Snapshot Link: Link
We propose that the Polywrap DAO fix the total supply of WRAP at 50,000 and sell 12% (6,000 WRAP) to strategic DAO contributors at an aggregate purchase price equal to 10m USD.
We propose to finalize these transaction terms in a Snapshot vote in order to complete the contemplated transactions as soon as possible, assuming the proposal is approved.
This proposal also ratifies the first of the token purchasers, who will be purchasing 1,800 WRAP for $3,000,000. There will be follow-up proposals to account for the remaining 4,200 WRAP.
Over the past year, the Polywrap DAO has made tremendous progress developing the toolchain, growing the contributor base, and integrating feedback from a variety of stakeholders.
We are confident that Polywrap is on the path to becoming foundational infrastructure for bringing web3 everywhere.
This proposal seeks to accelerate our progress, while strengthening us as a distributed self-governing standards body.
Sales proceeds will go directly to the DAO’s multisig and all WRAP holders may participate in directing the use of the sales proceeds.
We propose that sales proceeds are primarily used to grow our developer ecosystem and accelerate adoption of the standard.
Please ask for the link to the transaction documents in a private Discord chat.