VDP-121 Proposal to Mint up to 10% of Total Token Supply

Summary

The Tokenomics Squad proposes to mint up to 10% of total token supply in new vested VITA for new strategic contributors.

Team

Todd White, Alex Dobrin

Motivation

VitaDAO’s growth is tracking to the 2023 Strategic Plan, and in the case of the Dealflow Working Group, the working group has exceeded its internal target of 1 project funding per month, with 12 projects funded in the past 9 months.

While VitaDAO has an operational budget through to June 2024, it is desirable to maintain the momentum of the Dealflow Working Group and community growth initiatives, and ensure sufficient resources will be available to take advantage of opportunities.

At the same time, VitaDAO’s community is being frequently approached by institutional biotech and web3 entities interested in Longevity and Decentralised Science (“DeSci”) and are looking for ways to participate.

The 2023 Strategic Plan outlines the launch of the VitaDAO Accredited Investor Fund (VDAIF) which is anticipated in Q4 of this year. The fund will be token-gated thereby increasing demand for VITA tokens to allow for participation. Purchasing VITA on DEXs is impossible for these entities in high enough volume. The Tokenomics Squad members believe it would be beneficial to grow the DAO treasury and include these entities.

Specification

The current minted supply of VITA is 25,719,552. We propose to mint up to 6,429,888 VITA, or 10% of the total token supply, bringing the minted supply to 32,149,440, or 50% of the Total Token Supply of 64, 298,880 .

This will be used to provide allocations to new strategic contributors.

Implementation

The Coordination Working Group will mint up to an additional 6,429,888 VITA, as required, and maintain it in a ring fenced multisig to maintain distinction from VitaDAO’s main treasury activities.

Once completed, this proposal authorises the Coordination Working Group to undertake a process similar in format to VDP-54 and VDP-58 for the allocation of the tokens.

Budget

No additional budget is required for this proposal. Costs are already anticipated within the Coordination Working Group operational budget.

It is anticipated that there may be additional legal costs similar to those outlined in VDP-58 upon formalising the token allocations to strategic contributors.