Founders DAO

Title: DOT Accelerator Evolution

Author(s): Rolldawg, SanLeo

Type: Action

Implementer: Multi-sig Team, RollDawg

Created Date: Dec 28, 2023

SUMMARY

Founders DAO (FD) will burn MP2 to create EVO6s DOTs, in preparation for the Supernova and DOT acceleration.

This proposal seeks to permit the Multi-sig members of the FD to engage with the FoundersDAO.eth wallet (Wallet: 0x580A96BC816C2324Bdff5eb2a7E159AE7ee63022) to mint DOTs using MP2, as determined in this proposal, to maximize the FD holdings of EVO6.

VOTING CHOICES

Option #1 Maximize EVO6 DOTs. Evolve 16 EVO1 DOTs with MP2 to EVO6 (16 EVO1 & 496 MP2). Max mint MP2 directly to EVO6 (5472 MP2). This yields 187 EVO6 DOTs. The estimated cost is 1 ETH for gas.

Option #2 Max Mint MP2 directly to EVO6 (5952 MP2). This yields 186 EVO6 DOTs. The estimated cost is 1 ETH for gas.

Option #3 Mint MP2 to EVO1. Select the highest rarity EVO1 DOTs to evolve to EVO6. This Yields 187 EVO6 DOTs. Estimated Costs of 25 ETH for gas.

Choice #4 is to do nothing and costs nothing.

Choice #5 is to abstain and it costs nothing.

ABSTRACT

What: The FD has 5970 MP2, 16 EVO1 DOTs, and 6470 planet tokens. The FD can create 187 EVO6 DOTs with these holdings. This proposal will increase the FD total of EVO6 DOTs to accelerate the vesting of the FD’s planet tokens to $GG.

Why: Providing utility to the FoundersDAO.eth wallet by minting MP2 to EVO6 DOTs. EVO6 DOTs will allow the FD to vest their planet dust and convert to $GG quicker through DOT acceleration. Quicker realization of $GG vesting provides flexibility for the FD to best utilize its assets.

How

Option 1: Upon approval, the multi-sig team will be sent 1 ETH for gas costs. The multi-sig team will evolve all 16 EVO1s currently in the FoundersDAO.eth wallet with MP2s (496 MP2). These EVO1 DOTs were saved from previous FD events and have desirable traits (8 traits, 4 traits, 3+ matching traits, etc.) Max mint remainder of MP2 to EVO6 (5472 MP2). Yields 187 EVO6 DOTs. Any unused ETH will be returned to the FD wallet.

Option 2: Upon approval, the multi-sig team will be sent 1 ETH for gas costs. The multi-sig team will max mint MP2 to EVO6 (5952 MP2). Yields 186 EVO6 DOTs. Any unused ETH will be returned to the FD wallet.

Option 3:

1. Upon approval, the FoundersDAO.eth wallet will disperse 7.5 ETH to the multi-sig team to cover the initial minting gas. An additional 17.5 ETH will be earmarked and allocated for further gas costs incurred by the multi-sig team.
2. Multi-sig team will mint all MP2 to EVO1.
3. Once all EVO1 DOTs are minted, Rolldawg and the multi-sig team will determine which DOTs will be evolved to EVO6, based upon highest rarity rankings from inhabitants.tools.
4. Once the highest rarity EVO1 DOTs are chosen, the multi-sig team will begin to evolve all selected EVO1 DOTs by burning the lower rarity EVO1 DOTs. 18 EVO1 DOTS will remain.
5. If/when during minting and evolving the multi-sig team exhausts the initial allocation of 7.5 ETH, additional ETH allocations for gas can be requested in 5 ETH increments.

Who: Multi-sig team will be responsible for executing the minting and evolution of DOTs from the FoundersDAO.eth wallet. Rolldawg will provide oversight.

Where: Transactions will take place in the FoundersDAO.eth wallet.

POSITIVES

This provides utility to the FD’s MP2. Once evolved to EVO6 the DOTs will allow an equal number of planet dust tokens to be converted to $GG 4x quicker, providing liquid $GG to the FD.

RISKS

Gas will be spent on the evolutions with no guaranteed recoup of value. There is no guarantee that once DOTs have accelerated the $GG vesting they will continue to hold equal or greater value than the equivalent number of MP2.

OVERVIEW

FD will convert the holdings of MP2 to EVO6 DOTs via Minting.

GAS ADDENDUM This section will involve calculations for the gas costs discussed, to show how we arrived at our estimates for ether required. If you don’t need the technical details you can safely skip this section.

A simulation was run to calculate how much gas evolving 500 EVO 1s from MP2 would cost, which can be found here: https://www.tdly.co/shared/simulation/f480a423-5d01-4c00-af52-9b3cc99943d4 Gas cost: 25.91m

A simulation was run to calculate how much gas evolving 186 EVO 6 dots directly from MP2 would cost, which can be found here: https://www.tdly.co/shared/simulation/3d077908-e090-4436-93f4-39c9097998cf Gas cost: 13.81m

A simulation was run to calculate how much gas evolving 5 EVO1 dots to EVO6 using other EVO1 dots would cost (155 other EVO1s), which can be found here: https://www.tdly.co/shared/simulation/1263e546-97b2-4fea-a101-c2270c251856 Gas cost: 4.51m

A simulation was run to calculate how much gas evolving 5 EVO1 dots to EVO6 using MP2 (155 MP2) would cost, which can be found here: https://www.tdly.co/shared/simulation/1a51e9c2-0e5d-4669-84a2-d19b7c0ee90e Gas cost: 211k

Using these numbers we can extrapolate estimated costs for our options.

Option 1

Evolve 16 EVO1 to EVO6 using MP2: 211000 * 16/5 =675200 Evolve 171 EVO6 using 5472 MP2: 13810000 * 171/186 =12696290 Total cost: 13,371,490 gas

Option 2

Evolve 16 EVO1 to EVO6 using MP2: 211000 * 16/5 =675200 Evolve 186 EVO6 using 5952 MP2: 13810000 Total cost: 14,485,200 gas

Option 3

Mint 5952 EVO1s using MP2: 25910000 * 5952/500 =308432640 Evolve 187 EVO6 using 5797 other EVO1s: 4510000 * 187/5 =168674000 Total cost: 477,106,640 gas

Gas is a measure of compute, to find the tx fee we must multiply by the current cost of gas, which is variable. A table is provided to show how fees for different options change with the cost of gas. The multi-sig team will attempt to work to keep gas fees low by executing during off-peak times, but must eventually finish the proposal and as such must be prepared for worst-case gas fees.

As there will be many transactions to execute this proposal, this table is representative of the average price of gas over the many transactions. The base gas for executing multisig txs has not been included in these calculations, but is negligible in comparison.