[GIP-10] Strategic DAO Funding Proposal. PART 1.

Strategic DAO Round TLDR

The goal of this round is not to do DAO diversification in large quantities, but to secure financial resources to work on iterating on the product suite and achieving a strong PMF. V2 is coming and lifted capacity constraints on Credit Accounts will be an inflection point for the product. Proceeds would go to the DAO’s financial multisig for the governance to decide on the spending.

The tokens for this round would also come from the DAO allocation. If and once this proposal is approved, the dev team would be ready to send initiate multisig transactions and send GEAR portions to the vesting contracts tied to the addresses that the parties below will provide (will be communicated on forum whoever has not yet done so). The whole process should take approximately 1-2 weeks to close.

Terms and Numbers

It was a priority to honor commitments from the community round’s Credit Account Mining average gas price spent back then, which was 7,306,296/5,000 = 146M FDV. As a result, I would like to propose $150M FDV with 1 year cliff lockup from the day of the token receipt, and 1 year linear vesting after that.

• Placeholder - $3,000,000
• A.Capital Ventures (Kartik from ETH Global) - $1,000,000
• Galaxy Digita - $500,000
• Zee Prime Capita - $500,000
• Polymorphic Capital - $375,000
• LedgerPrime - $200,000
• Global Coin Research (GCR) - $75,000

Despite the market having gone down by more than 2 times since the Credit Account mining, I want to point out how chad and committed the participants have been, honoring the community valuation. Respect to them!

TOTAL currently: $5,650,000. GEAR total: 376,666,666 GEAR representing 3.766% of total supply. Even after this round, DAO reserves would still remain at above 47% of total supply.

PART 2. Community participation.

During the DAO discussions on the governance forum, it became clear that such an opportunity shouldn't be gated from other DAO and non-DAO members to take part in. As such, 0xBeckoningCat made great efforts to compile the [verbal] commitments. The discussion on that is ongoing in a new forum topic, please check that out if you want to be involved with the terms as specified above.

Link to discussion (which started it).