[IDP3] Proposed Purchase and Burn of ID Tokens

Overview

• Propose to allocate 50% of the total revenue generated on the SPACE ID platform from 2023-03-23 to 2023-06-23 (the 3 months post TGE), to purchase and burn ID tokens.

Scope

• The platform revenue includes all those gained from domain registrations, renewals, Gift Card purchases, and SPACE ID marketplace fees.
• 50% of the platform revenue shall be used to purchase and burn ID tokens.
• The remaining 50% of the platform revenue is allocated to the DAO Treasury, which is governed by all eligible ID token holders.

Implementation

• Propose to set up a DAO foundation (a Cayman entity), and let SPACE ID operating team donate all the platform revenue to the DAO foundation.
• The purchase of ID tokens shall be conducted publicly on-chain via DEX.
• Following the decision made by DAO, the elected DAO multi-sig signers should review and authorize the execution of the on-chain purchase.

Estimated Timeline

• Proposal voting period: the week of June 19th.
• Execution period: the 2-3 weeks following the voting result, subject to market conditions.

Expected Outcomes

• After completion of the purchase and burn, a summary of all the transactions and results shall be published to the community.