This is an apparent consensus vote, open to gROOK token holders.

• Vote 'No objection' if you agree with the proposal.
• Vote 'Object' if you disagree with the proposal.

Sophon Recommendation

The Sophons reached a consensus of "no objection", recommending in favor of this proposal.

Proposal Text

Proposal

Implement the closing process at Incubator DAO, consisting of:

1. Adding a deadline to the possibility to exchange pROOK2 for a pro-rata share of the unclaimed treasury two (2) months after the start of the pROOK2 exchange, on September 10, 2023.
2. Following the end of this deadline that gives adequate time for pROOK2 holders to redeem, organize a distribution of the remaining assets pro-rata to pROOK2 redeemers.

At this point, the Incubator DAO will be forever closed and shut down.

Background

Summary

Implement the closing process at Incubator DAO:

• Two (2) months after the start of the pROOK2 exchange, on September 10, 2023, the exchange window for exchanging pROOK2 will be closed and pROOK2 holders won’t be able to exchange their pROOK2 for a pro-rata share of the treasury anymore.
• On September 10, 2023, holders who redeemed their pROOK2 will receive a pro-rata share of the remaining unclaimed treasury.
• At this point, the Incubator DAO will be forever closed and shut down.

gROOK Distribution

For the purpose of this governance vote, gROOK has been distributed the same as the original pROOK2 distribution.

Value Generation

In order to maximize each ROOK governance token holder value, the multisig signers took the initiative to sell the ROOK received at the inception of Incubator DAO and from the pROOK exchange phase. This was an unanticipated opportunity that hadn’t been considered because the ROOK token had already lost all its utility and governance power at the inception of Incubator DAO, on April 8, 2023, as well as all its claim value after the end of the exchange window on July 12, 2023, as communicated extensively in the previous months. This resulted in a net profit of 453,645.578727 USDC. This capital is now part of the Incubator DAO treasury.

Compensation

• One sophon historically got all contracts written, organized and audited, managed the execution, and the distribution of pROOK2 and now gROOK. To cover these costs and efforts, compensation will be 100,000 USDC.
• 3 sophons have taken on legal risk and were needed to execute, each will get 30,000 USDC to compensate.

Execution

The following steps will be executed:

• On September 10, 2023, pROOK2 exchange contract (0x6ac6c25338758973799472f7ddf15980f2970525) will be paused. USDC remaining on the contract will be withdrawn by the multisig (only 4.57% is currently unclaimed after 11 days of availability, excluding Polychain's claim).
• On September 10, 2023, holders who exchanged their pROOK2 for a pro-rata share of the treasury on the pROOK2 exchange contract (0x6ac6c25338758973799472f7ddf15980f2970525) will receive a pro-rata share of the remaining unclaimed treasury, in addition to the proceeds from the ROOK sale (263,645.578727 USDC). At this point, the Incubator DAO will be forever closed and shut down.