DOT Madness Bracket Challenge

Title: DOT Madness Bracket Challenge

Author(s): Rolldawg

Type: Community Event(s), Action

Implementer: Multi-sig Team, Communications Committee, Potamus, JuicyJama, RollDawg

Created Date: December 25, 2022

Discussion: https://forum.foundersdao.app/t/dot-madness-bracket-challenge/259

SUMMARY

This proposal seeks to permit the Multi-sig members of the Founder’s DAO to engage with the multi-sig FoundersDAO wallet (Wallet: 0x580A96BC816C2324Bdff5eb2a7E159AE7ee63022) to transfer MP2s, as determined in this proposal, ETH, and APE to a "fresh" wallet managed by Potamus to evolve DOTs based upon PVFD bracket-style voting.

ABSTRACT

What: The Pixel Vault Founders DAO will use a bracket-style challenge to engage the Pixel Vault community with a regular entertaining event centered around DOTs. The multi-sig team, the FoundersDAO wallet, the Founders DAO communications committee, Potamus, Juicy Jama, and Rolldawg will be responsible for the actions in this proposal.

Why: The initial release of DOTs has created a strong sense of community and engagement around the mechanics and activity of the DOT minting/evolving process. The FD should capitalize on and enhance this momentum with a fun activity that leverages assets we have on hand.

How (reference - Flow-chart at the end of the proposal):

1. Upon approval the multi-sig wallet will transfer ETH and APE coin for transactions (0.5 $ETH and 2,000 $APE) & the appropriate amount of MP2 to Potamus: 1 Bracket = 32 MP2 2 Brackets = 64 MP2 3 Brackets = 96 MP2

2. Potamus will use a DeFi exchange to exchange 2,000 APE to ETH. (Currently, the FoundersDAO wallet holds 26,344 APE. Utilizing 2,000 APE equates to roughly 13% of the total APE in the wallet. This will yield roughly 5.9 ETH, at current prices on 22 Dec 22, to be used for transactions listed in this proposal. All unused ETH will be returned to the FoundersDAO wallet at the conclusion of the actions in this proposal)

3. Potamus will evolve all allocated MP2 to EVO2.

4. JuicyJama will create graphic(s) for the bracket(s) for the community to visualize the matchups.

5. After every Anomaly Event, PVFD communications committee will run the bracket voting. Brackets will be created in “snake” order, with traditional seeds. For example, 1st EVO2 minted will be #1 seed, the last EVO2 minted will be #16 seed. #1 vs #16, #2 vs #15, #3 vs #14, etc. The voting duration will conclude no later than 24 hours from the opening of the next evolution window. This includes cutting voting short to evolve and participate in the anomaly event.

6. When the next EVO window opens and when voting has concluded the Communications Committee will provide Potamus a list of the winning DOTs* and Potamus will upgrade the list of winners. JuicyJama will update the graphics to represent the updated bracket(s).

7. Repeat steps 4 through 6 until the DOT(s) are EVO6.

8. Potamus will transfer the DOT(s) and any unused ETH back to the FoudersDAO wallet.

9. MP2 compensation will be distributed to Potamus & JuicyJama.

*If a “Tampering” option is agreed upon the PVFD Communications Committee will be responsible for running an additional vote for Redemption to determine DOTs that will be saved from burning. Eligible DOTs to be voted on for redemption are 3+ matching traits, 4T/8T, and anomalies only. Redemption Votes will occur quickly and conclude no later than 123 hours after the following evolution phase opens, to allow for proper replacement and evolution for the winners. A vote of yes/no will be accomplished for redemption and a simple majority will determine whether a losing DOT is redeemed. If a vote deems that the eligible DOTs are to be redeemed they will be transferred back to the FoundersDAO wallet, and the multi-sig team will replace them with an equivalent number of MP2.

Who: Multi-sig team will be responsible for executing any transactions leaving the FoundersDAO wallet. Potamus will execute DeFi exchanges, MP2 to DOT mints, DOT evolutions, and transactions. PVFD will vote on the brackets and/or redemptions. JuicyJama will create graphics for the brackets and update them based on the minting/burning voted on by the Founders DAO. PVFD Communications committee will proctor the voting and promotion of the event and inform Potamus and JuicyJama of the results of community voting. Rolldawg will provide oversight to all aspects of the DOT Madness Bracket Challenge.

Potamus will be compensated with 4 MP2, JuicyJama will be compensated with 4 MP2.

Where: Transactions will take place in Potamus’s wallet until the conclusion of the Bracket(s), at which time all assets will be transferred back to the FoundersDAO wallet. Voting on the brackets will take place via discord with an announced deadline. Bracket graphics will be created by JuicyJama and shared on Discord and Twitter.

POSITIVES

Capitalize on the hype and momentum of the DOTs mint. This gives a regular event for the PVFD to directly participate in and for the Pixel Vault community as a whole to indirectly participate in bracket winner reveals, evolution reveals, and potential anomaly reveals.

RISKS

Trust in Potamus with FD assets leads to inherent risk that cannot be completely mitigated in a web3 environment. Potamus is however a trusted member of the PV community and an employee of PV. Gas will be spent on the transfer and evolution of assets. There is no guaranteed return on investment of burning MP2s for the evolution of DOTs including gas required to execute these transactions, however EVO6(s) will be returned to the Founders DAO wallet that will represent an equal number of fragments used during the evolution process of the DOT Madness Bracket Challenge. By the nature of the bracket mechanism and for ease of execution, “desirable” DOTs have the potential to be burned based on the voting of the community. Compensation in the form of MP2 will be spent and will not have a tangible return to the Founders DAO.

OVERVIEW

Allocate and Transfer 32/64/96 MP2 to execute a bracket challenge that the PVFD will vote on for each evolution phase. The evolutions will take place prior to anomaly events to maximize exposure to anomalies. The PVFD Communications Committee will run voting. Potamus will execute transactions. JuicyJama will execute bracket graphics. Rolldawg will provide oversight to the process and ensure deadlines are adhered to and executed smoothly.

Choice #1 costs 40 MP2 (32 to burn/evolve & 8 for compensation) and 0.5 ETH & 2,000 APE for gas. Will yield 1 EVO6 DOT for the Founders DAO. Choice #2 costs 40 MP2 (32 to burn/evolve & 8 for compensation) and 0.5 ETH & 2,000 APE for gas. Will yield 1 EVO6 DOT for the Founders DAO and the possibility of redeemed DOTs. See above for specifications of redeeming DOTs. Choice #3 costs 72 MP2 (64 to burn/evolve & 8 for compensation) and 0.5 ETH & 2,000 APE for gas. Will yield 2 EVO6 DOT for the Founders DAO. Choice #4 costs 72 MP2 (64 to burn/evolve & 8 for compensation) and 0.5 ETH & 2,000 APE for gas. Will yield 2 EVO6 DOT for the Founders DAO and the possibility of redeemed DOTs. See above for specifications of redeeming DOTs. Choice #5 costs 104 MP2 (96 to burn/evolve & 8 for compensation) and 0.5 ETH & 2,000 APE for gas. Will yield 3 EVO6 DOT for the Founders DAO and the possibility of redeemed DOTs. See above for specifications of redeeming DOTs. 2 brackets will be permitted to be tampered with & 1 bracket will be designated the “EVO6 or Frags!” Bracket and no tampering will be permitted. Choice #6 Costs nothing, and nothing will happen. Choice #7 Abstain to vote, but you will be included in the quorum.