Summary
Immediately seeking funding to rapidly secure talent and build out the team is the top priority of the Treasure DAO Council. This is required to deliver the vision and roadmap in a hyper competitive NFT x DeFi x Metaverse space.
The Treasure DAO Council proposes to sell up to 70% of the Y1 Ecosystem Fund tokens (up to 10,952,991) via OTC (over-the-counter -- off order book) to selected strategic investors, early supporters from the community and new core contributors.
The terms of sale will vary by individual / group, however will fit within a framework that drives alignment with our long-term goals while balancing commercial practicalities:
- 20-30% discount on a 5 day time weighted average price (TWAP) per Coingecko
- Vesting periods to be agreed (balancing long-term commitment, strategic value)
All partners and contributors will be selected for their ability to add value beyond capital, such as (but not limited to):
- Game design insight and expertise
- Tokenomics expertise
- Technical expertise (eg. programming)
- Network.
The funds raised will be used to build out the gaming environments, ‘Town’ and ‘Legions’ while creating consumable farms and iterating on the Marketplace. Key resources include (amended):
- Game development studio
- Game developers
- Artists / Creatives
- Solidity developers
- Front end developers
- Community Managers
- Operations (eg. contract deployments, key infrastructure)
Rationale
Treasure is entering a critical phase in its journey. While achieving significant milestones to date on self-funding and community support alone, this model is not tenable in a hyper competitive market evolving each day.
To remain on the front foot, deliver on our vision and build out key gaming / metaverse environments, Treasure DAO must rapidly scale up its core contributing team across critical functions (as referenced above). Promptly securing funding while building a strong network is the top priority of the Treasure DAO Council. The risk of prolonged delays could be significant.
Raising from the Ecosystem Fund via OTC with long-term aligned, value adding partners/contributors mitigates volatility, and sets the DAO up with a strong network of contributors and advisors. It will take the collective strength of the DAO, its constituents and partners to achieve its long-term vision.
Proposal
Immediately commence raising the funding required to scale up mission critical contributors by selling up to 70% of Y1 Ecosystem fund tokens (10,952,991) via OTC to strategic investors, long term supporters and key contributors / team members (min size applicable). The discount will range between 20-30% on an end of day, 5 day TWAP. Vesting is to be agreed, based on the nature of the arrangement - but will be optimised for long-term alignment.
Polling Period (QUORUM REACHED)
The polling process begins now and will end at 09:00 UTC on 13/11/2021. Should quorum be reached, a Snapshot vote will be put up at 10:00 UTC on 13/11/2021.
