pDIP2 - First Cohort Treasury Fund

Summary This proposal pertains to forming and funding a collective DeSciWorld preDAO treasury. This proposal invites First Cohort members to unilaterally transfer a sum of $USDC to Safe Multisig address eth:0x0De44d30D3E039cB247E111848E0Da69c9E73440. The First Cohort also agrees to immediately allow $20,000 USDC to be mobilised to cover outstanding costs, as per the Core Team’s discretion.

// I. Definitions II. Purpose of the preDAO Treasury III. Specifications of Treasury IV. Core Team Considerations V. Refunds and Removals VI. Voting VII. LEGAL DISCLOSURE //

// I. Definitions

Treasury: A collective fund, held in a Safe Multisig wallet address, used with the purpose of furthering DeSciWorld preDAO’s collective goals, governed by the $preSCI token holders.

For more details regarding other Definitions, preDAO Goals and Purpose, preDAO Governance Process, Supporter Rights and Duties and Revocation of Membership, Core Team, please refer to pDIP1 found at: https://snapshot.org/#/presci.eth/proposal/0x01e607fbcbd2014d4445db34f3b89e27b5d12170239e6b8fe124d481e4c17b97

// II. Purpose of the preDAO Treasury

The purpose of the preDAO Treasury is to fund operations that further the preDAO’s collective goals. All funds transferred to the preDAO Treasury are collectively governed by the preDAO through the use of the $preSCI token and the DeSciWorld preDAO Snapshot page.

As the preDAO continues to work towards the formation of the DeSciWorld DAO, it will require funding for a variety of initiatives including but not limited to: Development of technical products Incentivisation of participation from decentralised members Marketing and outreach efforts Legal procedures Maintenance and backend costs (domain, hosting, data storage) Reimbursement of outstanding invoices for the Core Team Any other valid use of funds as voted for by the preDAO.

These initiatives are to be voted on in batch, or singularly, by the preDAO and confirmed by Snapshot vote before funds are released. Funds released by the preDAO Treasury confer no managerial responsibility on the recipient. The preDAO’s decentralised nature of governance also confers no essential managerial authority to any one member or entity of the preDAO or its related treasuries.

// III. Specifications of Treasury

The preDAO Treasury is a Safe Multisig Vault with Ethereum wallet address: 0x0De44d30D3E039cB247E111848E0Da69c9E73440.

The Safe multisignature wallet’s signatories consist of the top 5 holders of $preSCI and 3 members of the Core Team. The sign threshold is 6 signatures required from the total 8 signatories.

$preSCI holders outside of the top 5 will also be able to partake in governance of the Treasury through Snapshot governance voting.

$USDC is the preferred asset to be transferred to this wallet. All ERC-20 assets are accepted. Supporters (except the Core Team) are expected to transfer funds to the Treasury pro-rata to their holdings of the preSCI tokens at a rate of 1preSCI = 1USDC.

// IV. Core Team Considerations

The DeSciWorld Core Team, as defined in pDIP, commands 25% of the $preSCI governance token holdings to be used according to its discretion.

The use and distribution of this 25% is to be proposed and approved by the preDAO governance process. The preSCI token has a maximum supply of 1,875,000. The Core Team has an allocation of 468,750 preSCI. This Core Team allocation is provided as an incentive for the efforts made since the inception of the DeSciWorld ecosystem, with the intention to be converted to DeSciWorld DAO membership in the same manner as the Supporters.

// V. Refunds and Removals

/ Grounds for Removal Supporters have expressed an agreement in dPID1 to fulfil their Rights and Duties as a preDAO member. Further, Supporters agreed to a measure that allows the Core Team to track participation and, if decided upon by the Core Team and subsequently voted in through the preDAO, revoke membership to the preDAO.

The non-participation of a member of the pre-DAO (in any of the activities described in paragraphs 3 (b) and 3 (c) of pDIP1) for more than 60 days will be grounds for the removal of membership.

Membership to the pre-DAO can be revoked either voluntarily, in which an agreement between Supporter and DeSciWorld Core Team is reached, or involuntarily, in which DeSciWorld Core Team unilaterally removes Supporter’s membership.

/ Refunds

In the event that a preDAO member has contributed funds to the Treasury, and is selected for removal from the preDAO, the following steps will be taken:

(a) Voluntary removal of Membership: In the case of voluntary revocation of membership, DeSciWorld preDAO may reimburse Supporter an amount between or equal to One Hundred Percent (100%) to Eighty Percent (80%) of any funds donated to the preDAO shared treasury. Supporter acknowledges and agrees that up to Twenty Percent (20%) of the amount is non-refundable and, accordingly, will not be subject to payment due to DeSciWorld preDAO’s operating expenses.

Any Returned payment shall be paid in $USDC. Supporter acknowledges that there may be circumstances in which DeSciWorld preDAO will not be able to refund all or a portion of the money Amount.

(b) Involuntary removal of Membership: Revokal of membership of the pre-DAO is a decision made by the DeSciWorld Core Team. Membership removal entails the following: 

Full (100%) refund to the Supporter of any funds donated to a preDAO treasury held in an escrow until the Supporter has:

“Burned” their pre-DAO tokens by sending them to 0x0000000000000000000000000000000000000000. Returned their pre-DAO tokens to the wallet address of DeSciWorld Core Team’s choosing.

Upon fulfilment of either of the above measures, the Supporter’s funds will be released from escrow.

( c) Full Satisfaction: The supporter agrees that returned payment by DeSciWorld preDAO to the Supporter or notice that there are not sufficient funds to pay any amount back shall be in full satisfaction of any and all obligations of DeSciWorld preDAO under this agreement to the Supporter.

// VI. Voting

If you vote “Yes” to this proposal, you agree to all points made here including the Purpose of the Treasury, Core Team Considerations and Refunds and Removals. You also confirm your knowledge of and agreement to the Treasury Specifications. Your vote also confirm the immediate unlock of $20,000 USDC to cover existing outstanding costs.

If you vote “No” to this proposal, you disagree with some or all of the points made above and agree to provide explicit reasoning and feedback to the preDAO for your vote.

// VII. LEGAL DISCLOSURE

The discussion above identifies some of the factors Supporters should consider when allocating any time or resources to this initiative. These factors are not intended to be exhaustive in evaluating whether DeSciWorld preDAO is a suitable initiative and no single factor is determinative. All information and documents provided are for informational purposes only. Nothing in these documents is intended to constitute investment or other professional advice or be an opinion of the appropriateness or suitability of any investment. We encourage potential Supporters to seek professional advice with respect to their personal financial circumstances and needs, before allocating any time or resources to this initiative. Further, the discussions above are purely suggestive, not prescriptive, and do not represent a predetermined decision for the formation of a shared treasury.. All decisions pertaining to the launch and release of the DeSciWorld DAO and any related tokens or treasuries, including the preDAO ecosystem, are to be carried out by the DeSciWorld preDAO, as discussed above. The DeSciWorld ecosystem is community-driven. No one has managerial control over DeSciWorld nor provides essential managerial efforts that affect its success as the DeSciWorld ecosystem has a fully decentralized structure.