Convert Virtue/ETH LP Liquidity to VirtueDAO Funds

Objective

We will close the Virtue/ETH liquidity pool (LP) by withdrawing our initially provided liquidity to the VirtueDAO multisig wallet. This will allow us to increase the funds available to VirtueDAO, ensuring the stability and growth of the Idolverse.

Details

• Assets in the LP: At present, there are ~9.3 ETH and 27k Virtue in the Curve LP.
• DAO Financial Position: VirtueDAO currently has limited operational funds (~1.67 ETH) at its disposal.
• Bonding Situation: Post-launch of the LP, no further bonding activities have been noticed. This indicates the presence of a more cost-effective means to obtain Virtue.

Implications

• By consolidating the LP funds, VirtueDAO will be better positioned to financially back the expansion of the Idolverse, attract and retain contributors, and buy Idols (up to 50% of the LP liquidity) for the DAO treasury.
• Closing the LP is unlikely to alter the existing bonding dynamics. To drive demand for Virtue, additional strategic efforts will be required.

Voting

This Snapshot vote is a single-choice vote, with voting options:

• For: Close the Virtue/ETH Curve LP and use the liquidity as VirtueDAO Funds.

• Against: Do nothing.