- Flow Ventures LP
- Maven 11 Capital
MIP-1 proposes that the DAO’s official token sale will be carried out through a Balancer V2 Liquidity Bootstrapping Pool (BLBP), the proceeds of which will be used for the DAO’s operations.
MIP-1 proposes that the DAO’s official token sale will be carried out through a Balancer V2 Liquidity Bootstrapping Pool (BLBP). In this sale, 7,5% of the MC supply (75,000,000 MC tokens) will be put up for sale on the Balancer decentralized exchange through their LBP program. This will be done through both Copperlaunch and the Merit Circle website.
The Balancer sale will be conducted with the following parameters:
- Pair: MC/USDC
- Starting weight: 96%/4%
- End weight: 50%/50%
- Duration: 72 hours
- Starting date: November 2th 16:00 PM CEST
- Ending date: November 5th 16:00 PM CEST
All USDC proceeds from the public sale will be added to the DAO’s treasury. These proceeds will be used for the DAO’s operations in line with its mandate to create value for the DAO.
Up to 15MM USD Uniswap v2 liquidity will be seeded. The DAO will pay back it’s BLBP seeding debt and other outstanding debts that were provided by other parties on behalf of the DAO. To ensure continuity of operations as long as there is no formal token governance in place yet. It will also be authorized to fund ongoing Axie Infinity gaming operations with ETH funding in the amounts that are needed from operations, sell $SLP to different tokens and to fund SAFTs or NFT deals with project partners.
To bootstrap the DAO and the DAO’s governance, there needs to be widespread distribution of liquid tokens since future proposals will be approved via the governance forum and voting weight per token.
By distributing the tokens in a permissionless and accessible way, the DAO will become more decentralized and ensure broader participation. The Balancer Liquidity Bootstrapping model is not limited by time, the amount of money raised or the number of people participating ensuring that the DAO allows anyone that is willing to participate has the ability to.
There is no budget requirement from the DAO. Not currently and not at a future date. The funds will be seeded by Flow Ventures L.P. (incubator) and Merit Circle Ltd.
Should you have any objections to the aforementioned sale please respond to this email within 24 hours. This mail will serve as the pre-governance module. If no serious objections are raised, then the proposal will be ratified by the DAO’s multi-sig wallet.
The proposal is a sensible approach that will allow Merit Circle to bootstrap their ecosystem, while utilizing fair launch mechanics in order for fair and transparant token price discovery to take place.
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