Use MAYC Proceeds to initially seed RAMOS

Original Proposal: https://forum.floor.xyz/t/sell-maycs-and-use-funds-to-buyback-floor/324

Proposal above has been amended for this snapshot because of the following:

1)All MAYCs have been sold since the original proposal and this snapshot 2)Treasury value has been volatile, so target should be within 3% of treasury value instead of a hard coded dollar amount 3)After discussion in the forums, RAMOS is the best and easiest option to implement

Summary:

This proposal is for FloorDAO to use the proceeds from our MAYC liquidation to initially seed (260.42 ETH; see table below for MAYCs sold and sale price) RAMOS to keep price within 3% of treasury value. FloorDAO will commit to weekly refilling of RAMOS to keep price within 3% of treasury value.

RAMOS: Random Automated Market Operations Support–or RAMOS–is an AMO-styled liquidity manager contract that will allow FloorDAO to both stabilize the trading range of the $FLOOR token (within 3% of treasury value)

1. Support the $FLOOR price when it trades below treasury value
2. Recapitalize the treasury over time when $FLOOR trades too far above treasury value

The team has entertained multiple discussions around ways of bringing $FLOOR back to treasury value and the community has been vocal that bringing $FLOOR to treasury value while accumulating $FLOOR at a discount is accretive to the DAO and in its interests.

RAMOS is a low-barrier ways to achieve such a task that requires no dev time while Floor transitions into V2. TempleDAO team will need 1 week to implement the RAMOS system.

Motivation:

First, the current trading price of FLOOR represents a significant discount to its treasury value, which means that each purchase made by the treasury will result in an instant return of approximately ~60% for the capital deployed (at the time of this post).

This presents a clear opportunity for the treasury to create value for its members by increasing the value of their holdings – there are very few opportunities to generate such a substantial risk free return from the market in NFTs.

When FLOOR trades at such a significant discount to backing, capital would be better deployed buying back the FLOOR token rather than purchasing other NFTs, which would be dilutive to FLOOR value unless the NFTs increase in value by more than the ~60% discount to treasury value.

By using the capital generated from liquidating the MAYC NFTs, FloorDAO can create value for all $FLOOR holders.

Proposal:

Upon a successful snapshot vote FloorDAO will:

Use MAYC proceeds (260.42 ETH) to initially seed RAMOS. FloorDAO will commit to weekly refilling of RAMOS to keep price within 3% of treasury value. The TempleDAO team will help with the implementation immediately after the snapshot ends (roughly 1 week to implement)

Vote:

There are 2 available options:

Option 1: Yes - Implement RAMOS
Option 2: No - Do Not Implement RAMOS