Proposal to Unpause SHU and Create & Fund the LBP

Shutter DAO DAO Proposals
1

Forum Proposal Authors:

  • Cornelis van der Klooster, Artis Global LTD
  • Hendo Verbeek, Director at Artis Global LTD

Forum Post Created: 8 Feb 2024

Summary

Proposal to Unpause SHU and Create & Fund the LBP

Unpause SHU

Shutter DAO 0x36 will unpause the SHU token.

The Shutter DAO 0x36 token (SHU, 0xe485E2f1bab389C08721B291f6b59780feC83Fd7) is currently “paused” (i.e. non-transferable). In order to create the LBP and eventually have the SHU be liquid, SHU needs to be set as unpaused (i.e. transferable) before the LBP. If approved and executed on-chain by Shutter DAO 0x36, this part of the proposal would unpause SHU and thus enable SHU to be transferred.

Create & Fund the LBP

Shutter DAO 0x36 will create and fund the liquidity bootstrapping pool (LBP) on Fjord Foundry with the following key parameters:

  • Project Token: 40,000,000 SHU

  • Collateral Token: 100,000 USDC

  • Start Weights: 99% SHU / 1% USDC

  • End Weights: 1% SHU / 99% USDC

  • Start Date & Time: Wednesday, 21 Feb 2024 - 12:00 UTC

  • End Date & Time: Sunday, 25 February 2024 - 23:59 UTC

See full recommendations re LBP parameters here:

Voting Platform

Fractal

Transaction Info

Transaction Info

Transaction 1 - Unpause the token


Target Address: 0xe485E2f1bab389C08721B291f6b59780feC83Fd7

Function Name: unpause

Function Signature:

Parameters:

ETH Value:

Transaction 2 - Approve LiquidityBootstrapPoolFactory to transfer SHU


Target Address: 0xe485E2f1bab389C08721B291f6b59780feC83Fd7

Function Name: approve

Function Signature: address,uint256

Parameters: 0x0516a838c4C3225Bd57FfC40768a634f6adf4E4B,40000000000000000000000000

ETH Value:

Transaction 3 - Approve LiquidityBootstrapPoolFactory to transfer USDC


Target Address: 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48

Function Name: approve

Function Signature: address,uint256

Parameters: 0x0516a838c4C3225Bd57FfC40768a634f6adf4E4B,100000000000

ETH Value:

Transaction 4 - Create LBP


Target Address: 0x0516a838c4C3225Bd57FfC40768a634f6adf4E4B

Function Name: createLiquidityBootstrapPool

Function Signature: (address,address,address,uint88,uint88,uint88,uint88,uint88,uint64,uint64,uint40,uint40,uint40,uint40,bool,bytes32),uint256,uint256,bytes32

Parameters: (0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48,0xe485E2f1bab389C08721B291f6b59780feC83Fd7,0x36bD3044ab68f600f6d3e081056F34f2a58432c4,0,0,309485009821345068724781055,309485009821345068724781055,309485009821345068724781055,10000000000000000,990000000000000000,1708516800,1708905540,0,0,true,0x0000000000000000000000000000000000000000000000000000000000000000),40000000000000000000000000,100000000000,0x50ad7440dbf6c2060bcb2f107ad6a42d5a3af1a868596b7324ee8ac81d4fb56f

ETH Value:

Vote

Vote “YES” to Unpause SHU and Create & Fund the LBP

OR

Vote “NO” to not do so

1 Like
2

I disagree with this statement personally:

  • Raise Liquidity Collateral: 40,000,000 SHU in the LBP ensures that there are sufficient tokens for sale to raise $2,000,000 - $5,000,000 in liquidity collateral at a reasonable token price: $0.05 - $0.125.*

Min reasonable price in my opinion cannot be below 15c and should be much higher anyways.

we are in the bull market and Shutter is really a great project with very bright minds.

2 Likes
3

Yess, it s good tactic to follow the market sentiment.

1 Like
4

I personally think that the token unpausing action is such a significant decision in itself that it should be decoupled from any other action and decision, separating these two sections of this proposal into each of their own.

Disclaimer: The views and opinions expressed in this post are solely those of the author and do not reflect the views or opinions of any organizations or employers with which the author may be affiliated. This post’s content is the author’s property and not any organization or its employees.

The author does not intend to offend any religion, ethnic group, club, organization, company, individual, or anything or anyone else. Any content in this post is the author’s opinion and should not be considered investment advice.

The information in this post is provided for informational purposes only and should not be relied upon as a source of advice. The author is not responsible for any errors or omissions in the content of this post.

3 Likes
5

I agree with @tatu on the importance of separating the DAO vote. I mean we definitely need to Unpause SHU for the LBP. But in any case, I think it should be a different vote.

Also tend to agree with @acidbird, I think SHU should be valued above 15c. However, I also acknowledge that the market can be very stupid sometimes.

@Cornelis what are the risks of setting params assuming the appetite and the token price set by the market might be higher? What would be reasonable params to make this happen? Is there a way for the community to move the params based on their assumptions and run some simulations?

4 Likes
6

Thanks @Cornelis and Artis team for this. We also agree with @tatu that we should have a dedicated proposal to unpause the SHU token.

Regarding the valuation of Shutter Token for the LBP, we agree that we should be ambitious, at 15c this means the FDV would be at 150M, very ambitious but not completely unrealistic.

We would like to have more rational from @Cornelis behind this “reasonable token price: $0.05 - $0.125” as we weren’t able to find any in the initial proposal ? Moreover, if there are some benchmarks from successful vs unsuccessful LBP due to ambitious target price this could help ?

2 Likes
7

The LBP proposal sounds reasonable to bootstrap things. I disagree with acidbird of setting a lower limit of 15c, as although Shutter is a strong project fundamentally, the equating 150mUSD FDV may seem difficult to justify on a fair basis compared to where things currently stand (I am naturally open to changing my view if evidenced by a good data fundament).

Agree that the decision to unpause the SHU token could be beneficial to be kept as a separated discussion topic.

1 Like
8

This proposal has gone to two separate votes:

Voting will go from now until Tuesday, Febraury 13 at 12:45 CET.

3 Likes
9

Both proposals on Fractal passed and were successfully executed.

As a result, the Shutter Token (SHU) LBP was successfully deployed on-chain and it is now listed as “upcoming” on the Fjord Foundry website:

Key Information:

  • Start: Wednesday, 21 Feb 2024 - 12:00 UTC
  • End: Sunday, 25 February 2024 - 23:59 UTC
  • Chain: Ethereum Mainnet
  • Number Tokens Available: 40,000,000 (forty million) SHU
  • Available to Purchase with: USDC
  • Starting Token Price: $0.247 USDC

Please share this link and information with people and networks which are value aligned with Shutter and Shutter DAO 0x36.

1 Like