Proposal #20

Proposal Type: Core

Creator: Sigurdsen

Relic Type: Archmage

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MAGE Relic Final Snapshot Date: 10/1/2024

Overview:
This proposal aims to disband MetaBrands DAO and distribute its remaining assets fairly among all Relic NFT holders. The goal is to ensure a fair resolution for all participants, allowing them to decide how best to proceed with their holdings. Given the diverse opinions within the community regarding future investment strategies and market conditions, this approach is intended to address the different preferences of all members.

Assets to be Distributed:
The DAO currently holds several assets that will be distributed evenly among all Relic NFT holders, based on the number of NFTs each holder owns. The assets include:

• BTC
• ETH
• MATIC
• WETH
• USDC
• AVAX
• RON (to be distributed separately via a sign-up form due to its native token requirements)

Additionally, several smaller positions (e.g., GQ, etc.) and Cornucopias NFTs will be liquidated (if possible) and converted to stablecoins to be added to the total distribution.

Voting Options:

1. Option 1: Equal Split to Relics with Ronin Sign-Up Form

   • All assets will be split evenly among all Relic NFT holders proportionate to their holding weight, except Ronin (RON), which will require a separate sign-up form due to its native token requirements.
   • Execution Plan:
     • 2 Weeks to Vote: Conduct voting via a Snapshot Proposal to decide on disbanding the DAO and distributing assets.
     • If Vote Passes in Favor of Disbanding (Start of Week 3):
       • Collect Data for Ronin Airdrop (1 Month): Begin data collection for the Ronin Airdrop process.
       • Prepare for Liquidity Pull: Plan to pull liquidity from the Uniswap WETH/MAGE Pool by the end of Week 6.
       • Set Up Airdrop/Split Distribution: Prepare for asset distribution based on voting outcomes.
     • End of Week 6:
       • Pull Liquidity from Pools: Withdraw all liquidity from the Uniswap WETH/MAGE Pool.
       • Distribute Assets: Complete the airdrop and distribution of assets.
     • Conclude Operations:
       • Dissolve MetaBrands Entity: After distribution, close down the website, Discord, Twitter, and other social channels to finalize the dissolution of MetaBrands.

2. Option 2: Distribution with Sign-Up Phases

   • Execution Plan:

     • Initial Sign-Up Period: All Relic NFT holders will have 1 month to complete a sign-up form and claim the portion of the treasury associated with their Relics.
     • First Distribution: At the end of the 1-month period, only the funds corresponding to the registered and approved Relic holders will be distributed.
     • Second Sign-Up Period: Relic NFT holders who did not sign up initially will have an additional 3 months to complete the sign-up form.
     • Second Distribution: At the end of the 3-month period, only the funds corresponding to the relics claimed in this phase will be distributed.
     • Final Distribution: Any remaining assets, after both distribution phases, will be evenly shared among all users who signed up in either the first or second phase.
     • Distribution Method: All tokens will be sent to the registered holders using BulkSender to ensure an efficient and accurate distribution process.

   • Distribution Plan:

     • Initial Distribution Phase:
       • Relic NFT holders will have 1 month to sign up for the initial distribution of assets by completing a sign-up form.
       • At the end of this 1-month period, only the portion of the treasury corresponding to the registered Relic holders will be distributed.
       • Users can only claim in this initial sign-up period or the second period, not both.
       • Funds for Relic holders who do not sign up will remain in the treasury pool for a second distribution.
     • Second Distribution Phase:
       • Relic holders who did not participate in the initial distribution will have 3 additional months to sign up for a second distribution by completing a sign-up form.
       • At the end of this 3-month period, only the portion of the treasury corresponding to the relics claimed in this period will be distributed.
     • Final Allocation:
       • After the second distribution, any remaining assets in the treasury (from relics not claimed in either the first or second phase) will be shared among the holders who registered in either the first or second distribution periods.
       • All users who have signed up during either of the distribution phases will receive their share of these remaining assets.

3. Option 3: Do Nothing

   • Take no action and continue as is.

Reasoning Behind the Proposal:
The decision to propose disbanding the DAO and distributing the assets is based on the following considerations:

• Fairness and Flexibility: This option allows each NFT holder to decide independently what to do with their share of the assets. Some may choose to hold until a potential bull run in 2025, while others may prefer to invest in high-risk assets or move away from crypto altogether.
• Covering All Interests: By distributing assets directly, the proposal respects the different opinions and investment goals of the community members, ensuring that no one feels stuck or forced into a particular strategy.

Background on MetaBrands:
MetaBrands started with promising projects and a solid team of advisors, but external challenges, such as a prolonged bear market, projects with questionable actors, and a decline in interest in web3 scholarships (such as Axie Infinity), led to a downward trajectory. Despite these challenges, the DAO has maintained transparency and communication with its community. However, given current conditions, it seems prudent to offer a fair and equitable way to resolve the DAO's future.

Distribution Method:

• Bulksender will be used to efficiently distribute funds to all eligible Relic NFT holders.

Executor: Any available DAO Operator(s)

Bounty/Payment: None