m3taversal
1073c231c8
Co-authored-by: m3taversal <m3taversal@gmail.com> Co-committed-by: m3taversal <m3taversal@gmail.com>
3.4 KiB
| type | title | author | url | date | domain | format | status | tags | event_type | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| source | Futardio: Approve MetaDAO Fundraise #2? | futard.io | https://www.futard.io/proposal/9BMRY1HBe61MJoKEd9AAW5iNQyws2vGK6vuL49oR3AzX | 2024-06-26 | internet-finance | data | unprocessed |
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proposal |
Proposal Details
- Project: MetaDAO
- Proposal: Approve MetaDAO Fundraise #2?
- Status: Passed
- Created: 2024-06-26
- URL: https://www.futard.io/proposal/9BMRY1HBe61MJoKEd9AAW5iNQyws2vGK6vuL49oR3AzX
- Description: Our goal is to hire a small team. Between us ($90k/yr each), three engineers ($190k/yr each), audits ($300k), office space ($80k/yr), a growth person ($150k/yr), and other administrative expenses ($100k/yr), we’re looking at a $1.38M burn rate.
Summary
🎯 Key Points
MetaDAO aims to raise $1.5M through the sale of up to 4,000 META tokens to fund growth initiatives, including hiring a team and developing decision markets for Solana DAOs.
📊 Impact Analysis
👥 Stakeholder Impact
The proposal affects stakeholders by providing funding for growth initiatives that could enhance the ecosystem for Solana DAOs.
📈 Upside Potential
Successful fundraising could accelerate MetaDAO's growth and expand its offerings, increasing its value in the market.
📉 Risk Factors
There is a risk of mismanagement or failure to execute the fundraising effectively, which could jeopardize the DAO's financial stability.
Content
Overview
Three weeks ago, MetaDAO launched the futarchy protocol with Drift, Dean’s List, and Future. Our goal is to onboard more Solana DAOs. To do that, Nallok and I have a few ideas for growth initiatives, including:
-
Social: seeing who’s trading in the markets
-
NFTs: allowing NFT communities to leverage decision markets
-
Special contracts: creating custom financial contracts that make it easier to make grants decisions through decision markets
To accelerate this, our goal is to hire a small team. Between us ($90k/yr each), three engineers ($190k/yr each), audits ($300k), office space ($80k/yr), a growth person ($150k/yr), and other administrative expenses ($100k/yr), we’re looking at a $1.38M burn rate.
To fund this, I’m proposing that the DAO raise $1.5M by selling META to a combination of venture capitalists and angels. Specifically, we would sell up to 4,000 META with no discount and no lockup.
Nallok and I would execute this sale on behalf of the DAO. To minimize the risk of a DAO attack, the money raised would be custodied by us in a multisig and released to the DAO treasury at a rate of $100k / month.
The exact terms of the sale would be left to our discretion. This includes details such as who is given allocation, whether to raise more than $1.5M, how escrow is managed, et cetera. However, we would be bound to a minimum price: $375. Given that there’d be 20,823.5 META in the hands of the public (which includes VCs + angels) after this raise, this means we would be unable to sell tokens at less than a $7.81M valuation. Everyone who participates in the raise will get similar terms. We will make public who’s participated after it’s complete.
Raw Data
- Proposal account:
9BMRY1HBe61MJoKEd9AAW5iNQyws2vGK6vuL49oR3AzX - Proposal number: 3
- DAO account:
CNMZgxYsQpygk8CLN9Su1igwXX2kHtcawaNAGuBPv3G9 - Proposer:
HfFi634cyurmVVDr9frwu4MjGLJzz9XbAJz981HdVaNz - Autocrat version: 0.3
- Completed: 2024-06-30
- Ended: 2024-06-30