I realize there have been a lot of question in Discord and I’ve been mostly absent, so I wanted to give a proper update here. On a personal note I’ve been busy building out some tools and infrastructure to give us an advantage in the marketplace, which I will detail another time. For now, I want to give an update on the dao’s assets and what are current plans are regarding capital deployment and new members.
I know everyone is wondering, so let me start by letting you know that the value of the dao wallet (E3i4y9EGLL1i4E66Wbjh6p9oxUTyQRGLECahcNLMeTBS, as of September 6), stands at $304,100, which includes $52,500 in cash and $251,600 in NFTs. This is fantastic, considering that we only spent $16,320 on posters. Dao members have a total of 68,782 in loot and 306,150 shares, which gives us an exit value for current members at $0.811 per share/loot.
Second, we have finally resolved the issues we’ve been having with Solana’s multisig spl-token CLI. We have a couple more tests that we want to do tomorrow and then we will start migrating assets over to the following wallets:
- 3 of 5 multisig: this will be our cold storage for major large assets such as the poster sets and access badges that we plan on holding long term.
- 2 of 3 multisig: This will be for operations, since it’ll be easier to me to sign transactions with only one team member. We’ll keep things here that we think we’ll need access to on a more short term basis. For now, mining claims, equipment and other assets related to the mini-game, as well as other assets TBD.
- Single-owner: This is the current wallet, and the one I use to interact with StarAtlas.com, Raydium, and others. I am currently the only person with access to this wallet, and as a precaution I will be providing the backup seed phrases to other members of the Vault Control Team, distributed such that it will require at least three members to recover the full phrase.
Now to the issue member liquidity. There have been many individuals asking about membership in the dao. I’ve been silent on this the last couple days as I’ve been busy building, but now that we can provide an actual valuation on dao shares I am ready to discuss new membership and member liquidity. Keep in mind the following is just a rough draft:
[update 9/7/21: We are going to allow additional membership proposals, one USDC will be worth .8 LOOT and .2 SHARES. We will also allow NFT/token contributions, based on the average value of the asset, at the same ratio. Please contact me before sending so we can agree on valuation. We’ll do this for the next week or so and see how things go.]
We will use the 3/5 multisig to mint a SAIA token (on Solana) equal to 2x the number of shares and loot in circulation. Half of these tokens will be provided to dao members via some sort of vesting contract, and the other half will be used to provide liquidity in an AMM. This will give members a way to sell tokens, and allow new members to take part in the dao by buying in. We only have a limited amount of liquid capital available, so the amount of tokens made available will be something like two percent of the current supply. LP will be set at the proportional valuation of the dao at the time it’s staked.
Obviously we have a lot of details and infrastructure that needs to be built out to make this happen, so this would happen over the next few weeks/months. We may also allow a limited number of new members to join if they’re willing to pay the market rate and it’s not too much trouble from a logistics perspective.
So what are we actually doing with the dao funds? Nothing, mostly. Unfortunately we scored a perfect zero in the lotto, and the last thing I wanted to do was FOMO dao funds at the ATLAS/POLIS launch without a better sense of the market. Now that things have had a few days to wind down, I am implementing the following strategy.
- 25% of cash ($12,500) in the POLIS/USDC pool. This will be deposited in SolFarm to be autocompounded, currently around 400% APY. This will be deployed ten percent at a time over the the next ten weeks or so. I made the first swap for $625 late Monday and put it and equal amount of USDC in Solfarm.
- 25% in the ATLAS/RAY pool. 1000% APY. As above with a DCA strategy.
- 25% to be deployed in NFT markets: The best idea I’ve heard so far as to what to do is to pick up mining claims and equipment. Once the GAO launches we’ll have a better idea as to what prices look like, and we’ll DCA and pick up as much as we can to farm once the mini game launches. More land = more ATLAS, more ATLAS means more POLIS, and more POLIS will help us achieve our long-term goals, which is political dominance of the Star Atlas ecosystem.
- 25% to provide liquidity for SAIA token, TBD.
In general, all funds will remain under control of the Vault Control Team (myself, Komada, Archaeopteryx, Jakstar, and David Koh), for the time being, and we use the funds to the best of the ability. We have no plans to sell any NFTs at this time, but we may purchase them if we determine the market to be mispriced. We may also keep floor bids open on the rarer markets if we have sufficient liquidity available.
I’m looking forward to your feedback.
Long live the IA!
SAIA Dao Launch Control