Summary
Relieve the preDAO members from its dedicated "pre"DAO governance duties and merge them into the full Spool DAO. Refund 232k DAI to preDAO members and let their according 4,65m SPOOL tokens in the treasury for future utilization of Spool DAO. Increase the cliff for one preDAO member for further six months.
Background
In late 2020 a group of people started to lay out the foundations of Spool DAO. DAO government principles guided this group from the start. As it was impossible to be a fully fletched DAO as they envisioned without a working product, this group called itself Spool (pre)DAO with one common goal: to build up Spool DAO as a permissionless vault creator.
The members of this group were intentionally diverse with various backgrounds in the DeFi space and beyond. As diverse as the people, as diverse were the expected contributions and financial investments into the joined endeavour. A core group was selected as the “builders” who, according to the Spool DAO‘s vision, started building the core protocol in its first version.
Other preDAO members acted in an advising role, helped, and contributed where they could best support the successful establishment of the vision. The fruits of the joint efforts of this preDAO group and the builders, we all can see and use today by utilizing the services of the underlying protocol Spool DAO offers already.
Not the promises but the actual efforts of investing your time, energy, and money to build something great up from scratch usually are coming with a reward. In the case of Spool DAO, it was decided that the efforts of all Spool preDAO members come with a reward of 10% of the overall SPOOL token supply, vested over two years, starting with the protocol inauguration. In March 2022 a vote within the preDAO decided to implement a further cliff and delay the vesting for additional six months. (All these metrics are in the Spool docs at https://docs.spool.fi/)
But, obviously, this reward in the form of SPOOL tokens is paid out only if a tangible and sustainable value is contributed to Spool DAO by a preDAO member.
Now, nearly two years after the first thoughts, simulations, and experiments around Spool DAO, many things happened that barely anyone could have foreseen. The world changed a lot, and in DeFi even more, as 24 months are frequently called “ages” in DeFi and the crypto space in general. This comes naturally with changes in people, careers, expectations, relationships, dreams, hopes, personal funds, promises, and much more.
These changes know no borders and Spool DAO is affected by “time” as well. There have been endless conversations, great connections were offered and made, interesting ideas discussed and value contributed via various means by and from this group of preDAO members to make Spool DAO a success. Unfortunately, not every preDAO member could hold up to the value expected and contributions promised or hoped for, due to various circumstances and reasons. On the other hand, there were group members that contributed way more than expected.
For these reasons, the team had conversations with many preDAO members in recent months and weeks about these topics. Some preDAO members were identified who drifted apart a bit too far from the initial joint vision and, especially, the combination of actual value contribution and expected reward. With them, calls have been facilitated where possible. Each of them agreed to the following proposal from their own perspective and asked for a refund.
Proposal
Spool DAO shall refund a small group of preDAO members in exchange for their locked SPOOL tokens from their initial investment and release them from their value contribution commitments.
Spool DAO shall extend the cliff for the token unlock of one preDAO member for additional six months, to see actual value contribution and make a final decision before this cliff ends.
Spool DAO shall allow one preDAO member to increase his pre-invested sum from the preDAO agreement as he contributed much more than initially expected. This is included in the total refund sum below.
With all affected parties, conversations took place beforehand individually and they agreed on their own refund. This excludes one party that did not react to any contact attempt by the working team for months and their contribution has been close to zero so far as well. This preDAO member shall be refunded without a conversation about the topic as, apparently, any interest in the success of Spool DAO seems to be gone and nothing in terms of actual value contribution is to be expected.
The refund adds up to a total of 232,000 DAI that would be paid back to the preDAO members from the DAO treasury.
The number of SPOOL tokens that would not leave the treasury but stay there for the utilization of Spool DAO in the future adds up to 4,650,000 SPOOL.
If this vote goes through:
The team wants to point out that we are very thankful for how understanding all reached preDAO members reacted, who are affected by the refund. We are still together on the same page about making Spool a success and the team is more than happy to keep on working with them in a new kind of relationship. We will still shape the future together, just on a slightly different path of direction.
With now v1 up and running and a fully functioning governance voting system for all Spool DAO members, the former preDAO shall be relieved by this vote from its dedicated governance duties and generally merge into the full DAO in the upcoming weeks and months. Obviously, this is not a release from voting, commitments, and value contribution but these will be facilitated now in the manner of a regular Spool DAO member as the preDAO does not exist anymore as such.
The working team behind Spool DAO is grateful to every single preDAO member for its contributions in the past and is looking forward a lot to all the value that will still come from this important group for the success of Spool!
Vote
With “Yes” you vote in favor of a refund and relief of the preDAO to fully merge into Spool DAO, with “No” you are against this proposal.
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The vote takes place here
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Timeline:
Submission: 20. September 2022
Approval Period: 20. September - 23. September 2022