FWB Treasury Diversification II

Summary

Swap 100,000 FWB for 10,000,000 USDC from a series of strategic partners.

Abstract

Over the past month, FWB hosted a series of events to unpack the potential for a swap of FWB for working capital to fund the DAO’s operations and growth.

7/30/21 – Introducing Potential Partnership 8/5/21 – NYC FWB x a16z Community Meet Up 8/16/21 – Roadmap Outline + Partnership Proposal 8/23/21 - Investor Hangout

This proposal looks to lock in the terms of this offering, along with the partners, allocations, logistics and breakdowns.

Motivation

As FWB enters a new chapter, it’s important to grow the treasury to include a diverse range of assets to fund, expand and incentivize active members of the community.

This proposals looks to equip the FWB DAO with significant working capital to:

• Grow the number of full-time and part-time contributors
• Create, identify leads for, and fund new departments
• Expand the IRL footprint while establishing on-chain revenue opportunities
• Begin exploring more expansive M&A initiatives

A full recording of the roadmap can be viewed here with the accompanying presentation.

The proposed partners bring a tremendous amount of experience to the community - namely through legal, product and growth strategies.

There are now nearly 200 members actively contributing to one or various teams. We expect this proposal to widen the breadth of where members can contribute, and allocate sufficient budget towards more time and energy invested into FWB.

Viewing FWB as a digital city, this proposal is our way of growing its suburbs.

Specification

Swap 100,000 FWB from the FWB DAO (fwbdao.eth) for 10,000,000 USDC as detailed below.

Logistics

Token Price: 100 USDC/FWB Amount Swapped: 10,000,000 USDC Total FWB: 100,000 (10% of total supply)

Partners

a16z (@cdixon) - 50,000 FWB Pace Capital (@fakepixels) - 19,000 FWB Kindred Ventures (@stevejang) - 15,000 FWB Spark Capital (@bwats) - 15,000 FWB Li Jin (@ljin18) - 1,000 FWB

This allocation breakdown was discussed over the last few weeks between staff and corresponding points of contact at these funds - leading to an optimal incentive for collaboration from all parties.

Vesting

All FWB swapped in this proposal will be subject to a four year vest with a one year cliff.

This means the full amount will be liquid at the end of four years from the passing of this proposal.

At the one year cliff, 25,000 FWB (25%) will unlock, followed by 6,250 FWB (6.25%) each quarter for the remaining three years.

Breakdown

All USDC will be sent directly to the FWB treasury (fwbdao.eth).

The community will look to facilitate a private allocation in which whitelisted members can participate in a bespoke offering.

Given the fluctuation in FWB, the exact breakdown of the Community Swap will be finalized within two weeks of the passing of this proposal.

Delegation

Participating firms will delegate 50% of their votes to empower more distributed voting from members.

These votes will be delegated to either FWB Fellows or to Team Leads.

We will work closely with these partners to sort out delegation preferences and ensure that all funds are allocated to suitable candidates.

Closing Thoughts

This proposal marks a pivotal moment for FWB.

As we extend this offering to the community, we etch into the fabric of society a model in which a community of internet strangers can come together to redefine the way in which we curate and fund culture.

To those who have been with us since day one, let this blood oath mark the beginning of a sector-defining chapter.

Grab your snacks, and let your voice be heard.

WAGMI.