VDP-33 [Governance] PrimeDAO <> VitaDAO Partnership Proposal + Token Swap

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

Representatives:

• Vincent (VitaDAO)
• Luuk (PrimeDAO)

Summary

Initiating a partnership with PrimeDAO, a DAO building next-generation coordination tools for DAOs, and VitaDAO, to explore how VitaDAO can utilize and benefit from PrimeDAO's offerings as well as align through a token swap of ~$50k worth of Prime<>Vita.

Proposal

This partnership agreement is initiated on the 3th of March 2022, by and between:

VitaDAO, a community owned collective funding early stage longevity research, governed through the VitaDAO Snapshot.

and

PrimeDAO, a A DAO collective focused on researching and building next-generation coordination tools for decentralized organizations, governed through the PrimeDAO Boardroom.

Partnership Purpose

The partnership aims to align the interest of the parties to intensify the collaboration between the organizations. PrimeDAO provides DAO tools which we want to further explore with VitaDAO, and provide input on which tools would be most useful for us and our ecosystem. This also creates mutual awareness in both DAOs through the introduction of this proposal, as well as governance alignment of VitaDAO being able to govern PrimeDAO through its governance votes, and vice versa.

Background on the Partnership

VitaDAO and PrimeDAO share a common purpose to push the abilities of DAOs to fund and advance human potential. Contributors of the DAOs have been connected and sharing knowledge since the early days of DAOs, back in 2019. Both groups see value in intensifying our relationship with this partnership agreement.

Commitment of the Organizations

Both parties agreed that they intend to contribute the following towards this partnerships:

1. Token Swap: To align governance interests, a Token Swap between the two organizations is initiated as part of this agreement. $50.000 worth of VITA will be swapped for $50,000 of D2D taken the 30-day average at the end of the vote on both sides.

2. Co-liquidity Provision: To enhance alignment, the DAOs plan to explore a potential Vita<>Prime pool for the further, while this is part of further discussion and review from tokenomics.

3. VitaDAO will match the received D2D tokens with an equal value in BAL tokens from its treasury and add it to the 50% D2D x 50% BAL pool on Balancer.

4. PrimeDAO will match the received VITA with an amount of WETH - equal to 25% of the amount received - and add it to the 80% VITA x 20% WETH pool on Balancer.

Both DAOs will be eligible to earn rewards associated with these two pools. There are no lock-ups or limitations to which the DAOs need to adhere to in regards to the received tokens, however it is expected that both DAOs will communicate any changes to the usage of the tokens to the other party.

Management of the Partnership

Partnership Term

The Partnership is open-ended and does not have an expiry date.

Partnership Governance

The partnership is managed by representatives of the organizations. The respective governance processes of both DAOs can overwrite any decision by representatives.

In the case of this partnership, there are 2 representatives for each organization.

Exit Clause

Both organizations can at any moment terminate the agreement through their respective governance systems.

Communications around the Partnership

• A partnership announcement blog will be created within 2 weeks after the agreement date.

• To ensure operational effectiveness, a monthly call will be set up by at least one representative of each organization.

Both DAOs acknowledge that DAO agreements are inherently unpredictable and irreversible and agree to this initial partnership agreement (pending governance vote outcome).

For more information, please see the phase 2 proposal and discussion on Discourse.