Proposal: OTC sale of SHU to anon syndicate for LBP collateral

Shutter DAO DAO Proposals
1

Status: Proposed

Forum Proposal Author: johnsnow

Forum Proposal Created: 6 Feb 2024

Summary

Sell 80,000 USDC worth of SHU tokens at a valuation of $40M FDV with a vesting schedule 10% unlocked on 18th March and 3.75% unlocked monthly for total of 2 years. This is a sale price of $0.04 per SHU, for a total of 2,000,000 SHU.

The execution of the syndicate allocation shall occur atomically between anon syndicate multisig and shutter 0x36 treasury.

There is an additional 100k USDC committed by other members of the community that will be executed non-atomically with shutter 0x36 at their own risk, with the same vesting schedule and valuation as anon syndicate.

Anon syndicate reserves the right to pull out of the transaction if at least 70k USDC is not transferred to shutter 0x36 by Monday 12 Feb 12:00 CET.

Proposal

An anonymous syndicate, committed to fostering growth within the blockchain ecosystem and excited by the technology that Shutter Network is pushing to build, proposes to fund Shutter DAO 0x36 with USDC for the Liquidity Bootstrapping Pool (LBP) event on Fjord Foundry in the near future, in return for SHU tokens. The syndicate has already committed 80,000 USDC.

The wider community has rallied to commit a further 100,000 USDC and has decided not to participate in the atomic transaction set-up, instead trusting that shutter 0x36 will release vested tokens as per the schedule outlined in the the summary. Anon syndicate is not liable if that does not happen.

Anon syndicate reserves the right to pull out of the transaction if at least 70k USDC is not transferred to shutter 0x36 by Monday 12 Feb 12:00 CET. It is in our interest that whole deal does in fact go through so shutter 0x36 is fully capitalized for the LBP event and the launch of the first pool shortly after and that there are no last second calls to accept a proposals that are on weaker terms than the ones outlined here.

Current confirmed commitment:

1: 80k from anon syndicate

2: 10k from NedStark

3: 60k from contacts

4: 30k from miohtama

Total: 180k

Voting Platform

Fractal

Vote

  • Vote “YES” to conduct the proposed sale

OR

  • Vote “NO” to not conduct the sale
8 Likes
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voting YES here, no objections, terms are reasonable enough

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I calculate that Shutter DAO 0x36 will need a total of 150,000 USDC.

2 Likes
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How would one go about potentially joining this initiative?

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Thanks @johnsnow - these look to be good terms. It’s good to see the positive response.

Could you add some color to the larger picture for us?
Are you still short of the 100k mark you need by 9th Feb 12:00 CET?

1 Like
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Yes, we are still short by 30k to make this proposal valid. If there are interested parties in the community to fill the gap the best thing to do is to post your intention in this forum thread.

To make this proposal valid we would require at least 100k committed on the same vesting schedule as this proposal before the deadline.

1 Like
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I find it a little hard to commit to anon syndicate, when I myself am not anon here.

Maybe you can outline the terms of the internal deal of the people supporting towards the 100k. Is there an upside other than doing something good? What kind of assets do you accept? Will I become part of a cool club if I support?

2 Likes
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I find it a little hard to commit to anon syndicate, when I myself am not anon here.

That is understandable but also irrelevant. You chose to respond from a forum account that is not anon.

Maybe you can outline the terms of the internal deal of the people supporting towards the 100

In terms of execution of this proposal it is not required that any participant trusts any other, it is possible for shutter 0x36 to collect funds from multiple individual wallets solely controlled by each participant and each participant can claim their vested share directly in their wallet from a vesting contract.

Is there an upside other than doing something good?

You get an allocation very close to genesis participants, in addition to doing something good.

What kind of assets do you accept?

We (current members of syndicate) would not be accepting any assets. The assets would be accepted directly by shutter 0x36, in the form of USDC.

Will I become part of a cool club if I support?

We can certainly look to collaborate in the future. The current participants also enjoy drinking wine at various ethereum conferences.

2 Likes
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The wine drinking does sounds nice though!

I’d probably be willing to help get it over the finish line if < 5k is missing by tomorrow noon. Hoping to see more people being willing to join in to get this proposal realized.

3 Likes
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@czepluch - I heard from another that will also help with you. It sounds like we’ll get there after all, but maybe still need another hand or two to go up.

Sounds like there might need to be a cool club POAP. :slight_smile:

2 Likes
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This is a very interesting proposal. Thanks for putting it forward @johnsnow

I’m interested in supporting the fundraiser.

To be fair, the details of the implementation weren’t clear to me and seem like neither to @czepluch and @5pence. It might be helpful to add it to the main proposal.

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Why the tight deadline of Feb 9th 12:00? Prob missed the context in some other thread. No way to extend the deadline? What happens if the money isn’t committed by then?

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@johnsnow how close are we? I would be down to add $10k to the pot to get this over the line. Still a bit unsure how go about it but we can cross that bridge if needed.

Hopefully we have enough and we can get this proposed!

2 Likes
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I am aware of 2 individuals who would each like to purchase $30K of SHU on the same terms the Anon Syndicate - but in separate transactions. They are both willing to do non-atomic swaps with Shutter DAO 0x36. They will each send $30K USDC to the Shutter DAO 0x36 treasury and then wait for Shutter DAO 0x36 to send them SHU (via a vesting contract).

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I am committed to 30k USDC as well.

The competing initial funding proposal would be detrimental to the success of Shutter. I hope to ensure Shutter gets a good launch and should not fumble on its first meters.

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I can do 5k too if needed

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I have edited main proposal with the current status. The proposal can be considered valid as we have reached 100k minimum threshold.

We have also surpassed the 150k upper target, however I think it would be wise to accept the extra funds as shutter 0x36 would need extra capital anyway to pay for things like mm retainer and other proposals.

4 Likes
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Thanks for this proposal @johnsnow, at Kleros labs we support it as the amount is aligned with our needs and the vesting schedule is similar to the Genesis Allocation.

Very good to see that even the upper target was surpassed thanks to Delegates and community members, good to see Shutter DAO ready for the upcoming LBP.

3 Likes
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Thank you to the community for rallying behind this proposal!

We are super excited to get this moving forward. Current status is:

Anon syndicate 70k + czepluch 5K + gimdalf 5k will be handled by a single multisig via an atomic swap with shutter 0x36.

I have tried to get in touch with @NedStark and @gimdalf but they did not respond to join our multisig. Details for other participants are to follow.

1 Like
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Wonderful, @johnsnow !

All the other contributors (that I am in contact with) have stated that they do not require an atomic swap.

So we will move forward with all other contributors as follows:

  • By Monday, Feb 12 at 12:00 CET, contributors should send their USDC contributions to the Shutter DAO 0x36 treasury on Ethereum Mainnet.

  • From Tuesday, Feb 13 to Friday, Feb 16, there will be a single Fractal vote to approve the SHU transfers (on same terms as Anon Syndicate) to the contributors.

2 Likes