Artis
Statement of Commitments For Post-LBP Market Making Background
On 29 January 2024, Artis proposed that Shutter DAO 0x36 provide a grant for post-LBP market making services:
On 5 February 2024, Shutter DAO 0x36 accepted Artis’ proposed grant via a Snapshot vote: https://snapshot.org/#/shutterdao0x36.eth/proposal/0x3a0396a8e018250455d600c31f3e6e26161b8dca9338a6fd477d408503b185a5
On 19 February 2024, Artis proposed that Shutter 0x36 transfer funds for creating a DEX pool and market making:
On 23-24 February 2024, Shutter DAO 0x36 community member created Proposals 9, 10 and 11 on Fractal, all based on Artis’ proposed transfers:
Introduction
As outlined above, Shutter DAO 0x36 has proposed to transfer significant amounts of SHU and USDC tokens for the purposes of creating a DEX pool and market making.
Ideally, Shutter DAO 0x36 and Artis would enter into a legally binding agreement, detailing their respective rights/responsibilities and providing remedies in case of breach. However, Shutter DAO 0x36 is a true and unwrapped DAO, and it does not have the ability to enter into legally binding agreements.
As such, Shutter DAO 0x36 members have Artis to provide a written statement of commitments, detailing the terms of their service and processes for terminating the relationship (if needed).
Artis is sharing this initial draft Statement of Commitments with Shutter DAO 0x36. Artis seeks comments, suggestions and questions from Shutter DAO 0x36 members. Artis will make changes and then submit the final draft Statement of Commitments to Shutter DAO 0x36 on the Forum.
Commitments
- Creating a DEX Pool
On 26 February 2024, after the end of the LBP and after receiving funds from Shutter DAO 0x36, Artis will immediately create a SHU/USDC Uniswap v2 pool.
When instructed by Shutter DAO 0x36 via Snapshot or Fractal vote, Artis will create additional DEX pools.
- Adding DEX Pool Liquidity
When instructed by Shutter DAO 0x36 via Snapshot or Fractal vote and after receiving funds from Shutter DAO 0x36, Artis will immediately add liquidity to the specified DEX pool using funds received from Shutter DAO 0x36 for that purpose, and then transfer the LP tokens to the Shutter DAO 0x36 treasury. Securing CEX Listings
Artis will work with Shutter DAO 0x36 to define a SHU CEX listing strategy and priorities.
Artis will then execute this strategy, keeping Shutter DAO 0x36 up-to-date about SHU CEX listing opportunities, prerequisites, costs, etc.
After SHU is listed on one or more CEX, Artis will provide Shutter DAO 0x36 with listing maintenance services. Market Making
Artis may engage in market making on DEXs and/or CEXs, depending on instructions by Shutter DAO 0x36.
- Dedicated Accounts
Artis will always use dedicated addresses for managing Shutter DAO 0x36 funds. Artis will never commingle Shutter DAO 0x36 funds with other funds. Artis will provide Shutter DAO 0x36 with all addresses used for managing Shutter DAO 0x36 funds, so Shutter DAO 0x36 can verify balances, activities, etc.
Artis will work with Shutter DAO 0x36 to explore setting up a zodiac roles modifier on a Safe that describes and contains the permissions Artis needs, without granting Artis the ability to withdraw funds. Ownership of Funds
All funds transferred to Artis for DEX pool liquidity and market making are owned by Shutter DAO 0x36 at all times. Artis is merely using these funds to execute the instructions of Shutter DAO 0x36. Return of Funds
Artis will return all funds (or a portion of funds) transferred to Artis for DEX pool liquidity and market making to the Shutter DAO 0x36 treasury upon request via Snapshot vote.
Artis will return the funds to the Shutter DAO 0x36 treasury within 72 hours of the end of the Snapshot vote. Grant Payments
Artis will receive grant payments of $5,000 USDC per month for market making, paid by Shutter DAO 0x36 to Artis’ payment receiving address on Ethereum Mainnet prior to the first day of the relevant month.
- Termination
Artis may discontinue providing market making services by providing Shutter DAO 0x36 30 days notice on the Forum.
Shutter DAO 0x36 may discontinue providing grants for market making services by providing Artis with 30 days notice via Snapshot vote. Communication
Artis will establish the following communications channels and frequencies with a select committee of Shutter DAO 0x36 members:
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one call per month with at least one specialist
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one full report per month,
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one update per week upon request
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Telegram group with responses to non-emergency questions within 48 hours