Moving funds to Solana in preparation for token sale
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There’s been a lot of activity lately with the upcoming IEO, and I’ve been mostly absent on the IA Discord, so this update is long overdue. We realized a day late that we forgot to account for the two day cooldown period for any successful vote, so I put the proposal in to start the clock ticking, anyways, here we go.
First off work on the multisig continues. We had to work through multiple bugs in the spl-token program that we’re trying to use as a wallet. Part of the problem is that is seems to be targeted as a token mint multisig, not really as a wallet, and it doesn’t seem like a lot of people are using it that way. I’ve been able to validate it using keys off my personal hardwallet, but our attempts to coordinate a signing transaction with the Vault Control Team (VCT) have been unsuccessful. My last communication with the Solana development team was earlier today, but I don’t expect any further responses from them before next week. We should have had this done already, but we have further communication delays with the team due to timezone differences and other personal summer plans.
Right now the DAO has the T3 collection, the first eight posters. Our sixteen thousand dollar investment is currently worth over $126,000 at last check. That’s not a bad return on investment. Some individuals have proposed trying to sell them off some of the posters and recoup costs. I’m not sure whether there’s a plurality on this, but discussion continues in Discord.
The main question right now is how we capitalize on the IEO. We’re going to have about 13 of these bonus tickets good on Apollo and Raydium. The general consensus from those I’ve spoken to is that the FTX sale, which would require about $6000 of FTT tokens, is futile. And as I’m US-based, I won’t be able to participate in Apollo’s launch, so I’m focusing on Raydium. We do have members of the VCT that should be able to KYC on Apollo, so I’m hoping that we can get that done and take advantage of the bonus pools.
Still, I don’t expect that there’s going to be any significant amount of tokens available for us, we’ll probably be lucky to get a thousand dollars worth. The question I’d like feedback on is how much of our treasury funds do we want to put forward for the general pools on these platforms. I haven’t done the calculus to figure out how many tickets we might be able to procure and the ratio of USDC funds that we’ll need to redeem any ATLAS/POLIS tokens. There’s also the question of what our strategy is for those. My gut instinct is to go 100% for POLIS, buy ATLAS on the open market and farm it for POLIS.
As far as this proposal goes, the only thing we’re voting on here is moving funds out of the xDAI vault and getting them over to mainnet, and from there to Solana. We could also send some to BSC once we determine what we’re doing with Apollo.
I look forward to your comments.
I fully support transfer of assets to Solana.
I’m less certain about what our exact allocation to POLIS/ATLAS should be once we get there, only that I’d prefer not to take an all or nothing approach on the two… Perhaps 80:20 or 90:10 POLIS:ATLAS would be more appropriate.
I think our best opportunity would be to try all three platforms. FTX will most likely be the worst value proposition based on what I’ve read about the bidding process. The max bid of $500 USDC + 5 FTT tokens puts the cost per winning ticket at 20%+ over a winning ticket from Raydium or ApolloX. The added cost plus the largest allocation may increase our odds there or maybe not because of the large exposure on FTX and the smaller amount of “winners” (2000). Still I feel that we need to take every opportunity we can. Plus if we got lucky on an FTX bid it would be like winning 3 pool allocations on ApolloX or 6 winning tickets on Raydium. Tier 1 requires staking 150 FTT for one ticket which would leave plenty of room to max stake Raydium and ApolloX. The ApolloX drop seems to be the only one that requires an active user (possibly with software assistance) to get into the drop asap since this is a first come first serve style drop. Since so many US holders won’t be claiming their guaranteed tickets on ApolloX their should be extra for the top tier (X-traterrestrial) pool. (Michael confirmed on the Wiki that the top pool will get first dibs on unclaimed bonus pool funds.) ApolloX has the smallest amount of pool “winners”. About 905 winners according to my count but please correct me if I’m wrong about this. Raydium will be the most competitive (7200 winners) with the smallest drops but the most chances for everyone with bonus tickets so hopefully we get lucky here. I suggest we run a poll in discord to get an idea of how many tickets we can get if US holders pool their NFTs in a DAO vault/wallet until after snapshot and IEO so that we can guarantee those ApolloX tokens. We would have to discuss how those that contribute to this pool would get ATLAS/POLIS in return, or additional DAO loot shares/vote shares, or some other compensation. I’m not sure that we could assign tickets numbers to DAO members so that winning tickets got tracked/tied to members. I would like us to consider fractionalizing the NFTs for liquidity at the GAO instead of selling posters now for liquidity. I like the splits that Errantry mentioned. In the case of the IDO/IEO it will probably be luck of the draw but I would skew heavily towards POLIS as I feel it will go up in value faster and stay higher than ATLAS which will have constant sell pressure from scholars from YGG and other more casual players.
Regarding the ApolloX “drop”, I was referring to the whitelist being on a first come first serve basis and possibly utilizing software automation to assist, if anyone has the skills or program to do so.
I am with you on this
I confirmed with Swagner that tickets are not transferable, and since they’re awarded the same time as the loot boxes, I would have to be responsible for sending not only the NFTs but the associated loot boxes back to each participant. This would likely take several hours, and I’m not sure how I feel about that responsibility.
I’m still waiting to find out who’s got KYC on Apollo and FTX – I can’t – so I’m going to focus on how the Raydium drop is going to work in the meantime.
May we have updates here for our DAO fund transferring? Thanks.