Botto

Summary

This proposal seeks to perform a token swap between SuperRareDAO and BottoDAO’s treasuries.

Specifications

1,000,000 $BOTTO tokens will be used in exchange for $RARE tokens. A small amount of ETH gas fees will be incurred to complete the multi-sig swap.

• A one-time 1-to-1 market rate token swap using the volume-weighted 30-day average price at the end (midnight Eastern Daylight Time) of the votes by both DAOs (ie. if the 30-day VWAP is $0.25 $RARE and $0.125 $BOTTO, the conversion rate would be 2 $BOTTO token for 1 $RARE token)
• USD notional value should not be a factor in this token swap proposal since it’s derived based on the 30-day VWAP of the token prices
• Lockup/Holding period - Both DAOs will hold the tokens for a minimum of two (2) years after the swap
• No sale of tokens are permitted until after the two (2) year lockup period
• The two (2) year lockup period begins once both snapshots passes
• After two (2) years, each DAO has the right of preemption to acquire the tokens back at the 30-day volume weighted market price at the time of sale if the other DAO decides to sell
• A joint press release will be announced at the conclusion of the vote (if successful)

Wallets to be used for the swap:

BottoDAO Treasury Wallet SuperRareDAO Treasury Wallet

Please refer to the BIP-08 forum post outlining rationale, criteria for success, and more.