DAO dissolution and dispersal of DAO treasury to token holders

TL;DR

This Proposal will:

• Dissolve the DAO and shut down its operations entirely moving forward
• Consolidate and dissolve the DAO treasury
• Allocate treasury and distribute it to $FREE token holders on a pro-rata basis

DESCRIPTION

Since its conception in December of 2021, FreeRossDAO, Now FREE ORG, has sought various avenues in pursuit of our mission to raise awareness for and help free Ross Ulbricht, including but not limited to promoting Ross’s art, spreading awareness about the criminal justice system, highlighting discrepancies in the Ross Ulbricht case, and more. As of today, the entire DAO treasury should be between $550,000 and $600,000.

This proposal proposes that the DAO treasury be consolidated and dissolved into the hands of $FREE token holders based on the pro-rata percentage of the token they own.

To respect Ross’s and his family’s wishes, this proposal will effectively dissolve the DAO and cease its operations entirely, and this vote will establish a variety of options regarding how to distribute the remaining treasury.

Upon passage of this proposal, except as specifically set forth below, any collective action and activity related to Ross Ulbricht or his cause undertaken by FreeRossDAO or FREE ORG will be strictly prohibited, including submitting and passing new proposals.

1. Some percentage of the treasury (as determined by the vote options) will be allocated for a donation to Art4Giving. Art4Giving (https://art4giving.org/) is a donor-advised fund that was created by the Ulbricht family. Every penny rallied to this donation would go to nonprofits that help hundreds of prisoners and their families who suffer every day. On behalf of Ross, Art4Giving makes a positive impact by lowering recidivism and supporting harm reduction. The more money is donated to charity through Art4Giving, the more we help rehabilitate Ross's public image and improve his chances at clemency.

2. A modest sum of $15,000 should be left behind in the treasury to pay for the custody and upkeep of the art FREE ORG currently owns, and help facilitate the sale of the art in the vault, should offers be made. At the current infrastructure cost burn rate, this should cover all operational costs with no full time staff for the foreseeable future, including physical art storage fees, if necessary. This sum will be forwarded to the new vault treasury after its creation.

3. 1.5 ETH should be set aside for gas fees to establish a new MolochDAO governed art vault to house the NFTs currently owned by FREE ORG since our current vault smart contracts are being retired by the startup behind them (Fractional.art). Loot tokens will be distributed pro rata to $FREE holders via the exit module alongside the FREE DAO treasury. Governance tokens will be airdropped to the top ten $FREE token holders (excluding known exchange contracts) as of the successful resolution of this snapshot vote.

4. If any art sales should occur following the dissolution of FREE ORG, the proceeds of the sales should be distributed pro-rata to loot token holder of the new vault, and administered by the governance token holders.

5. After the treasury is distributed according to the winning option in this proposal, the FREE ORG multi-signers will be dissolved. All other FREE ORG teams or pods should be dissolved when this proposal passes.

Technical Details for Transferring the NFTs to a New Vault:

Once this proposal is passed, ALL fungible treasury assets will be converted to ETH to be liquidated according to the winning option in this proposal. According to the winning option, the treasury will be liquidated to token holders by the current FREE DAO multi-signers:

1. A MolochDAO will be established. 100 governance tokens will be minted to distribute to the top 10 $FREE holders (excluding known exchange wallets as tagged on Etherscan) to act as core team administrators. 1,000,000,000 loot tokens will be minted to be allocated for existing $FREE holders. To respect the wishes of the family, this vault name should not reference Ross Ulbricht (or his case), or FreeRoss, or FreeRossDAO in the name of the vault or the tokens, and the MolochDAO’s sole purpose will be to hold the NFTs that FREE ORG currently owns until a possible sale is made in the future. Any action or proposal related to Ross Ulbricht or his cause, including, but not limited to, online presence, social media accounts, media campaigns and strategizing about Ross Ulbricht and his cause, will be strictly prohibited.

2. A nested safe owned by the new MolochDAO will be established to house the NFTs currently owned by FREE ORG and the newly minted loot tokens. The Zodiac Exit module will be set up to reward redemption of $FREE for the contents of this vault.

3. Proper steps to ready the existing art NFTs (the Genesis Collection and Growth Collection NFTs) and transfer those to the new safe will be made by the FREE ORG multi-signers.

4. Any future potential sales of the art from the new vault can via MolochDAO governance be distributed to the loot token holders of the new vault as those opportunities arise.

The Gnosis Zodiac exit module enumerated in step 2 will allow all current $FREE holders to redeem the treasury.

Ross and his family hope that the community will respect their wishes and agree to shut down FREE ORG and cease all operations.

MISSION ALIGNMENT

Shut down the operations of FREE ORG and redistribute the treasury back into the hands of the $FREE token holders on a pro-rata basis. Also, allocating funds to Art4Giving would support Ross’s clemency.

FIXED BUDGET & PAYOUT SCHEDULE

The entirety of coins held by the multisig wallet and any funds in custody of the treasury manager should be dispersed according to the percentages established in the most voted option of this proposal. The percentage assigned to token holders will be dispersed equivalent to the pro-rata percentage of the token they own by the sunset date of this proposal.

SUNSET DATE

July 1, 2023

SUCCESS METRIC

Shutdown of FREE ORG and end of all operations, proper distribution of assets and execution of the technical details section.

$FREE REWARD

no free reward requested

WALLET ADDRESS

Every $FREE token holder and the Art4Giving donation should be sent to the FreeRoss ETH wallet so the family can transfer it to the Art4Giving charitable fund (0x8f532169abF3E936D25D93C52779AA8429863EF0)

AUTHOR(S)

Bojji#6766

LEAD

Bojji#6766

VOTE OPTIONS

• Vote A: assign 75% of FREE treasury to Art4Giving and buy back 25% (less the upkeep and gas fee exceptions).
• Vote B: assign 50% of FREE treasury to Art4Giving and buy back 50% (less the upkeep and gas fee exceptions).
• Vote C: assign 25% of FREE treasury to Art4Giving and buy back 75% (less the upkeep and gas fee exceptions).
• Vote D: buy back 100% (less the upkeep and gas fee exceptions).
• Vote E: reject proposal