“All-in” - Maximum $GG exposure for the FoundersDAO

Title: “All-in” - Maximum $GG exposure for the FoundersDAO Author(s): Avereth Type: Action Implementer: Multi-sig Team (See team list in Discord server), @Avereth.au Created Date: 3 Aug 2024

SUMMARY Founders DAO (FD) will switch to be “all-in” with maximum exposure to $GG and Reboot Protocol. 3 things need to happen.

1. Swap our $punks tokens for $gg token.
2. Burn our remaining $pow tokens for $gg.
3. “Attach” our 199 Evolution Tier 6 DOTs to our Plant Dust Tokens to accelerate the vesting in such a way to maximise the amount of $GG unlocked during this process. Then repeating the same process of “attaching” the DOTs to the next most valuable planets and so on claiming any liquid $gg if required along the way.

This proposal seeks to permit the Multi-sig members of the FD to engage with the FoundersDAO.eth wallet (Wallet: 0x580A96BC816C2324Bdff5eb2a7E159AE7ee63022) to

1. Swap our $punks tokens for $gg. 2. Burn our $pow tokens for $gg. 3. Accelerate the maximum amount of our vested $GG with our 199 Evo 6 DOTs once the process goes live on Reboot Protocol. Repeating this process for the next most valuable planets available as all 199 DOT accelerated vesting periods conclude and to claim unlocked $gg tokens.

VOTING

-Option #1. “All in!” 1. Swap all $punks for $gg. 2. Burn all $pow for $gg. 3. Maximum allocation of 199 DOTs to accelerate our vested $GG in Planet Dust as detailed in this proposal.

-Option #2. “Call” - 1. Hold $punks tokens for fractional ownership of CryptoPunks and/or to swap at a later date. 2. Burn all $pow for $gg. 3. Maximum allocation of 199 DOTs to accelerate our vested $GG in Planet Dust as detailed in this proposal.

-Option #3. “Fold” - Everything stays as is, I want more time to think about this. 1. No, I prefer fractional ownership of the CryptoPunks. 2. No, let’s hold the $pow tokens that have no use. 3. No DOTs acceleration, we are a tortoise in this race and want our vested $GG to take the maximum vesting time for now not wanting to unlock any vested $GG faster.

-Option #4. Abstain.

ABSTRACT

What:

The FD has: 25,014,834 $punks tokens. 32,478 $pow tokens. 6470 Planet Dust tokens. 199 EVO 6 DOTs. After conversion our current holdings equates to: $punks = 18,761,125.5 $gg. $pow = 13,315.98 $gg after vesting. Total Planet Dust = 20,118,265 $gg.

Combined and upon completion of all vesting periods (max 24 months), the FD could possess a total of approximately 38,892,706.48 $gg tokens if option #1 passes and 20,118,265 $gg if option #2 or #3 passes.

The FD would benefit more so by allocating our 199 DOTs to the Planet Dust tokens with the most $gg locked in them. With current holdings this would be allocated as follows: 97 DOTs on Mercury, 10 DOTs on Moon, 92 DOTs on Venus. Total=199 dots. Moon = 590, 230 $GG
Mercury = 2,720,365 $GG Venus = 1,410,186 $GG Total = 4,720,781 $GG

An EVO 6 DOT speeds up the vesting period of $gg on Planet Dust by 4X (recently confirmed with the team). It will be the amount of $GG the DAO has remaining on those planets that would vest 4x as fast. Since our dust has been vesting already, it will be less than 6 months before fully vested when adding DOT acceleration, from when we attach the DOTs.

An EVO 6 DOT once having completed an accelerated vesting cycle can be used again on another Plant Dust token. The multi-sig team will at their own discretion and within a reasonable timeframe continue to re-“attach” our DOTs to the next most locked $gg valuable planet. This will continue until all vested $gg has been accelerated and extracted as liquid $gg tokens into the FD wallet. The Reboot developers have also kindly offered a “white glove service” to assist the FD and the multi-sig singers in accelerating our $gg token unlocks using our DOTs. This will be an ongoing process until all $gg Planet Dust tokens have been unlocked.

The order of the multi-sig team allocating our 199 DOTs to our Planet dust tokens shall follow the following DOT acceleration cycles until the end of Stage 1 vesting is 100% unlocked:

Cycle #1 Mercury: 97 DOTs Moon: 10 DOTs Venus: 92 DOTs

Cycle #2 Venus: 110 DOTs Earth: 73 DOTs Pluto: 16 DOTs

Cycle #3 Pluto: 32 DOTs Mars: 114 DOTs Saturn: 53:DOTs

Cycle #4 Saturn: 199 DOTs

Continue Saturn until all Vested $gg is unlocked. During saturn cycles two years will have passed and all vested $gg will be unlocked.

If option #1 is approved in this proposal the 25,014,834 $punks tokens swapped will equal 18,761,125.5 $gg that is linearly unlocked over the course of one year from the time of substitution. The $pow tokens burned for $gg. The 199 Dots will be "attached" and $gg unlock accelerated on 199 planets.

If the vote option #2 is approved in this proposal the $pow tokens will be burned for $gg. 199 Dots will be "attached" and $gg unlock accelerated on 199 planets.

If the vote option #3 is approved in this proposal nothing happens and our Planet Dust $gg is unlocked over 24 months only.

The multi-sig team will at their discretion and within a reasonable timeframe claim any $gg token amount as it unlocks for the FD wallet from either DOT accelerated planet unlocked $gg or $punks tokens unlocked $gg tokens.

-Some other information below to assist in members' decisions-

The FD currently owns 25% supply of $punks as #1 holder. See link: https://etherscan.io/token/0x30c084890fc07d78f3499ffc818b3225bc8812ea#balances

Due to the Planet Dust $gg DOT acceleration unlock process not online or available yet at the time of writing this proposal, certain terminologies may differ used here as to what is mentioned or used on Reboot. As long as the outcome is the same and aligns with this proposal, no further proposal should be required to carry out the outcome and actions detailed within this proposal.

The Multi-sig team will utilise the FD member tokens to make this proposal reach quorum by voting to abstain before the voting period ends. This will ensure this proposal reaches a decision by those who voted.

Why:

-Going “all-in” on Reboot is an easy way to allow the FD to start earning revenue on our $gg holdings faster in the future via earning fees from validating once it goes live. -Whilst $punks token does have fractional ownership of the vaulted CryptoPunks, going “all-in” could provide better value being returned back to the DAO faster. The likelihood of selling one of our grail punks and distributing profits could be regarded as slim by many community members. -$pow token has no utility other than being burned for a 12 month linear unlock of $gg token. -We as a DAO have no reason not to accelerate our planet vesting with our DOTs to unlock $gg token faster, thus putting it to use for earnings within Reboot. (subject to proposal).

How:

Option #1 “I’m all in!”: Upon approval the FD multi-sig team will execute the appropriate transactions to swap our $punks tokens for $gg, burn our $pow tokens for $gg, and “attach” our 199 DOTs to the appropriate planet dust tokens.

Option #2 “Call”: Upon approval the FD multi-sig team will execute the appropriate transactions to burn our $pow tokens for $gg, and “attach” our 199 DOTs to the appropriate planet dust tokens.

Option#3 “Fold”: Upon approval the FD multi-sig team will do nothing. No transactions required. Our wallet holdings stay the same at no cost.

This will be carried out in the most cost effective manner as soon as reasonably practicable after approval. Likely costs involved will only be gas to carry out transactions. The Reboot developers have also offered a “white glove service” to assist with carrying out our required transactions

Who:

Multi-sig team will be responsible for executing the attaching of DOTs from the FoundersDAO.eth wallet to planet dust tokens. Avereth will provide oversight. Where: Transactions will take place in the FoundersDAO.eth wallet on the Reboot platform.

POSITIVES

1. This provides maximum exposure to $gg token and any potential value in the future. It would put us in a strong position for the DAO to earn fees generated on Reboot. 2. $pow token has no use, so burning for $gg is only positive for the DAO. 3. Giving up fractional ownership of CryptoPunks by swapping $punks tokens makes a statement that the FD commitment to $gg and Reboot.

NEGATIVES

1. This would likely be a one way transaction. The ability to swap $punks for $gg is always an option and any given time in the future at a fixed rate and it would be unlikely to be able to buy back 25% supply of $punks tokens in the future. There has been talk within the DAO for a while about distributing $punks tokens to FD token holders. There has not been any action taken as of time of writing this proposal. Swapping $punks tokens eliminates this as a future option.
2. The DAO could be regarded as having enough exposure to $gg token already. It will still be #1 holder by the end of the vesting period regardless of the outcome of this proposal. So the argument can be made that by going “all-in“ we would be over exposed.

RISKS

1. Swapping $punks and losing our 25% ownership over the vaulted CryptoPunks could lose the DAO any potential profits if sold in the future.
2. Price fluctuations and drops in $gg value against the value of the CryptoPunks.
3. The legal status of the FD as an independent entity distributing $GG tokens or tokens of value to its members is currently unclear. Exchanging our $Punks tokens for $GG could potentially lock up funds that may not be distributable in the future. Similarly, holding onto $Punks tokens with the intention of distributing them to holders at a later time also raises similar concerns about their future distribution.

OVERVIEW

Founders DAO will decide on going “all-in” on $gg token and Reboot, deciding whether to have the maximum exposure to $gg token it can by swapping $punks for $gg. Versus having its normal exposure via planets and DOTs only. And decide about burning $pow token for $gg and Utilising our DOTs for $gg unlock acceleration.