Summary
This proposal seeks to renew the utility of the Spool token while transferring governance rights to a seasoned Executive Builder team, represented by the original builders.
Motivation
Current engagement levels within the Spool DAO governance have been low, leading to significant delays in decision-making. These delays have impeded the Builder team’s ability to make necessary decisions quickly and drive the project forward efficiently.
Additionally, following multiple product iterations aimed at achieving product-market fit for the Spool infrastructure, it has become evident that the existing token mechanisms are no longer capturing the full value generated by the Spool ecosystem. A redesign of the token structure and associated token mechanics is necessary to ensure that the value created within the ecosystem is more effectively accrued by the Spool token.
Proposal
We are dedicated to achieving successful product-market fit for the Spool infrastructure, with a focus on ensuring that the value generated is fully captured by the Spool token. In light of this, we propose a restructuring of the token utility to better align with the ongoing advancements in the Spool infrastructure while enhancing the leadership team’s operational agility.
Firstly, we propose transferring governance powers from Spool token holders to an Executive Builder Team.
This Executive Builder Team, represented by Yelay Labs and led by Yaroslav Writtle and Michal Uhliarik, will be responsible for making strategic decisions that advance the development of the Spool protocol, overseeing day-to-day operations, and driving greater market adoption for Spool.
Secondly, we propose introducing new token utilities that more accurately reflect the evolution of Spool’s business model.
The proposed token features are designed to capture more value generated by builders, strategies, and ecosystem partners, and channel this value back to Spool token holders. Furthermore, these features will introduce mechanisms that lay the foundations for greater decentralisation of the infrastructure and enhanced incentive campaigns for all ecosystem participants.
Key Aspects of the Proposal:
• Executive Leadership: Yaroslav Writtle and Michal Uhliarik will lead the Executive Builder Team, bringing their extensive expertise in technology, Web3 and finance to guide the project.
• Governance Transition: Strategic decision-making responsibilities will shift to the Executive Builder Team, enabling increased operational agility.
• Enhanced Token Utility: The proposed restructuring will include redesign of token utilities to better align with the Spool business model, ensuring more effective value capture from the ecosystem back to the Spool token.
Vote Options
• Yes: Support the re-organization of governance and token utility.
• No: Prefer to maintain the existing governance and token utility.
_________________________
The vote takes place here
_________________________
OTC
Spool has excellent foundations which this new strategy will build upon to enhance agility within the leadership team, further the adoption of the Spool infrastructure, and strengthen tokenomics to deliver increased value to token holders.
However, if you do not share our vision or support the proposed changes to the governance structure, we respect the decision to divest and would like to offer SPOOL holders an opportunity to sell their position.
We recognize that liquidity is currently limited leading to higher slippage on larger positions, therefore we are offering an OTC buyout opportunity to holders of 25,000 or more SPOOL tokens. This buyout price will be based on a time-weighted average price from the last 7 days prior to this proposal, at a rate of $0.1178 per token.
The OTC will be available until 18:00 CET on 13th September 2024.
If you wish to participate in the OTC, please send your SPOOL tokens on ETH Mainnet to this wallet: 0xff0e368c088067Ae44a7834bB1CdDE60ea676C03
A snapshot will be taken after the OTC period is completed and DAI will be distributed pro-rata to your sending wallet. We will complete the distribution of capital by Friday, 19th September 2024.
Please ensure that your sending wallet is not an exchange wallet or a smart contract and you own the private keys.
Discussion
We highly value your feedback and encourage active participation in the discussion surrounding this governance transformation. Your insights are crucial to ensuring that our governance model aligns with community interests and the overall success of Spool.
Timeline
- Voting Period: August 30th, 2024 → September 6th, 2024