide whether to proceed with the formal closure of the DAO entity.

Background: Contrax DAO was established with the vision of simplifying decentralized finance for a broad audience by offering seamless multichain transfers, yield-bearing vaults, and an intuitive account abstraction experience. While significant progress has been made in laying the groundwork for this mission, the project now faces critical financial constraints that make further development and operations unsustainable. Efforts to secure additional funding through grants, investors, and other means have not yielded the resources required to maintain the project's momentum. Despite the team's commitment and resourcefulness, the current financial state does not support continued operation.

Therefore, the DAO board is putting forward a proposal to close down the entity and dissolve the DAO. The DAO board will oversee all operations related to closure and handle any remaining logistics or decisions.

Proposal Details:

Closure of Operations: All ongoing development, partnerships, and initiatives will cease immediately upon approval of this proposal.

Formal Dissolution of the Wyoming DAO LLC: Begin the legal process to dissolve the Wyoming DAO entity following state and federal requirements.

Inform all stakeholders, including community members, partners, and service providers, of the decision to dissolve.

Asset Management:

The few remaining DAO funds will be distributed in accordance with the operating agreement and applicable legal obligations, as directed by the current DAO board.

Final Notices: Contrax will post closing notices & instructions for withdrawal for all users. The notices will stay up for 1 month before the socials are deprecated. The platform & dApp will remain live for 6 months allowing withdrawals only, and then instructions for withdrawal from smart contracts will be posted for anyone to save and share, and the site will then be closed shortly afterwards as well.

Upon this approval passing, the dApp will be updated with this notice, and the deposit function will cease to exist. All xTRAX distributions will stop as well.