Dopewars

GM DOPE DAO

I salute you all for your patience on this matter. It’s time to execute the transfer of $Paper, ETH and OP to the Arrakis Vaults.

Our friend Mazzi has calculated a weighted average over the last 7 days for the Start Price of $Paper at: 0.00186877660652936 🙂. Mazzi has an eye for detail team.

Like I mentioned in the previous Snapshot, the price of $Paper can be easily manipulated with relatively small buying or selling. Leaving the decision, regarding the true value of $Paper, up to an arbitrary pluck of the price indication on the day of establishing the Tally vote would be leaving it to chance and not a true representation. This weighted average represents an honest value for our utility token $Paper.

The next matter is logistics. How we practically achieve the task of getting the tokens to the correct places. This will happen as follows.

This Tally proposal will transfer 112,500,000 $Paper tokens (75M L1 & 37.5M L2) and 4.765 ETH (Current value $1548 - 5% of 75M $Paper for L1) to the Multisig 0x0c004b7cF408f2c418200bA83826F7451e22fa24 controlled by myself, Cyberbitz and Slasher.

The Multisig will then transfer 37.5M $Paper to my control and I will bridge it to L2 and transfer to the DOPE DAO L2 wallet. I have been nominated for this task because I am KYC’d with the MIDAO Marshall Islands, the home of the Legal Registered Office of DOPE DAO.

Let it be put on the record that I will be nervous while conducting the bridge. But I will breath through it and share a screen with Slasher who can be an extra set of eyes to ensure it is done correctly.

This Tally will also authorise the manual release of $3,688.37 USD worth of OP from our L2 wallet to be used as the L2 pair in the Arrakis Vault. (5% of 37.5M %Paper for L2). Once the tokens have been put in their correct places Slasher will work with the Arrakis Team to approve the PALM term contract and interact with the contracts to set up the vaults.

The final matter is the creation of the Constitutional Contract Element of this vote as per the DOPE DAO LLC Operating Agreement. Our Lawyer has given us the green light to move forward with Arrakis Liquidity but only on the basis that the provision of Liquidity is for the sole purpose of generating health liquidity for $Paper so as to make it a viable Utility Token. What we are intending to achieve is to make $Paper capable of working successfully, which it cannot currently do due to the almost zero amount of liquidity. This intent is opposed to an outcome that would see us utilising a Liquidity Pool to exchange $Paper for ETH that would then be returned to the DAO. This would constitute, and depict, an intent to sell $Paper. The sale of $Paper, by the DAO, has been advised against by the Lawyer at this time.

Therefore this vote is drafted as a Constitutional Contract vote for DOPE DAO. It will be subject to the below conditions and will only be executed if it passes by a 75% majority.

If this vote passes by a 75% majority then the DAO will be bound to the below outcome for 12 months as described in the DOPE DAO Operating Agreement.  The Arrakis Vault Contract lasts for 12 months. At which time we can reassess the legal and technological landscape and redeploy and re vote as appropriate.

CONSITUTIONAL CONTRACT

We, DOPE DAO, agree that the deployment of the tokens in this proposal will be used solely for the purpose of providing Liquidity for our Native Utility Token $Paper. The DAO will not create any proposal that seeks to alter the deployment of these tokens unless the below conditions are met.

1. Legal Counsel advises DOPE DAO that it is feasible to do so.
2. There is a technological reason that makes it reasonable for the DAO to move the Liquidity Position to a different platform.

This vote will be a simple YES/NO

Once again we find ourselves on the frontline of DAOism.

Tani.