Dear members,

In anticipation of coming requests for investments and other operations with the Treasury assets, I feel that it's the moment to officially ratify the Treasury mechanics that we friendly agreed upon during our last team calls. Details below.

Treasury account

The capital of GoldmanDAO is allocated in the Externally Owned Address (wallet) 0xd920219337931FA77F6AA0ABb96cB13577079964, from now on referred to as the Treasury account.

The Treasury account is oversight by the designated treasurers.

The treasurers will only use the assets allocated in the Treasury under the previous authorization of the majority of the members.

Shares distribution

The ownership of the DAO assets will be distributed between its members in the form of individual participations, from now on referred to as Shares.

Members with at least one Share will be referred to as shareholders.

Shares will be allocated to each member accordingly to their individual contribution to the DAO in any form previously agreed by all shareholders.

The allocation of new shares can only be performed in the following scenarios:

• Unanimous approval of all shareholders.
• The inflow of new capital to the Treasury.

The stake of any member can be calculated at any time as the total number of shares owned / the total supply of shares.

Deposits

The entry of new capital to the Treasury is expected in the form of individual contributions and earnings from agents' operations.

Under the approval of the majority of the DAO members, any deposit of capital to the Treasury can be matched with the allocation of a corresponding amount of new shares. These new shares will be distributed following the wish of the involved individuals on the deposit.

The total amount of shares that can be allocated from any new deposit will be calculated as a 1:1 pair of the USD value of the assets transferred at the moment of the deposit.

E.g., A deposit of 2 ETH with a valuation of 1 ETH = 2500 USD at the moment of the deposit will result in the allocation of 5000 new shares.

Redemptions

Under the approval of the majority of shareholders, any shareholder can redeem part or the totality of their stake by the corresponding share of the Treasury's assets.

This redemption operation will result in the removal of the redeemed Shares from the total supply and, by definition, the even redistribution of their stake over the Treasury between all the shareholders.

The cost (gas) of this operation will be discounted from the requester's stake.

E.g., With a TVL of 10 ETH in the Treasury and 30K distributed Shares, a shareholder requested the redemption of 6K Shares (20%) in ETH. This will result in the outflow of 2 ETH (less gas) from the Treasury and the decrease in the total supply to 24K Shares, automatically adjusting the individual stake of all shareholders.