Transfer $PUNKS token and swap for $GG

Implementer(s): Founders DAO Multisig Team

Abstract:

This proposal focuses on migrating all $PUNKS ERC-20 tokens held in the Founders DAO's current wallet to a new multi-chain wallet compatible with Arbitrum One and Arbitrum Nova (eth:0x2C0BDb957F5a6976E4Ceb5A34470bFB13D30a278). The current multi-sig wallet address can only operate on the ETH Mainnet.

Following the transfer, a predetermined number of tokens will be swapped in exchange for vested $GG, a process to be executed by the Founders DAO Multisig Team (list of signers can be found in #fd-resources). This $GG will be set to linearly unlock over the course of one year from the time of substitution.

There has been discussion in PVFD discord regarding a potential $PUNKS distribution to members rather than swap for $GG. Should this proposal fail to pass, that discussion would be continued and require a further proposal.

Motivation:

The central goal is to optimize the DAO's asset portfolio for functionality within the Arbitrum One / Nova ecosystems, enhancing both liquidity and strategic positioning. This allows us to collect $GG after the 1 year vesting period and utilize said $GG as seen fit. There may also be an option to linearly claim $GG as it unlocks for distribution and/or further use, although this is outside of the scope of this proposal and would require further discussion.

Connection to Mission:

Aligning with the Founders DAO’s ethos of innovation and adaptability, this move to a multi-chain environment on Arbitrum One / Nova represents a strategic pivot towards modernized, efficient asset management and community-driven asset optimization. This move also supports the Reboot platform and shows our conviction for its success.

Technical Aspects:

Secure transfer of all 25,014,834.007 $PUNKS tokens from the current wallet to the new multi-chain wallet, followed by the swapping of the specified number of tokens via https://app.reboot.gg/.

Budget and Funding:

Primarily involves the reallocation of existing assets and will require ETH for gas to move these assets.

Expected Returns:

The released $GG after the 1 year vesting period has reached its finish and enhanced operational capabilities on Arbitrum.

Execution:

Secure DAO community approval for the proposal. Transfer all $PUNKS tokens from the existing wallet FD to the new multi-chain wallet, this has already been set up in accordance with the proposal here -

https://snapshot.org/#/foundersdao.eth/proposal/0xbf9abb9fcd15835f575c44ee0e848f40e4091d6c2b7e2ddf9f5f0f74f50e536f

Swap the agreed number of tokens for $GG which will be set to linearly unlock over the course of one year. Ensure transparency and reporting throughout the process.

Benefits:

Improved functionality and flexibility within the Arbitrum ecosystem. Enhancement of DAO's asset management and strategic positioning. Increased liquidity through the acquisition of $GG. A large voting percentage in the forthcoming Reboot DAO.

Drawbacks:

The irreversible nature of swapping tokens could lead to potential regrets if market conditions change. Reliance on the Arbitrum ecosystem's stability and success. Any $PUNKS tokens substituted for $GG would proportionately decrease the DAO’s claim to ETH from the sale of the 16 Cryptopunks held in the Punks fractional vault if/when that sale takes place.

Outcomes:

Successful transfer of $PUNKS token and swap to $GG. Quantifiable increase in $GG holdings. Evaluation of the impact on the DAO's positioning within the Arbitrum ecosystem. Continuous monitoring and reporting by the Founders DAO Multisig Team.

Conclusion:

The successful execution of this proposal will mark a significant step for the Founders DAO in embracing multi-chain functionality and optimizing its asset portfolio, in line with its mission of pioneering and adaptive asset management.