If passed, this proposal would sell $6m of META to DBA and Variant at $4.0795 per META, equivalent to a ~$85MM market cap.

Motivation

MetaDAO currently has ~$1.8m in cash, which equates to ~24 months of runway.

We have a pretty small team right now - it’s me and Kollan, our founding engineer, a part-time designer, and a twitter intern.

We like keeping our team lean - many times, bigger teams actually go slower than small teams - but we think we could go faster if we expanded (hired full-time designer + another 1-2 engineer(s)) and it’d also be nice to have more runway.

Logistics

If passed, this proposal would mint 1,470,768 META to this 5/6 multisig (6mYWxA7Jrvxqbj2yrcueupuQAgT1WsFwyLTZB382rdFc), containing Kollan and Proph3t from MetaDAO, Michael and Jon Charbonneau from DBA, and two addresses from Jesse Walden at Variant.

DBA and Variant agree to each send 3,000,000 USDC to that multisig, which would then send them each 735,384 META and then the USDC to MetaDAO’s treasury.

Tokens would be fully unlocked - we don’t believe in locking up non-team supply.

If for some reason one or both parties don’t send their end, we would attempt to burn the relevant tokens.