Summary

This proposal overrides any previous or conflicting proposals regarding redemptions and/or donations, and includes all relevant options as discussed in the linked forum thread.

Context

The entity known as 1tx.capital has repeatedly misrepresented the concerns of the Guardian Multisig members on forums and discords, and has previously attempted to send YAM Treasury funds that remained un-redeemed after 1 year to a wallet that was created by 1tx.capital. This by all intents and purposes is viewed by the Guardian Multisig members Hodldwon, Feddas, and Chilly, as an attack on the Treasury and was rightly blocked by the Guardian function.

Additionally, the snapshot presented here: https://snapshot.org/#/yam.eth/proposal/0x714af9e0c378f0e8c82267eded4e3f5abae978d2c2a02e4d858754c938ba9a72 is grossly malformed as an Approval Vote, that attempts to double-count votes by combining options Pro-rata GiveDirectly and Pro-rata Gitcoin Donations. Additionally it did not include an option for Temporary Redemption, nor does it reconcile any complexity involved with accounting for the YAM Redemption or “pro-rata” calculations.

I, Hodldwon, therefore submit this corrected snapshot proposal with all relevant options included.

Proposal

The Treasury assets will need to be converted to either ETH, WETH, or USDC depending on the result of this proposal. And Redemption calculations will need to consider YAM in dead addresses like 0x0000…000, dust accounts, and any YAM owned by the DAO, or Operational Multisigs. Another Snapshot should be made to determine how the Treasury should be simplified for the accounting of redemptions, or donations, before any on-chain contract is submitted to hold or distribute YAM Treasury assets, otherwise it should be blocked by the Guardian function.

This proposal is conducted as an Approval Vote, so select all Options you agree with (more info https://youtu.be/orybDrUj4vA).

Options as follows:

1. No redemption.
2. Redemption forever.
3. Temporary Redemption. Return un-redeemed funds after 3 months back to YAM Treasury.
4. For Pro-rata Split. Split un-redeemed funds between GiveDirectly and Gitcoin proportionally to votes on 6 and 7 (only valid if this receives the most votes).
5. Against Pro-rata Split. Do not split un-redeemed funds between GiveDirectly and Gitcoin.
6. Redeem+donate to GiveDirectly. Send un-redeemed funds after 1 year to GiveDirectly.
7. Redeem+donate to Gitcoin. Send un-redeemed funds after 1 year to Gitcoin.

About Option 1 “No redemption”

YAM DAO continues as before, but redemption of YAM for Treasury assets is no longer considered a valid proposal and all attempts at redemption will be treated as theft by the Guardian Multisig.

About Option 2 “Redemption forever”

All Treasury assets are locked in a Redemption contract forever with no chance of withdrawal other than redemption via burning YAM.

About Option 3 “Temporary Redemption”

Core YAM team members and YAM holders have requested the ability to allow for Redemption, but then continue operations of the DAO afterwards. This option will allow a brief window for YAM to be redeemed for Treasury assets, before those assets are returned back to the Treasury and DAO operations can be continued.

About Option 4 “For Pro-rata Split.”

If Option 4 receives the most votes, then the votes on Options 6 and 7 will be used to calculate the allocations towards GiveDirectly and Gitcoin. If GiveDirectly receives 100 vote, and Gitcoin receives 200 votes, then Gitcoin would receive twice the amount as GiveDirectly.

About Option 5 “Against Pro-rata Split”

If some YAM holders are against donations, and against pro-rata splitting, they need an option to signal that in a vote, without contributing to either Options 6 or 7.

About Option 6 Redeem+donate to GiveDirectly https://www.givedirectly.org/

“GiveDirectly is a nonprofit that lets donors like you send money directly to the world’s poorest households. We believe people living in poverty deserve the dignity to choose for themselves how best to improve their lives — cash enables that choice.”

They seem to manage and own their own Eth wallet, which is publicly displayed on their website (https://www.givedirectly.org/crypto/). Currently they accept: ETH https://etherscan.io/address/0x750EF1D7a0b4Ab1c97B7A623D7917CcEb5ea779C USDC https://etherscan.io/address/0x0aC59E6F995BE28c809a102670F325ad94fE5f6E

About Option 7 Redeem+donate to Gitcoin https://gitcoin.co/grants/

"The Gitcoin Grants Program is a quarterly initiative run by Gitcoin DAO that empowers everyday believers in web3 to drive funding toward what they believe matters, with the impact of individual donations being magnified by the use of the Quadratic Funding (QF) distribution mechanism. QF was introduced in a paper published in 2018 by Vitalik Buterin, Zoe Hitzig, and Glen Weyl.

Gitcoin’s mission began in 2017 by creating better incentives to support and fund open-source software developers. The mission eventually solidified to building and sustaining digital public goods. GR1, in 2019, saw 200 contributors and $38k raised. Since then, we have run two-week rounds once per quarter, with the most recent being GR15, which saw a total of $4.4M distributed to grantees. Across the first 15 grant rounds, $50.82M has been distributed in total.

During a QF round, the community contributes to the project they feel should be funded and supported; a matching partner offers funds to match the community’s contributions, but not in a 1:1 match. Instead, the fund matching is more aligned with the sentiment of the community as opposed to the sheer dollar value amount raised by any grantee. The number of contributions matters more than the amount funded." GiveDirectly has specific Ethereum addresses for specific assets.

Gitcoin DAO accepts ERC20s here: https://etherscan.io/address/0x57a8865cfb1ecef7253c27da6b4bc3daee5be518