GCP #1: Treasury Diversification Round
Author: gcrfriend#6522 Start Date: 11/16/2021 11PM ET End Date: 11/20/2021 12PM ET
Summary
We propose to swap up to 350,000 GCR tokens with strategic partners and members in exchange for $1,225,000 USDC.
Motivation
The GCR Treasury (GCRdao.eth) currently is composed of GCR tokens. We are looking to diversify the Treasury with stablecoins such as USDC while bringing onboard world-class partners and collaborators to further expand and advance the next stage for GCR.
Specification
We are exchanging up to 350,000 GCR tokens held in the DAO Treasury to strategic partners and community members for $1,225,000 USDC at 3.5 USDC per 1 GCR at an implied fully diluted token valuation of $35M.
Up to 20% of exchanged tokens will be reserved for community members and the rest will be allocated to partners and collaborators. All proceeds of this strategic diversification will go directly to the DAO Treasury.
Strategic Partners and Collaborators
Below is the list of strategic partners and collaborators along with allocation (in USDC):
| Strategic Partners | Allocation (USDC) |
|---|---|
| IDEO | $300,000 |
| 1kx | $50,000 |
| Valhalla Capital | $50,000 |
| HanDAO | $50,000 |
| GBIC | $50,000 |
| Jeff Zirlin / Axie Infinity | $150,000 |
| Bowen Wang (DDEX/SMRT Labs) | $75,000 |
| Gabby Dizon / YGG | $25,000 |
| Beryl Li / YGG | $15,000 |
| Jeff Holmberg / YGG | $20,000 |
| Jaynti Kanani / Polygon | $20,000 |
| Bobby Ong / CoinGecko | $25,000 |
| Adam Kornfield / Flamingo DAO | $50,000 |
| Adam Winnick / House of Medici | $10,000 |
| Jenil Thakker / Coinvise | $25,000 |
| Miss ₿itcoin Mai | $10,000 |
| Shiliang Tang / LedgerPrime | $25,000 |
| Samantha Yap / YAP Global | $10,000 |
| Zhuoxun Yin / Magic Eden | $10,000 |
| Syndicate Protocol | $10,000 |
Community Contributors
Lastly, up to 25% of the treasury diversification round (87,500 of GCR) will be reserved for the community, and will be subject to the same vesting conditions as offered to the strategic partners.
Vesting Conditions
Strategic partners and collaborators will be subject to a vesting period with a three-year vest with a one year cliff.
This means the full amount will be liquid at the end of three years from the passing of our proposal.
At the one year cliff, 33% of the tokens will unlock, followed by vesting linearly for the remaining two years.
Vote
The ‘Single choice voting’ Snapshot voting system will be used for this proposal, meaning each voter must hold at least 1 GCR token to be able to vote and may select only one choice:
Yes - Approve the exchange No - Decline the exchange
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0xFd25...e54122 | 1 | Yes |
 0xfC0e...31F688 | 1 | Yes |
 0xF5a9...1e1F46 | 1 | Yes |
 0xF29a...B46878 | 1 | Yes |
 0xf174...bBD86F | 1 | Yes |
VOTE POWER
Proposal Status
- Wed November 17 2021, 04:00 amVoting Period Starts
- Fri November 19 2021, 05:00 pmEnd Voting Period
Current Results
1-Yes
44