MIP-13

This proposal aims to demonstrate the lack of value YGG has provided the DAO since becoming a seed investor. It also aims to cancel YGG’s SAFT, refund their initial investment, and remove their MC seed tokens.

The author of this proposal, proposes to find a solution to terminate the financial obligations the Merit Circle DAO has with YGG, through removing YGG’s seed tokens and refunding their initial 175K USDC contribution.

Merit Circle ltd has argued for a clause, that will give time for Merit Circle ltd and YGG to propose a solution that would be more beneficial for the DAO and all parties involved in case of a YES vote. Author deemed this a fair ask and accepted the clause.

Vote:

• Yes, with clause*
• No

Clause as described here *; Clause that, in the case of acceptance of this proposal (YES, with clause), delays the proposed actions by 2 weeks and gives a 1 week time period for a counter proposal.

For reference, YGG and YGG co-founder Gabby Dizon invested $175k at a price of $0.032 which gives them 5,468,750 MC tokens in total. This was split between $100,000 directly invested through YGG, and $75,000 invested through Gabby’s personal fund Nifty.

The full proposal and discussion can be found here: https://gov.meritcircle.io/t/merit-circle-a-new-era/469

Should the Merit Circle DAO refund YGG’s seed investment yes* or no?

*Yes would include the clause as described above.