Distribute the remaining treasury and close up of project

Draft Proposals
1

Title — Distribute the remaining treasury and close up of project.

Abstract

The purpose of this proposal is to liquidate all remaining assets and then distribute the whole treasury to the community, then we would close the project for good so that everyone can move on. This will at least allow the community to distribute all remaining funds and move on from this project. As a final act of good faith, LG will facilitate and execute this distribution before closing the doors on the project even if it might require them to work through it during November without any pay (hopefully it could be done by October 31st, 2024). Members of the council will be working with the LG team throughout this process to assist in the completion of this proposal.

Motivation

It seems like many do not want to see the continuation of the project through a DAO because they do not believe it will survive after October 31st, 2024. As such, distributing whatever is remaining between the community and closing up the project seems to be the most logical path forward. If this is not done, after October 31st, there will be no more path forward since LG will be leaving and will also be closing the discord, thus time is critical and sensitive within this proposal.

Details

The process would unfold following these steps.

  • The DAO will pay off all remaining liabilities. This includes mod salaries, uniWU.me payment, LG salaries for Oct, Council member payments for the term served if they are eligible, and any other payments that the DAO has committed to for the month of October. After which, no more subscriptions or payments will be made.
  • We will shut down all future payments to any subscriptions. This includes:
    • uniWU.me maintenance of $5,000 monthly.
    • Vault Team staking contract maintenance of $15,000 monthly.
    • Laguna Team Multi-Sig Operations, Staking Reward Pool, Marketplace, Website and Staking website Maintenance $7,000 monthly. (Thus staking and marketplace will be permanently closed)
    • Twitter blue check $11 monthly
    • Gitbook $300 monthly
    • Discourse governance forum $100 monthly
    • Any engagement or expenses spent on toys or series licensing efforts.
    • Any additional monthly expenses for the CU IP that may have not been included above.
  • LG will then liquidate ALL remaining liquid assets, including ETH, CU, UNIM, all P2E currency, staking rewards currency, and any other DAO owned currency to USDC and transfer it all to the treasury.
  • A snapshot would be initiated (Immediately after the approval of this proposal) by LG to determine the score of each holder to determine their payout. The scoring system would follow the below weighted structure/system. These weightings reflect prices of assets prior to the steep drop in all asset prices, thus most closely reflects what one would have owned in $ amount via assets. We cannot take EVERY CATEGORY into perfect consideration, because that would be too difficult and take too long and we will be left with $0 each by October 31st.

Payout structure
Payout structure922×433 17.5 KB

  • In order to avoid having to wait for “afk wallets”, such as a wallet hat would contain 1 donkey or very minimal assets, one would have to “opt in” or “sign up” through the CU website or a similar mechanism provided by LG to be eligible for the distribution. This opt-in period will be open for 1 week after the approval of this proposal, after which, nobody else would be eligible to participate in this event. This is because time is critical, and we do not have much time to wait around to execute this event before LG will be exiting the project.
  • As a sign of good faith, LG will not opt into this Leaderboard with the LG held assets that were supposed to go to marketing through airdrop events. Thus, all LG nfts will not count in this distribution. Ideally, payouts will happen immediately after the 1 week grace period to opt-into the Leaderboard event and will conclude by October 31st, if it takes a little longer to process the payments, LG will remain on board and keep the discord up and support the community for free until the payments are fully complete.
  • Once LG has fully executed this leaderboard event and fully distributed the treasury (whether through airdrop or in the CU claim page) to the community and ensured all technical issues with payments are fully resolved, it will then mark the end of this project. At this point, it serves as the formal dissolution of the DAO and its charter and that the project is closed and the IP is considered dead.

Conclusion

This proposal would allow the whole community and LG to fully move on from the CU IP and project with at least some money prior to the closing of the project. It would also allow the community to move on from the DAO option, which seems to been an unpopular option because of its very high chance of failure and lack of clear direction. Since we only have until October 31st, 2024 to act on this, time is very critical, especially with the closure of the discord which is expected to happen during that time.

3 Likes
2

I agree with this.
It’s the best and fastest way to give whatever is left from the treasury to players, before it runs out.
Let’s get this passed quick and get a closure on CU

1 Like
3

There may be details that need to be improved in this proposal, but I think this is the only proposal we should vote for.
If you need my help with implementation, I’d be glad to help.

2 Likes
4

I agree with everything written above

5

I support this proposal.

I am a little confuse about the points calculations for L10 lands.
Can you clarify if I have a level 10 rare land. what points will it give?
is it
10(base)*2.5(rare)*5 (level 10) = 125 points
or 10(base)*2.5(rare)+ 10(base)*5(level 10) = 75 points
or something else

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10 (base)*2.5(rare)*5(level 10) = 125 points

1 Like
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Hello. I will be checking on the feasibility of these operations and publish a response from the team.

PS: Prof and the council knows this, but I figured I should mention: what Prof refers to as Oct 31, is the date I personally will not be around which I shared with the councilors. The final LG handover is on Nov. 15. I think Prof was initially trying to time it with mine as I’m the easiest accessible contact for the council. Apologies for any confusion.

9

I agree that we need to have some technical support to implement. I would say if LG can’t pull this off then we should put faith in someone we trust to do it. I would support Venticello helping close this out.

We should pass this proposal and move on.

1 Like
10

Hello, Prof. Below is the official response of the team to the proposal.

We would first like to express our appreciation to the author for the time and effort invested in this proposal. While we understand the intent behind the proposal to dissolve the DAO, Laguna Games has been transparent in its position that it will not support any proposal that seeks to distribute funds among its members and shut down the DAO. Ultimately, we still hope that the community will step up and carry the DAO forward.

Certain members have raised concerns that the community will never truly be able to carry this forward in the current structure, noting that the Team and Investor block holds a significant portion of the voting power - potentially limiting the broader membership’s ability to influence decisions. In response to these concerns, we previously proposed the removal of supermajority and the introduction of Quadratic Voting Strategy to mitigate the influence of large holders. However, community members raised valid concerns about the potential risk of Sybil attacks under this system.

After consulting with our legal counsel, we have found a more effective solution. Rather than implementing the Quadratic Voting Strategy, we have concluded that the most effective way to address the distribution of voting power is to drastically reduce voting tokens within the team’s influence. To that end, we shall perform a series of token transactions to implement this.

Specifically, we will:

  • Remove the 23,600,000 Team and Investor lsCU tokens we locked for voting.
  • Rather than continuing to vote as a unified block, we will distribute the Investor and Private Sale tokens to their respective owners,
  • Burn a total of 10,405,179.17 Team CU, comprising both the unallocated portion and unlocked sCU, permanently removing these tokens from circulation.

Once these transactions are completed, the supermajority previously held by the Team and Investor block will effectively be dissolved.

With the loss of the supermajority, 4 out of the 7 slots on the Safe multisig will be transferred to nominated DAO members, pending completion of identity verification and the signing of handover acknowledgments.

While we cannot support the current proposal, we believe this is the best path to complete the handover in an orderly fashion. By completing the handover, the DAO will be better positioned to exercise its will and operate per the community’s expectations moving forward.

The election to determine the representatives for the multisig handover will be conducted shortly, and we expect to complete the handover and lose supermajority by November 15, 2024. We look forward to this new chapter for the DAO and are eager to see what the community builds.

PS: I have closed all my existing proposals apart from the necessary Charter changes. This allows the DAO to do the changes it wants to do post-turnover instead of me insisting on my ideas.

11

You are misrepresenting why people of the community believe that the DAO wont survive, it is not because of the reasons you mentioned above. You are mentioning these reasons to cover yourself legally. The reason is because there is barely any money left in the treasury to MEANINGFULLY run this project moving forward. Additionally, with the fee you mention for the multi sig and vault in the other proposal, you will drain the treasury in a few months. So how on earth are we supposed to run a project? So please, again I will say this, do not make it seem like you are doing something for the community and that it is the path best moving forward. Be clear in your statement that this is the best path for LAGUNA GAMES moving forward and not the community.

This is really disturbing to see how even until the end you are not willing to do what is right for the community and you still want to screw them over. Like what on earth are you thinking.

1 Like
12

The proposal for that has been retracted as indicated above. Post losing supermajority, treasury can only be moved following a successful Snapshot proposal from the DAO.

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We do not want handover of the DOA, we want everything to stop.

LG won’t support the dissolve proposal ? Well ok, then keep it and have fun with it, we are not dealing with this either.

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The DAO is free to do what it wants after the handover as it’ll eliminate the likelihood of a veto vote.

15

There won’t be any handover, you gonna keep your stuff :smiley:

16

Its more like: we hoped it live on longer, but overwhelmingly folks want to shut down.

What Manic laid out above is the quickest legal process for us to give yall the power the execute that. It could be shut down immediately after that, of course pending a successful snapshot.

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Is LG still gonna help facilitate the distribution after DAO has been handed over?

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@Prof I closed all my process-related proposals so that the DAO is free to figure out their new process as it’s obvious that the DAO didn’t like my proposed processes. How to implement is something the DAO needs to figure out post-handover. All information are available in the blockchain. Folks like Vyona or Venticello can easily extract and apply your formula. But ultimately, the multi-sig signers will need to queue the transactions.

19

This is not what im asking, Im asking about Zyoris response.

If we pass your charter for “legal” reasons. Is LG going to help us facilitate the distribution after as mentioned in the Proposal, or are they just gonna run away? This is what I want clarified.

20

The answer would be the same. We will facilitate the election and multi-sig turnover. Not sure what else you want from us post-handover. LG is not “running away”. The DAO refuses to continue paying for LG’s services so there won’t be additional services from LG.

So again, the DAO is free to figure the best way to implement that after.

21

Please stop twisting words… the DAO is bankrupt and CANNOT pay LGs asking price. The DAO paid LG for 2 months to develop a game and NO meaningful development was made. Instead, during this time your LG employees secured funding for their other project while they were being paid from the DAO to develop a game. Misappropriation of funds. Employee hours that were paid by the DAO was used for other activities.

So again, the DAO is wondering if LG would be able to help facilitate the distribution by helping us calculate the scores and then doing the airdrop to wallets after they leave the project.

1 Like