[GIP-18] DAO Round PART 2. Community Proposal

Aelin has secured some raises recently. I think this is the way to do raises now within the defi community.

Please reach out.

This seems unsafe, un-KYC-ed money “raised” is a red flag. If there is a different framework community members can suggest - maybe someone in the DAO can execute. But I don’t see personally the benefit or the safety of Aelin, because vesting contracts with defillama are trivial to deploy anyway. Idk imho.

Hello, I agree with the KYC and it seems to me that this is quite a common procedure. I can offer these three companies for cooperation:

The only negative that I see is that you will have to pay money for it. Since the project would not want to spend money from scratch, I agree that the documents are checked, for example, by someone from the team or Ivan personally. If there are 20-30 of us in total, then it will not be difficult to do it manually.

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This is SUPER risky, I don’t wanna deal w personal data of people or money raising :frowning: That’s the issue. Nobody personally likely wants to takes this burned, it has to be presented to the DAO kinda. I am not even a beneficiary of these funds (not do I ever want to be) nor am I in charge of any of those things.


We’re technically pass the deadline but given we’re in holiday season and there’s still a discussion around details of the fund rise I would like to express my interest in participating with $15,000.

Hi All,

My name is Sergey, I represent AURUM Law Firm and would like to revert to this thread regarding the community contribution proposal.

I can see that there has been an issue with the identification of the potential contributors. We can take over the KYC/due diligence and verify (see below) every purchaser in the anticipated GEAR DAO token sale. Upon the completion of the verification, AURUM will issue a statement / report containing the wallets of users who have passed the due diligence and applicable purchase amounts.


  1. The GEAR community will need to come up with the final list of potential contributors, ideally in the form of a table containing the forum nickname, email and commitment amount of every contributor. For the sake of privacy, we would not be asking for a public table with wallet addresses and emails right away - however, potential purchasers need to be ready to communicate that to us via email, so that KYT checks (see the list below) can be taken.

  2. We need to determine the deadline for submitting the DD materials so that all potential contributors are required to act on time. We suggest that this deadline is 14 days following the approval of this proposal (if it is approved). Our checks will take another 10 days, so the whole procedure will take up to 24 days.

  3. We will contact each contributor via email from compliance@aurum.expert with detailed instructions on how to complete the checks and the list of required documents.

  4. Each potential contributor will need to pass the checks individually before the expiry of the 14-day term mentioned above.

  5. Once the checks have been completed, we will issue a written statement/report containing the wallets of contributors who have passed the due diligence and applicable purchase amounts. The GEAR DAO can then accept the contributions from these wallets. We will not disclose any personal data, information about rejected profiles and reasons for such rejection.

Due Diligence Requirements:

The details to be checked are absolutely standard. Those who have participated in any token sale or diversification rounds before should be familiar with the procedure.

There will be two verification scenarios (i) for individuals and (ii) for legal entities. Each verification will include:

  • Identity verification for individuals (directors and controlling persons for legal entities);
  • ID check;
  • PEP check,
  • Sanctions databases check;
  • Adverse media check;
  • Proof of address check;
  • KYT of wallet to avoid inflow of virtual assets from illicit sources.

We also propose to approve the following list of restricted jurisdictions which includes countries and territories under sanctions or where the offering of virtual assets is banned, restricted or otherwise likely to violate the local laws or regulations, or put the sale at risk:

The Democratic People’s Republic of North Korea, Islamic Republic of Iran, Syrian Arab Republic, South Sudan, the Republic of Cuba, the Crimea Region of Ukraine, Sevastopol, Donetsk People’s Republic and Luhansk People’s Republic regions of Ukraine, the United States of America (including its territories: American Samoa, Guam, Puerto Rico, the Northern Mariana Islands, and the U.S. Virgin Islands), United Arab Emirates, People’s Republic of China (Mainland), Nigeria, People’s Democratic Republic of Algeria, Kingdom of Morocco.

The residents (and in the case of the U.S., residents and citizens) of the above jurisdictions will not be allowed to participate.

Personal Data:

To the maximum extent practicable, we will not be collecting or storing the personal data of prospective contributors. Where possible, personal data and documents will be collected and processed by specialised KYC software providers which employ high standards of data protection. In other cases, we will be collecting only such data that is required to verify the prospective contributor and will not store it longer than needed or required by the law.

Subject to the foregoing, we will store the results of KYC for some time and will be able to share them upon lawful motivated request.

Our profile:

AURUM is a group of law and consulting firms formed in 2012. We have worked with the blockchain industry since 2017 and currently act as strategic advisors and legal counsel to numerous DLT (blockchain) projects. Our lawyers also participated in developing virtual assets legislation and DLT legal frameworks in several jurisdictions.

Please follow the link for more details: aurum.expert/en/

We believe some mates on this forum also know and may recommend us.


Given the number of participants who expressed their interest, we would like to offer a flat fee of 10’000 USDC for the complete check of up to 20 profiles which includes all related disbursements and the cost of the software.

The fee will need to be released into our Ethereum wallet 0x95e7Fb8aecca90DF207379419DE8144836BBC549 upon the successful vote (if it passes).

We will be available from time to time on this forum to answer your questions; please feel free to ask.

Legal Notice: This proposal is made by AURUM Law Firm, LLC. Approval of this proposal by the GEAR DAO and transfer of the fee to the above wallet will constitute the acceptance of the offer and terms set out in this post. We are lawyers, but not your lawyers; nothing contained in this proposal or otherwise communicated by us on this forum is an offering of legal services or legal representation to any person.

Hey, since the round is not closed yet as we still figuring out the details. I would also like to express my interest for $25k. Have been part of the discord for the long time and also the original airdrop.

Burgerflipper#9604 Discord

KYC, Source of funds are no issue.

Thank you

Hi Sergey and folks,

I hope everyone is doing well. This is a step forward in getting to a Part II Contribution for the community. This of course streamlines the process.

In my opinion, we are a couple of steps from a successful Part II Community Contribution.

First and perhaps most obvious, we should determine whether the Gearbox DAO is comfortable with this formulation. The fact that there will be an opportunity for everyone/active community members to participate and receive (likely unlocked) $GEAR tokens in early November does make the $100,000 Contribution minimum a little more acceptable to me. As I have said on here and in discord, I do think giving Gearbox contributors and active users a chance to participate in a Contribution is fair and the right thing to do (especially for contributors). Given this, I am OK with this proposal by AURUM, but I would propose that the Part II participants split the legal fees of $10,000 evenly, thus removing any obligation of the DAO.

Second, we would need to determine the list of participants. 0xBeckoning Cat had created a list weeks ago, however many of those contributions were for amounts less than the $100,000 threshold, Accordingly, I think we open this thread up to any participants who would be willing to contribute to Gearbox on the same terms as the users of Part I at a minimum of $100,000. If you are interested, please do note your interest and proposed contribution below.

Happy to discuss this further and excited to hear everyone’s thoughts.

Talk Soon,


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The DAO is paying for the fees seems logical to me, as the DAO contributors (and voters, supporting them - if that goes through) eventually prefer to have KYC & all those other things. So making those who contribute - bear the costs, doesn’t seem fair? Appreciate the idea though despite (if it is approved) you’d actually bear the costs. Chad.

On the second point, ye it seems the sheet should be updated

Hey, since the round is not closed yet, I would also like to express my interest for $100k. Have been part of the discord at the beginning (“Aspiring Gearhead”) and also “Genesis Miner” but I was very absent during the last months for family reasons.


KYC, Source of funds are no issue.

Thank you

Where did the 100k number come from? Sergey from Aurum didn’t mention anything about this being a limiting factor…?

I would put the minimum at 50k rather than 100k. At 100k, I won’t be able to participate, and if I can’t participate then frankly I will do everything in my power to stop this proposal from passing.

I’ve been contributing to Gearbox since Aug 2021 before v1 was live, so from my perspective if I can’t get in the round then the whole purpose of the round (contributors get a chance to get in) becomes moot.


Hi, guys!
I understand the deadline has not yet come out, so I would love to participate in this investment round on 60 000$
My Discord - #Border1362

I will adjust my investment to 50k as well if this is the acceptable minimum. Thank you !

I would be happy to participate in this round and happy to contribute 50k (or whatever the minimum decided amount is).

Thank you

Hello I hope that the minimum contribution will be reduced to 20000 dollars, I am interested in investing in a project in the amount of 20000, maybe I will have at least some chance, so I will leave this message here. I am confident in Ivan, I have been following his activities for a long time, I believe in him!

Hello, I am a creddit account miner and have been following the project for a long time. Would like to pledge 50k, which for me is a pretty high amount, so would not like for it to be bigger than that.

Hi guys, If the minimum is at 50k, I’ll put 50k instead.


Hi guyz, as I understand the EOI is not closed yet, I would like to contribute with $100k.

KYC ist not a problem.

I’m a credit account miner and my discord ID is: Sidax

I am currently part of technical multisig and I work in the team that has been building DegenScore over the past 2 years and previously dex.blue (early DEX) and atomic.blue (early aggregator).

I’d like to participate with $100.000.


Hi guys,

First of all great progress in getting a firm to undertake KYC for us and alleviate risk for core team.

I’m happy enough with a $50k minimum threshold and I’m happy to collate the interest either publicly or privately via Discord from participants.

Edit: I have edited this post from its original and removed my initial suggestion. This has been done based upon some extra thought and discussion with other DAO members.