This proposal intends to initiate a partnership between BanklessDAO and VitaDAO through a token swap and other means.

Representatives:

• VitaDAO Leads: Vincent Weisser#9975, theobtl#5976, catthu#2929
• Co-authors from Bankless: cryptodad🏴#5814, jengajojo.eth🏴#5896

Summary

• This proposal is to initiate a token swap with BanklessDAO for its governance token $BANK.
• $25,000 worth of VITA will be swapped for $25,000 of BANK taken at the 30-day moving average at the end of the votes on both sides.
• VitaDAO would benefit from treasury diversification and awareness within the broader BanklessDAO community.

Motivation

VitaDAO and BanklessDAO (referred to as “bDAO”) are seeking to build relationships with other DAOs and Web3 organizations to 1) diversify its treasury holdings to help the DAO in the long term operational viability; 2) explore the tools and services developed by Bankless DAO; 3) raise awareness of VitaDAO in different communities such as BanklessDAO. (see BanklessDAO proposal). You can see more of BanklessDAOs projects listed here.

BanklessDAO is looking to partner with VitaDAO via token swap to intensify the collaboration and create mutual awareness between the two organizations.

Background

A token swap with BanklessDAO will not only diversify VitaDAOs treasury but also help initiate the partnership with BanklessDAO, which can provide further opportunities for promoting VitaDAO and explore bDAO’s products, e.g. DAO dash and DEGEN bot.

About BanklessDAO

A decentralized autonomous organization that acts as a steward of the Bankless Movement progressing the world towards a future of greater freedom. Read more on their website and in their notion.

Key BanklessDAO metrics:

• 26,000+ Active Discord members
• ~5000 Token Holders
• ~$36m Market cap

Mission and Values Alignment

The Bankless meme envisions a world where people use web3/crypto tools to navigate the coordination challenges of the 21st Century. Funding longevity research is currently masked with red tape. If we are able to use web3/crypto tools to unlock new drugs and techniques to reduce the healthcare costs of society as a whole, it gives added validation for using web3/crypto tools to coordinate actions of apes around the world with this Bankless technology and encourages more people to adopt the Bankless lifestyle.

Specification

• USD 25,000 in notional value, swapped in VITA for BANK.
• Token prices will be taken at the 30-day moving average at the end of the votes on both sides.
  • Example: As of 3/31/2022, the 30-day moving average price is $0.03092 for BANK and $1.9730 for VITA. The swap would be 808,538 BANK for 12,671 VITA.

Financial Implication

• VitaDAO will swap USD 25,000 in notional value of VITA for BANK.

Risks

As of the date this proposal is created, the only identified risk is investment risk.

• The BANK token could become worthless if BanklessDAO fails to create and retain value.
• The maximum loss would be $25,000.

Stipulations

• Holding period: Both parties will hold the tokens for at least one(1) year after the swap.
  • Sale of tokens: Following the one-year period, each party has the right of Preemption if the other party decides to sell.
• Communications around the partnership
  • To ensure operational effectiveness, a monthly call will be set up by at least one representative of each organization.

Successful Metrics or KPIs

• Increased treasury value from the token swap
  • VitaDAO would gain exposure to the BANK token value if the BANK token outperforms Vita.
• BanklessDAO raises awareness around VitaDAO through mutual community engagement.