Summary
Battlefly is a defi strategy game built on Treasure. They are a significant contributor to the Treasure ecosystem and a long-term builder. As part of their game design and mechanics, Battlefly LLC is proposing to acquire $4.5M USD worth of MAGIC tokens via OTC under the ratified framework defined in TIP-09. This equates to 1,848,339 MAGIC tokens at $2.43 per token on a 10% discount to the 14 day time weighted average price (TWAP) as at 21 March 2022 when the discussions were concluded.
The MAGIC obtained by Battlefly will be deposited into their Treasury and will be deployed into the Atlas Mine where emissions will be used within their game economy as rewards and redemption for certain NFT holders. Battlefly LLC will sign a contract to commit that no MAGIC will be sold within 12 months. The above terms sit within an acceptable commercial range given the size of the divestment, the 12 month commitment to lock and the commercial alternatives as their disposal.
The MAGIC tokens will be sourced from TreasureDAO’s treasury, derived from revenue generated by the Treasure Marketplace and Bridgeworld summoning / crafting. As mentioned in TIP-09, the funds received from the treasury divestment will be used as runway to continue executing our growth strategy.
Rationale
- Execution of ratified TIP-09.
- Puts MAGIC into the hands of trusted builders who have the long-term interests of the ecosystem at heart - Battlefly is one of the stalwarts of the network.
- Allows more rapid scaling of core contributors and partnerships with people / projects who require ETH / Stables.
- Allows Battlefly to fund their in-game mechanics and support the DAO in a capital efficient manner.
Proposal
In accordance with ratified TIP-09, Battlefly LLC is proposing to acquire $4.5M USD of MAGIC tokens at a 10% discount to the 14 day TWAP (effective price of $2.43). Battlefly LLC will sign a contractual agreement with TreasureDAO confirming that this MAGIC will not be sold for at least 12 months. Funds received by the DAO will be used to support runway, scaling and execution of our growth strategy.
Polling Period (MOVED TO SNAPSHOT)
The polling process begins now and will end at 07:00 UTC on 26 March. If quorum is reached, a Snapshot vote will be put shortly thereafter.
Indicative Poll
For: Approve TDB-01
Against: Reject and reconsider
