Token Repurchase, Token Owner Destruction And Treasury Allocation (Token回购，合约控制权销毁和国库资金管理)

Token Repurchase

Although we have opened the refund contract, there are still a large number of tokens circulating in the market, which has exceeded our initial expectations and caused huge selling pressure on the market.

In the future, some investment institutions may enter the PandaDAO community, but if we agree to accept the investment, it will lead to a large reduction in the $Panda stored in the community treasury.

At the same time, the long-term low price is not good for the construction of the community. In order to protect all early investors, and to protect users who bought $Panda in the secondary market to the greatest extent, the community proposed to the treasury to use 200 ETH as a repurchase.

Repurchase Conditions:

1. Repurchase period: 1 year
2. Repurchase price: Below 0.007 USD
3. Repurchase Reserve: 200 ETH

Repurchase process:

1. When the above conditions are met, the core team can apply to the multisig to execute the repurchase procedure and repurchase any number of tokens within the effective time of the proposal.
2. All repurchase procedures are initiated by the core team, executed by multiple signers, and can only be traded on DEX, not outside the multisig wallet

Token Owner Destruction

At the same time, we are also proposing to destroy the control owner role of Panda ERC20 Token after the security audit of the Token contract and VeToken contract is completed, so as to avoid any possibility of additional issuance of Token in the future.

Treasury Allocation

Currently most of the treasury assets exist in two forms

1. $PANDA tokens, community governance tokens
2. $ETH

And ETH itself is a risky asset with big price volatility, which may cause a sharp decrease in treasury value in special times. After close research and consideration, we will consider replacing ETH and non-$PANDA risky assets with stable coins with low price volatility and low risk, and combine with on-chain defi blue chip projects for stable coin farming to earn stable and low-risk income. Add a significant amount of revenue to the treasury

A brief description of the process

1. the valuable $PANDA tokens will not be touched
2. ETH and other non-$PANDA assets in the treasury will be mostly exchanged for stablecoins
3. Select suitable defi blue chip projects and trustworthy fund custodian services for stablecoins to make low-risk stablecoin investments to increase treasury assets.

Brief conclusion (the exact amount is subject to actual execution and may vary somewhat):

1. the FRAX-DAI UNIV3 pool on frax.finance combined with UniswapV3 for a three-month lock-in period, approximately $700,000
2. the UST-wormhole pool on the Convex platform for about $3,300,000
3. Cobo-Wallet fund custody, about $300,000

Detailed Treasury asset allocation and expected return calculation table: https://docs.google.com/spreadsheets/d/1H-jmjzEo-z87N7mbkrF7U6nmsi32IwEOk-WzH6VTSug/edit#gid=0

Allocation ideas and research: https://docs.google.com/document/d/1ZsUAPQ7l-zYzw8bDf9J3NncIl8V0XsuKxWLm96Bn8aE/edit?usp=sharing

Disclaimer

1. This proposal is implemented independently as an investment strategy for the treasury's free money only. If a proposal requiring the expenditure of funds is passed, the relevant investment will take out the corresponding share to support the corresponding proposal.
2. The specific targets may be adjusted according to market conditions, but the general idea is the same.

Proposal Options：

1. Agreement with Token Repurchase
2. Agreement with Token Owner Destruction
3. Agreement with Treasury Allocation
4. Disagreement with Token Repurchase
5. Disagreement with Token Owner Destruction
6. Disagreement with Treasury Allocation

---

回购提案

虽然我们开启了退款合约，但是还有大量的Token在市场上流通，已经超出了我们的最初预期，对市场造成了巨大的抛压。

未来社区也许会有一些投资机构进入，但是如果社区同意接受投资，则会导致社区国库内存储的Token大量减少。

同时，长时间低迷的价格，对社区的建设也不利。为了保障所有早期投资者，也为了最大程度保护二级市场购买的用户，社区向国库提案，希望拿出200 ETH用作回购，该回购也属于一个托底价格。

回购条件：

1. 回购时间：持续1年
2. 回购价格：0.007 USD以下
3. 回购储备金：200 ETH

回购流程：

1. 当满足上述条件时，核心团队可以向多签人申请执行回购程序，在提案生效时间内回购任意数量的代币。
2. 所有回购程序由核心团队发起，多签人执行，只能在DEX进行交易，不可在多签钱包外执行

合约控制权销毁

同时，我们也在此提案，在Token合约和VeToken合约完成安全审计后，销毁ERC20的合约控制权限，避免未来以任何的可能性对Token进行增发。

国库资金分配管理

目前国库资产大多数都以两种形态存在

1. $PANDA代币，社区治理代币
2. ETH

而ETH本身是价格波动极大的风险资产，可能在特殊时期造成国库价值锐减。 估经过严密的调研和思考后，我们会考虑将ETH及非$PANDA风险资产替换为价格波动小，风险低的稳定币，并结合链上defi蓝筹项目进行稳定币挖矿来赚取稳定、低风险的收益。为国库增加一笔不菲的收入

简要过程说明

1. 宝贵的$PANDA代币不会动
2. 国库中ETH及其他非$PANDA资产会大部分换为稳定币
3. 针对稳定币选择合适的defi蓝筹项目、值得信赖的资金托管服务，进行低风险稳定币投资，来增加国库资产。

简要结论说明（具体金额以实际执行为准，会有一定的偏差）:

1. 在frax.finance结合uniswapV3 的 三个月锁定期的 FRAX-DAI UNIV3 池，大约 $700,000
2. Convex平台上的 UST-wormhole 池 大约 $3,300,000
3. Cobo-Wallet 资金托管，大约 $300,000

详细分配计划与策略可见:

详细国库资产分配及预期收益计算表: https://docs.google.com/spreadsheets/d/1H-jmjzEo-z87N7mbkrF7U6nmsi32IwEOk-WzH6VTSug/edit#gid=0

分配思路与调研: https://docs.google.com/document/d/1ZsUAPQ7l-zYzw8bDf9J3NncIl8V0XsuKxWLm96Bn8aE/edit?usp=sharing

声明

1. 本提案独立执行，仅作为国库闲钱投资策略，若有需要花费资金的提案通过，相关投资都会取出对应份额支持相应提案。
2. 具体的标的，可能会根据市场情况作出一定的调整，但总体思路是一致的

提案选项：

1. 同意回购提案
2. 同意销毁合约控制权
3. 同意国库分配提案
4. 不同意回购提案
5. 不同意销毁合约控制权
6. 不同意国库分配提案