As promised, now that voting for the VC fund raise is underway (and closing soon), I’m moving the communications on details of the Community Raise to its own forum post (here).
Terms of this Community Raise:
7 days to submit Expressions of Interest (EOI). EOI’s must include a clearly defined sum; e.g. $50,000. Replies with a range, e.g. $20,000-$50,000 are not valid submissions.
(If you’re already on the list below and have a clear value next to your name, then you have already submitted an EOI)
EOI deadline 4th July 2022 00:00 UTC The period to submit a qualifying EOI has expired and no further participation is permitted, i.e. the round is closed.
Cap the round at $1,000,000 USD
Min. contribution $20,000 (open to input here) - What is the communities thoughts on min. participation amount considering there were 2 No. submissions below the $20k threshold?
Priority given to largest contributors if round is maxed out
Priority given to those who’ve already expressed an interest to date (to ensure a whale doesn’t come in and squeeze anyone out) - These people are those who are listed in the snip below and/or handle can be found on the forum or Discord prior to this message.
Depending on the responses to Item 2 (below) the qualifying commitment for this Community Raise came in at between $860,000 - $886,000 USD. Congrats to all involved.
Now the EOI deadline has passed we have the following tasks to complete (if anything is missing please reply and list for inclusion):
A decision to make wrt. to @age.wang and @benben 's submissions not meeting the proposed $20,000 USD proposed minimum threshold; do we exclude or include them? I never got any specific responses to that threshold in my original post. I’m happy to include them. Please indicate your opinion on this forum post.
A need to work out the mechanism of ensuring the funds are correctly collected and $GEAR distributed in accordance with cliff and vesting terms (I assume we’ll simply copy the mechanism being used in Part 1? @RV_ivangbi)
A need to create a snapshot and formally authorise this Community Raise via the governance process.
Formalise the means of use of the Community Raise, e.g. as liquidity.
A need to develop a schedule for actioning the above and by whom.
I would love to participate in this investment round。 Extending the deadline until the end of this week help people like me to have enough time to understand and consider the amount of investment。 @0xBeckoningCat
This is not required but just re-iterating my interest as set forth in the list @0xBeckoningCat put together on this forum. You are doing an incredible job!!
I agree in making the minimum $20,000. I think this is a no brainer.
Finally, I like extending the deadline to make sure that no one falls through the cracks! I think extending the deadline to 8th July 2022 00:00 UTC (a few more days) should give us enough time to make sure this doesn’t happen. For example, within hours of today amplice confirmed interest and amount.
My name is Kiryl. Im V1 gearbox pools liqudity provider and also Narnian from the first day of comunity exist xD
I would like to support project with humble amount of 20k, just to be a part of DAO, own shares of votes and make suggestions.
Seems there’s a strong bit of support to revise EOI deadline to July 11th. I’m supportive of this and suggest also revising the terms of the raise as follows:
Proposed revised terms:
EOI Deadline July 11th
Max. Raise limit: Removed
Min. Participation Amount: $10,000
Lessons Learned (my opinion only):
The EOI deadline was too tight considering a US national holiday long weekend and no consideration given to those of us who have real life commitments that hinder our ability to keep up-to-date with Crypto.
Any future proposals/discussions should have a minimum 14 day consideration/action period before disqualifying anyone (if appropriate).
Conducting a DAO raise via communication in Discord and a forum is complex and has significant drawbacks wrt. privacy, gauging real from fake intent to participate and disjointed communications leading to omitted interested parties.
Without becoming a bureaucratic nightmare and putting everything to a governance vote, please indicate your support below. If there’s no dissent it’ll be assumed the above is supported and I’ll update the table as necessary.
My name is Oleg.
I would like to participate with $20,000
I support the project, I am a liquidity provider in gearbox pools since the start of the project.
Please add me to the list. Thank you.
My discord - Olegan#9861