Founders DAO

Sewer Pass Sell Proposal Author: 2ToN Type: Sale of assets Date: 1/22/2023

Summary

Proposal to dump all eligible Sewer Passes for FD liquidity. As it stands, the FD is eligible to claim two Tier 1 and two Tier 3 Sewer passes. There will also be a fail safe provision in case the full dump proposal choice does not get enough votes so we can at least have a backup plan. It would make sure that the passes themselves won’t expire without being played on in order to lock in a score (the only way to actualize value on them) and losing the chance to continue with the mint experience.

Benefits to the DAO

The Founder’s DAO does not have the mechanisms set in place to be a swift trading entity, so selling passes that would otherwise need to be played in order to progress in the Yuga mint experience would be in our best interests rather than holding what would essentially become worthless once the window closes in February. Not only would this increase FD’s liquidity to do further business endeavors, there is a real deadline to sell the passes before they become worth zero due to mint mechanics. This also avoids any overly complicated framework needed to actually play on the passes (who? where? why? when? cost? time?).

Agreement Overview

The Founder’s DAO shall allow the executive committee to make decisions on the timing of the sale(s) within the timeframe as given here:

• Executive committee shall decide among themselves on who best to facilitate the sale(s) of eligible Sewer passes, using previous members of trading committees in past sales such as those who helped faciliate the BAYC sales.
• Chosen members of the trading committee shall have up until 12:00am EST February 8th to sell the Sewer Pass assets upon passing of this proposal.
• Trading committee shall set up a hot wallet to faciliate the sale(s) if needed should the Multi-sig function proves too difficult of an undertaking
• After completion of sale(s), all funds from the hot wallet, if used, will be sent back to the FD treasury

COSTS & FEES

The Founder’s DAO shall only incur fees related to gas charges in the process of transferring assets if necessary. All other costs and fees shall be the responsibility of the trading committee.

FAIL SAFE

If the Full Sell proposal choice does not garner enough votes to pass but the fail safe option gets enough votes to pass, then the following guidelines will come into effect:

• The FD shall give the executive committee permission to seek out a way or ways to participate on the passes before February 8th as to ensure a score that would allow for further progression.
• This shall not incur any fees upon the Founder’s DAO or take any funds out of it beyond paying for gas charges if needed.
• Any potential decision(s) made by the executive committee shall follow the same principles laid out in the agreement above regarding multi sig and hot wallet usage.
• Any passes taken out from the FD during this time will be immediately returned to the FD after the playing window has ended on February 8th, if not already returned beforehand.