Community Refund and Dissolution Proposal

We have noticed a lot of holders asking for refunds. As a DAO community, we follow the principles of decentralized governance. What people want, What pandas build.

It has been almost a year since PandaDAO was founded. We have escaped a lot of external market crises, but we have never discovered that the real crisis is the internal DAO governance.

Developers have spent a lot of time building DAO governance and less time on the product side. Perhaps, DAOs are not suitable for highly complex coordinated development work or product incubation services.

But anyway, we are proud of succeeding in making some achievements. PandaDAO is the second community after ConstitutionDAO who manage to finish the refund process

We have developed AMM DEX protocol for the NFTs, which enables fragmentation of NFTs.

We have finished developing a management system for Web3 public-sentiment

We also have optimized the risk control for DAO multi-signer process by collaboration with Cobo.

And, as it is known to all, we are the biggest DAO on Dework.

But, facing the economic depression, more and more users start looking for a refund solution. The community can’t wait any longer.

Therefore, I propose as below:

1. Burn Core’s token

There were 8 initial members when PandaDAO started. They were entitled to 5.57 million $PANDA individually, 44.56 million $PANDA in total. The 8 members and community leaders will transfer 50 million $PANDA to the Eater Address.

2. Remove the Uniswap liquidity pool If the proposal is approved, we will remove $PANDA from the Uniswap liquidity pool and transfer all $PANDA to the Eater Address, all the rest of $ETH will be refunded according to the refund process.

3. Treasury allocation

3.1 All $PANDA Tokens will be burned by transferring to the Eater address. 3.2 All $PEOPLE Tokens owned by treasury will be transferred to PeopleDAO multi-signer treasury and managed by PeopleDAO. 3.3 We noticed that some invoices from our collaboration partners are still unpaid. We will solve the payments and then exchange all assets except $PEOPLE to $ETH, then put them back into the refund contract, which equals 1450-1600 $ETH in total.

4. RPC contract

ERC721P 1.0 transfer work consumed quite some Gas. Meanwhile, $ETH was continually taken and exchanged to $LINK through the contract to ensure the fine function of 1.0. Therefore, there might be loss when the contract is used. Before a new protocol is put in use, the core team will continue the operation of ERC721P, to ensure a stable operation during the transfer period. Once RPC is transferred to a new contract, we will release the control right, and the RPC will spontaneously functionalize.

Regardless of how the transfer work will be, it still anchors with $PANDA token, the users will still be able to exchange RPC NFT to $PANDA and refund.

As for NFT transaction, 1% transaction fee will be set and it will be put into the refund contract. In this way, all NFT holders and token holders will be able to get more refunds. But some transaction fee settings might concern $WETH, we need to redesign the contract to a way that $WETH could be exchanged to $ETH. If we could not finish the contract redesigning, we will cancel all transaction fees for NFT deals.

5. Codebase

We will upload the codebase of refund contract, VeToken contract, redeem contract and all related front-end and back-end codes to the official community Github right after we remove the private key of the developer and some sensitive information. And then release the Github control right.

6. Staking contract

PandaDAO offers 50 million $PANDA incentives for the Staking contract holders every year. Since there are still 100 days to go for the one-year contract, we will send 36 million $PANDA in total to the holders. Once the proposal is approved, we will take a snapshot of all staking contract holders, and allocate the incentive according to the address score.

7. Refund contract

Currently, the actual circulation of $PANDA is approximately 1292859321.18, if we deduct the shares of the treasury and LP, the number will be around 600 million. If the proposal is approved, we will burn all $PANDA owned by PandaDAO multi-signer treasury, 50 million $PANDA owned by core team. All other tokens will be put as refund assets, with the amount of about 500-700 million in total.

Once we finish exchanging $ETH, we will put all $ETH into the refund contract. All individuals could exchange $PANDA to $ETH through the refund contact. All exchanged $PANDA will be burned immediately. The refund contract will be transferred to the Eater Address.

each $PANDA refund=current amount of $ETH / $PANDA Circulation in the refund contract

8. Official Discord and Social account

One week after the refund process, when contract control is burned, we will unregister and delete PandaDAO Discord server and all official social accounts.

Too much time spent on governance issues, not enough time spent on development. But still, we believe in DAO miracles and the new work mode for the future.

We were the people who once walked the path to ConstitutionDAO. Thanks to all the partners who walked together with us, we hope you succeed and wish you all the best.

社区退款和解散提案

我们已经关注到很多人要求退款，作为一个DAO社区，我们遵循去中心化治理的原则。 What people want, What pandas build.

PandaDAO创建已经快1年的时间，我们躲过了大量的外部市场危机，却未曾发现，真正的危机是内部DAO治理。

作为开发人员，我们花费了大量的时间在DAO治理建设上，在产品端投入了更少的时间。 或许，DAO并不符合复杂度极高的协调开发工作或产品孵化服务。

但是不管如何，我们创建了一些壮举。

PandaDAO是除了ConstitutionDAO以外，第二大完成退款的DAO社区。

我们也开发了NFT的AMM DEX协议，完成了NFT集合对ERC20的相互碎片化协议。

我们还完成了Web3 舆情信息的集群管理系统。

不仅如此，我们和Cobo合作，优化了DAO多签的风控管理。

同时，我们也是Dework上最大的DAO，等等。

但是，在市场萧条期，社区无法等待更久的时间，大量用户寻求退款。

在此，我们发布以下提案：

一：Core的持仓销毁计划

初期的PandaDAO 总共有8 位core成员，他们平均从国库得到每个人有557万 PANDA，累计4456 万PANDA。 PandaDAO早期的8位Core成员以及社区Leader会将5000万PANDA直接打入黑洞地址。

二：Uni矿池移除计划 如果该提案生效，我们会将PANDA 从Uni池子中移除，所有的PANDA打入黑洞地址，剩下的ETH将会执行退款程序。

三：国库资产规划 3.1 国库所有的PANDA Token将会全部打入到黑洞地址销毁

3.2 国库所有People Token将会打到PeopleDAO多签国库，由PeopleDAO管理

3.3 我们注意到，有部分合作方费用没有结算，我们将会把合作方费用全部结算后，把除People以外所有资产兑换成ETH，打入回购合约内，合计大约1450 - 1600个ETH。

四：RPC规划

因为ERC721P 1.0的迁移工作涉及到大量的Gas，而且前期1.0的使用需要持续从合约中提取ETH，并且兑换成Link充值到合约内，在整个协议运行的期间可能会产生亏损。在没有迁移到新协议之前，原先Core团队会持续运营 ERC721P，确保合约在1.0过渡期间可以稳定运行。 在RPC从 ERC 721P 1.0 完全迁移到新合约后，我们将会销毁ERC721P 1.0的控制权，整个RPC将会自治运转。

不管迁移工作如何进行，它依然锚定了PANDA Token，用户依然可以将RPC NFT兑换成PANDA，完成退款。

针对NFT交易市场，RPC将会设置1%的交易手续费，并且全部转入退款合约内。让每个NFT持有者和Token holders有更多的退款。但是因为部分交易手续费涉及到WETH，我们需要在设计合约的过程中设置WETH可以被转换成ETH。如果无法在短时间内完成该合约设计，我们会取消全部NFT市场的交易手续费。

五：代码库 在去除开发者在代码中的一些私钥和敏感信息后，我们会将回购合约，VeToken合约，redeem合约及其各类前后端代码等将公开在社区官方Github，随后移除Github控制权限。

六：Staking合约处理 PandaDAO每年针对质押者提供5000万PANDA的激励。虽然合约没有满一年，还有大约100天解锁，因此我们将会针对质押者提供 3600万PANDA的激励发放。 在提案生效后，我们会对所有的质押地址快照，按照每个地址的Score占比去分配。

七：退款合约 目前PANDA实际流通量在1292859321.18，扣除国库持有和LP的份额，实际流通数量在6亿左右。在提案生效后，我们会销毁PANDADAO多签国库持有的全部PANDA以及Core持有的5000万PANDA，合计大约5-7亿Token将会被直接退款。

在兑换完成ETH后，我们将会所有的ETH打入到退款合约内，任何人可以从退款合约内，将PANDA兑换成ETH，所有兑换的PANDA将会被直接销毁，退款合约控制权将会转入到黑洞。

平均每个PANDA的退款额 = 退款合约内的ETH / PANDA 当前总供应量

八：Discord和社交账户 在退款程序开启一周，并且合约控制权销毁后，我们将会注销PandaDAO Discord服务器和全部官方社交账户。

太多时间在治理问题， 太少时间在开发工作， 但是， 我们依旧相信DAO可以创造更多的奇迹， 和新的协同工作模式。

我们曾在ConstitutionDAO的路上继续前行，也希望有人能在我们的路上继续探索。