MetaDAO

Authors

Proph3t (@metaproph3t), Joe (@j6104)

Overview

If passed, this proposal would:

Cut the monthly allowance from $33,500 to $15,000
Allow up to $166,000 to be redeemed from the treasury, leaving 6 months of runway at the proposed allowance
Withdraw 75% of the liquidity pool to accommodate the above
Allocate 3,000,000 more PAYS to the team’s performance package

Motivation

Paystream has provided insufficient evidence that is is worthy of its current amount of capital. It has traded near or at a discount to cash for pretty much the entire time since inception.

We believe that things can turn around, in the same way that a company that is at one point worthy of a $3M seed round can go on to become worthy of a $12M Series A. But the right thing to do for the time being is downsize the treasury.

We discussed this with the team and negotiated a structure with lower cash outlays in exchange for higher performance-based compensation and higher ownership.

Logistics

Redemptions will be done via buybacks (Jupiter DCA, max price of 0.04488 USDC per PAYS, 15 minutes between orders) to maximize accretion for remaining holders
There would be a 3 month cooldown period of further restructurings, barring exceptions like material misrepresentations to the market
We have negotiated this proposal in good faith with the team, a contributor to it being launched later than expected. Unfortunately this means that this will land on the allowance pulling boundary. But if the team draws more than $15,000 this month, the remaining will be pulled out of future allowances. For example, if they pull the full $33,500 they will only be able to pull $0 next month and $11,500 the following month.

NAV Math

USDC:

Treasury (BpXtB2ASf2Tft97ewTd8PayXCqFQ6Wqod33qrwwfK9Vz): +140,500 USDC
AMM pool (6FRXzTe3HajL8Fwmmkupp8g3y3wn3g3QEjj8sABndre3): +116,193.17 USDC
Next month payment: - 15,000.00 USDC

Total USDC = 241,693.17

Circulating PAYS:

ICO sales: +10,000,000
AMM starting balance: +2,000,000
Less what AMM contains now: -2,582,283.17
Less treasury-owned PAYS from previous buyback: -4,032,504.37

Total PAYS = 5,385,212.46

Estimated NAV = USDC / Circulating PAYS = 0.04488 USDC per PAYS

Authors

Proph3t (@metaproph3t), Joe (@j6104)

Overview

If passed, this proposal would:

Cut the monthly allowance from $33,500 to $15,000
Allow up to $166,000 to be redeemed from the treasury, leaving 6 months of runway at the proposed allowance
Withdraw 75% of the liquidity pool to accommodate the above
Allocate 3,000,000 more PAYS to the team’s performance package

Motivation

Paystream has provided insufficient evidence that is is worthy of its current amount of capital. It has traded near or at a discount to cash for pretty much the entire time since inception.

We discussed this with the team and negotiated a structure with lower cash outlays in exchange for higher performance-based compensation and higher ownership.

Logistics

Redemptions will be done via buybacks (Jupiter DCA, max price of 0.04488 USDC per PAYS, 15 minutes between orders) to maximize accretion for remaining holders
There would be a 3 month cooldown period of further restructurings, barring exceptions like material misrepresentations to the market
We have negotiated this proposal in good faith with the team, a contributor to it being launched later than expected. Unfortunately this means that this will land on the allowance pulling boundary. But if the team draws more than $15,000 this month, the remaining will be pulled out of future allowances. For example, if they pull the full $33,500 they will only be able to pull $0 next month and $11,500 the following month.

NAV Math

USDC:

Treasury (BpXtB2ASf2Tft97ewTd8PayXCqFQ6Wqod33qrwwfK9Vz): +140,500 USDC
AMM pool (6FRXzTe3HajL8Fwmmkupp8g3y3wn3g3QEjj8sABndre3): +116,193.17 USDC
Next month payment: - 15,000.00 USDC

Total USDC = 241,693.17

Circulating PAYS:

ICO sales: +10,000,000
AMM starting balance: +2,000,000
Less what AMM contains now: -2,582,283.17
Less treasury-owned PAYS from previous buyback: -4,032,504.37

Total PAYS = 5,385,212.46

Estimated NAV = USDC / Circulating PAYS = 0.04488 USDC per PAYS

Restructure Paystream

Authors

Overview

Motivation

Logistics

NAV Math

USDC:

Circulating PAYS:

Restructure Paystream

Authors

Overview

Motivation

Logistics

NAV Math

USDC:

Circulating PAYS:

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