Hatters: Lock Sale 🔐❄️

Summary

This is a follow-up proposal for the DAO to lock/freeze the remaining Hatter supply.

Motivation & Rationale

Since the launch of the Hatters there has been a general decrease in sales. At the point of writing 2'069 out of 10'000 Hatters have been minted. The floor price currently resides below the minting price. This has led to push of the community in the discord to go through with locking/freezing sales. The previous proposal to freeze was launched within 24 hours after the sales and did not pass. This proposal carries the same rationale but adds a second "soft-lock" option, which would allow the DAO to resume sales at a later point in time if desired.

The voting options for this proposal are:

• YES; Option A – Freeze Supply Permanently ❄️
• YES; Option B – Soft-Lock Supply by Raising Price to 9999 ETH 🔐
• NO; Do Nothing.

Note: The YES options are counted cumulatively to take action. (E.g. YES-A=15%, YES-B=40%, and NO=45% will result in YES-B being executed because YES cumulatively count 55% YES)

Considerations

• Regardless of this proposals outcome, the contract has a "DAO Reserve" of max 1111 Hatters which can be minted only by the DAO. A permanent freeze would leave the DAO with the option to increase total hatter supply to 3'180
• The artist 666999 has announced their intent to make changes and amendments to the collection. This will presumably make the current circulation Hatters "Generation 0" and newer Hatters "Generation 1". Soft-Locking will allow the DAO to hypothetically to launch successive generations of hatters in the future, which might for example make Gen0 Hatters rarer.
• The team is currently working with a reputable partner in the space to deliver a new technology for Hatters and Hats – but also PFPs in general. This is connected to staking, but nothing can be disclosed yet. If demand is high the DAO might wish to issue more hatters beyond what is currently on the market.

Voting Rights

The voting is currently a function of the maximum supply. Therefore Hats and Hatters have a voting power ratio of 529:10000, which means 19 Hatter votes roughly equate to 1 Hat vote at the moment. With the circulating supplies of both tokens (348 : 2069) this results in a voting power distribution of HAT 76.1% to 23.9% HATTERs at the time of writing. Important: This proposal solely concerns itself with the remaining supply and the sale of the hatters. It does change the voting rights and weights.

Specification

Proposed actions upon confirmed vote:

Option A: Permanent Freeze ❄️

• Call the freezeMinting function in the Hatters contract and thereby permanently freezing any sale. This action is irreversible.

Option B: Soft Lock 🔐

• Call the changePrice function in the Hatters contract and set price to 9999 ETH. Thereby setting the price prohibitively high which "soft-locks" any further sale. This action is reversible. The price can be changed by the DAO at a later point.

Links

• Hatters Contract: https://etherscan.io/address/0x72420b94cb54d9237023e887f590b95551b6595a
• Mint Page: https://www.them.af/mint
• Hatters OpenSea: https://opensea.io/collection/them-hatters
• Hat OpenSea: https://opensea.io/collection/them-hats