FFIP-27: Dissolving the Forefront DAO

The Forefront Core Team is recommending to dissolve the Forefront DAO and return capital to participants of the 2021 Treasury Diversification Round (TDR).

If approved, all funds will be distributed to their respective TDR participants proportionate to their participation in the round.

How We Got Here

Over the last three years, the Forefront core team has worked tirelessly to produce high-quality and useful media and products for the crypto ecosystem. Specifically, Forefront pioneered key social token tooling and social DAO participation frameworks while producing content that uplifted key voices and ideas, including our industry-renowned newsletter.

While countless contributions have been made to our community and ecosystem, we misjudged the market and failed to keep our community involved through the process. Forefront DAO lost momentum in the bear market, and our team was unable to find traction across various products and service offerings.

Why Return Capital

After careful consideration, the existing core team determined that returning capital was a necessary decision. Given that there is no longer a clear route to profitability for the DAO, the team decided it is best to uphold its responsibility to TDR participants and return remaining funds.

Distributing Capital

If this proposal is approved, the core team will reach out to each TDR participant individually with their expected distribution amount. After confirming their wallet address, the requisite funds will be sent from the DAO treasury.

We plan to distribute funds by the end of March.

$FF Token

$FF has always been deemed a governance token and should not be viewed as an investment vehicle. While those who received tokens directly from the treasury in exchange for USD during the TDR will receive their remaining funds back, $FF token holders who did not participate in the TDR will be unable to claim funds.

As part of this proposal, all $FF remaining in the treasury will be burned. Remaining $FF will continue as a permissionless ERC20 for anyone to integrate or build around.

Quorum

Quorum: Minimum 5% of all currently circulating $FF (excluding treasury tokens) must participate for the proposal to pass. Passing Threshold: 65% or more of voting members must vote YES for the proposal to pass.

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