Buzzed Bear Hideout

Status: Snapshot Vote

Author(s): AlpacaChad; Mesk85; CryptoChicca

Discussions-to: [Link to the discussion on the forum]

Created: Oct 3rd

BUZZED SUMMARY

The proposal aims to distribute the main DAO’s treasury (HONEYPOT) among voting members. Voters will decide whether to distribute the whole treasury to voters. There will be no changes to the structure or governance of the main BBH DAO.

ABSTRACT

This proposal aims to consolidate all liquid assets, including NFTs and cryptocurrencies, into Wrapped Ether (WETH) for distribution among members who participate in the vote. If the proposal reaches quorum and the majority votes FOR, the WETH will be airdropped to all bears that voted FOR or AGAINST. If the proposal passes quorum and the majority is AGAINST all WETH will remain in the honeypot. The BBH DAO will continue to function as it currently does, with no structural changes.

MOTIVATION

This proposal gives BBH DAO members a simple choice: keep the treasury in the DAO or split it among active voters.

SPECIFICATION

Voting Period: The voting will remain open for 42.0 days, with communication on available community channels to ensure participation.

Treasury Management: HONEYPOT’s cryptocurrencies will be consolidated into WETH before distribution. HONEYPOT’s NFTs will be transferred to a designated wallet, similar to what has been successfully done in the past by BBH’s investment committee, enabling the acceptance of WETH offers, along with a sufficient amount of ETH, for accepting offers above 0.04 ETH. Once offers are accepted, the WETH will be sent back to the HONEYPOT.

Honey Split: The WETH will be divided according to the following formula: Amount received per wallet = consolidated assets value / number of BEAR who voted on Snapshot * number of BBH token held Example: Consolidated assets value = 200WETH Number of BEAR who voted on Snapshot = 4,000 Number of BBH token held = 10 Amount received = 200 / 4000 * 10 = 0.5 WETH

Honey Reserve: If majority is AGAINST the BBH DAO will retain the treasury.

Governance: The BBH DAO will continue under its existing governance structure.

Founders’ bears: The first 100 bears that were minted and reserved for founders will be void to vote with

Transparency: Regular updates and reports will be provided after the voting ends to ensure all members are kept informed of progress.

Eligibility for payout: Voters must hold at least one of the bears they voted with until the end of the voting period. If any bears are sold, only the remaining ones will be eligible for the payout. Once the vote ends another snapshot will be taken for verification.

RATIONALE

Justification for distributing the treasury only to voters.

Effective governance relies on active participation.

Active participation reflects commitment.

Concerns over inactive wallets.

Tax considerations.

TECHNICAL SPECIFICATION

Consolidation of assets and Distribution of Cryptocurrencies:

NFT Consolidation: The current multi-signers will manually transfer the HONEYPOT’s NFTs to a designated wallet with a sufficient amount of ETH, similar to what has been successfully done in the past by BBH’s investment committee, enabling the acceptance of WETH offers. Offers at or above 0.04 WETH will be accepted. Once the NFTs are sold, the WETH will be transferred back to the HONEYPOT. If an NFT has no offers, it will remain in the HONEYPOT.

Unstaking and Consolidating Cryptocurrencies: The current multi-signers will manually handle the consolidation of various cryptocurrencies into Wrapped Ether (WETH). Using the COWswap Safe Wallet App, multi-signers will convert the main cryptocurrencies into WETH (ETH, WETH, SAFE, MANA, INDEX, DAI, LYXe, icETH, MVI, OHM, SAFE).

Distribution Process:

• After voting ends: addresses of voters will be collected, then the multi-signers will utilize the Drips Safe Wallet App to distribute WETH.
• Transaction Fees: fees for transactions will be covered by the HONEYPOT.
• Collection of addresses: Snapshot Admins will export the voting addresses from Snapshot, then they will create a spreadsheet with recipient + percentage to be received to match Drips App requirement, then multi-signers will create a Drip list on the Drips App. The Drip list will be made public for verification purposes.
• Transfer: multi-signers will use the Drip list to send all WETH.

TEST CASES

If the proposal passes,

A public Drip List test will be created and verified by Snapshot Admins and at least 2 community members.

Snapshot Admins will create a spreadsheet with 3 voting addresses and associated percentages to be received.

A small amount will be distributed to test the Drips app

The list will be checked against wallets on Etherscan to verify distribution accuracy.

COPYRIGHT

Copyright and related rights waived via CC0