We have been offered a couple OTCs deal at the standard 30 day moving average with a vesting of 100 weeks that release 1% every week. We would like to take the XYZ out of the treasury to ensure long term development on the Marketplace Protocol.Pull XYZ out of the tresury for OTC deals to extend runway for protocol development
With the coming launch of Polymorph ecosystem tools, the ETH that was collected from the drop will be moved to the Universe team to be reimbursed for development expenses.Polymorph Reimbursement
We did an OTC deal for the final XYZ that was in the team's multisig (0x75237802D46A40C4be57f518A7902528Be688Dfc) but there was a miscommunication for the 100 week vesting where we normally do 1%/week for 100 weeks but instead we did 10% over 100 weeks with a 90% cliff at week 100.
Ultimately, we need to fix this OTC deal and transfer the vesting back to the multisig so we can claim at 100 weeks. Otherwise, its not the deal we negotiated with the fund who is one of our largest holders at this point. The deal took place over a month of conversations and I think the fund would ask to remain anonymous but that was the final XYZ left in our multisig so this is the only reasonable way to fix it at this point. At 100 weeks, we can either return the XYZ back to the DAO or honor a snapshot on what the community wants us to do with it.
This OTC deal helps us extend runway which we need right now as we onboard team members with the coming launch.
Tyler messed this up on his end and he apologizes it is the only time he has ever fat fingered an OTC deal.Transfer 16m XYZ to team multisig to correct an OTC deal
In working through the Lobby Lobsters project we worked closely with Coincenter through this process. Our seed round investors and people who worked on the project through the process had vocalized we would give 100% of proceeds from the initial sale to Coincenter and ongoing sales would be subject to a DAO vote.
Based in Washington, D.C., Coin Center is the leading non-profit research and advocacy center focused on the public policy issues facing cryptocurrency and decentralized computing technologies like Bitcoin and Ethereum.
Their mission is to build a better understanding of these technologies and to promote a regulatory climate that preserves the freedom to innovate using permissionless blockchain technologies.
They do this by producing and publishing policy research from respected academics and experts, educating policymakers and the media about blockchain technology, and by engaging in advocacy for sound public policy.
Other people can find the way to donate directly to Coincenter here: https://www.coincenter.org/donate/
Donate 1000 ETH to Coincenter
Polymorphs have a lot of major releases in the works:
- Rarity tooling
- Metadata upgrades
- Matic compatibility
- Gaming
- Low Gas Morphing/Scrambling + Polymorph Bridge
- Burn to mint
- Metaverse
To facilitate the upcoming changes, Polymorph scrambling and morphing should be temporarily disabled in order to seamlessly transition the existing Polymorphs to a new smart contract. This migration is necessary to enable several of the upcoming features described above. The Polymorph Upgrade Proposal