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.