Shut down uwudao, Give All ETH to uwu Labs Team, Continue uwudao Auctions under uwu Labs

Proposal

This is a proposal to initiate the shutdown of uwudao, return all ETH in possession to uwu Labs, and continue existing uwudao operations (mainly community auctions) but run directly by the uwu Labs team.

Motivation

While uwu Labs launched uwudao to encourage community development and participation, after nearly 1 year of operation and difficult market conditions, participation has been a struggle to maintain. With the launch of uwudao, the uwu Labs team supplied 72 ETH as promised in our initial roadmap, but due to the lack of participation with uwudao, these funds are most likely better placed back within the operation of uwu Labs to maintain uwucrew and other developments.

On top of returning the funds, as uwudao has developed some regularly occurring events, the existing uwudao operations will continue under the administration of the uwu Labs team. This primarily refers to the uwudao auction events held by the community. As they have proved success in execution by the community, we believe this concept can be incorporated more intently into official uwu Labs operations for uwucrew.

Since uwudao has earned some revenue (from yield/staking and from community auction operation), these ~3 ETH of funds will partially be used to compensate for the existing work of TogueAI and KingBowser thus far. We appreciate their initiative and assistance in operating uwudao in the past. The remaining from the ~3 ETH will be used for future operation costs of maintaining the uwudao community auctions.

Specification

uwudao multisignature wallet signers will stop all existing operations and handover the multisignature wallet to uwu Labs team custody.

uwudao will return all funds provided by uwu Labs to the uwu Labs multisig:

• Remove all ETH from Lido staking
• Send all 72 ETH + ~3 ETH of yield/earnings to uwu Labs multisig (0x354A7….)
• The original 72 ETH returned will be used by uwu Labs to continue operations as a team, extend runway, and help maintain the current uwudao operations.
• uwu Labs will use part of the ~3 ETH of earnings to compensate TougeAI and KingBowser for their initiative and assistance with operating uwudao to this date. The rest of the earnings from staking/auctions of uwudao will be used as compensation for continuing community auction operations.
• Replace all keys of Multisig to those controlled by uwu Labs, in case future revival of uwudao becomes viable. uwu Labs team will continue operation of community auctions after revisiting the concept in order to resemble more closely to uwu Labs team operations.

The current auctions being coordinated under the “Goth and Punk” theme will continue as scheduled, but uwu Labs will be performing the future auctions events following (4th auction theme and onward).

Rationale

While uwudao was an exciting attempt and step for the uwucrew community, after discussion with the uwudao multisig operators, the funds are in better hands with the uwu Labs team. And current uwudao events (primarily the community auctions) can continue with more direct oversight and involvement from the uwu Labs team, which should be beneficial for the auctions themselves as well. We believe continuing operation of the community auctions in a more internal fashion will lead to improved engagement on every front.