Update for proposal - “Motion to Sell Yuga Assets to Accumulate Currency Reserves and Inhabitants”

Preamble: Authors: bennydlowkey#1164 averagejocrypto#8842 Implementer: Multi Sig Team x Executive Committee

Created Date: December 6th, 2022

Summary: This proposal updates the “Motion to Sell Yuga Assets to Accumulate Currency Reserves and Inhabitants” proposal by adding clarifying language to three specific parts of the proposal.

Update 1: Selling Deadline Current Language: “These assets will remain at trait floor price until Zeekay brings a buyer, the asset sells, or the year 2022 ends” Update: Sale of Yuga assets must occur before April 1, 2023. Purpose: Extend the sale deadline.

Update 2: Sale Mechanics Current Language: “The member nominated to facilitate the BAYC trade is Zeekay (Zeekay#9999). He will be finding buyers in the BAYC Discord for possible OTC deals on nfttrader.io.” Update: A hot wallet will be set up by 0xRichard#9127 which will be used to sell the Yuga assets without the need for the multi sig team. Details of Mechanics: Hot wallet set up by 0xRichard#9127 Multi sig team transfers Yuga assets to hot wallet 0xRichard#9127 and IH purchasing committee (bennydlowkey#1164 & danielg#8576) and Zeekay#9999 will list and sell the Yuga assets or agree to trade the Yuga assets for IH’s. This team retains the ability to make subjective decisions in order to best execute the proposal. Once sale or trade is completed, eth or assets gained in trade are sent directly to FD wallet. Purpose: Selling or trading the assets from a hot wallet provides the best opportunity to recoup the highest value possible without further delay caused by multi sig issues.

Update 3: Purchasing Mechanics Current Language - Original proposal language does not provide details for purchasing mechanics. Update: A hot wallet will be set up by bennydlowkey#1164 which will be used by the IH purchasing committee (bennydlowkey#1164 & danielg#8576) to more easily make strategic purchases of IH’s without the need to use the multi-sig process for each transaction. Details of Mechanics: Hot wallet set up by bennydlowkey#1164 (0x1993f7392A94f15847D9c2881A590C8a2e1d55Bb.) Multi-sig team transfers 8 eth to newly created hot wallet. Purchasing committee uses funds to make IH purchases. IH’s will be transferred to the FD wallet immediately after purchase to ensure the lowest value in the hot wallet possible. When the hot wallet value falls below 3 eth, the multi-sig team will be notified by the purchasing committee and will send another 8 eth to the hot wallet.
Process repeats until the specified amount of IH’s have been purchased. When complete, the remaining hot wallet funds will be sent back to the FD wallet. Purpose: Purchasing IH’s from a hot wallet provides the best opportunity to get the best value by eliminating the use of a multi sig for each purchase or trade.

Voting Options:

Option 1: Yes vote on all updates (1 - 3) Option 2: Deny the Motion and do Nothing