Transferring Budget for DAO v0.2 - Information for Community and Instructions for Multisig

Governance
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Hi everyone. As you may have noticed, things have recently become quite interesting on the DAO regulatory front. In order to build more robust and dynamic governance for HOPR we have some exciting proposals coming soon which will upgrade HOPR governance across all three of the DAO axes: decentralization, autonomy and organization.

We’ll share more details soon, but the proposed new structure won’t be easily compatible with the administration of the ongoing DAO pledges which you voted on in previous DAO experiments.

In order to ensure these pledges can still be fulfilled after transition to the new governance setup, we’ll be transferring the remaining budget to HOPR Association control. However, for full transparency, we’ll be ringfencing these assets in a separate multisig from the rest of the Association funds. The new multisig is a Safe instance which can be viewed here.

A very brief update of status:

  • DAO v0.1: Complete
  • DAO v0.2: Various levels of completion
  • DAO v0.3: The ideas here are being worked on in various forms, most notably RPCh, but the experiment was only advisory
  • DAO v0.4: Complete except for moving liquidity to Uniswap on Gnosis, which has yet to be implemented
  • DAO v0.5: Arrakis has been initiated. Gamma is in final checks to determine whether to proceed.
  • DAO v0.6: The Hats Vault has been set up and will be funded

So the major unresolved governance decisions come from our second DAO experiment. This is unsurprising: there were a wide variety of decisions, some of which were quite broad in scope or duration. Many of them have been fully or partially completed. A full explanation of the current status can be found here. What follows is a brief overview of the remaining unspent budget.

HOPR Proposal 1: Liquidity Incentives
Budget: 194,142 HOPR tokens
Status: Complete

These were allocated to three different campaigns on the Swapr DEX

HOPR Proposal 2: Online Marketing
Budget: 145,606 HOPR tokens
Status: Partially Complete

111,286 HOPR has been spent so far, mostly on external content marketing and as prizes for promotions. 34,320 HOPR tokens remain

HOPR Proposal 3: Hackathons
Budget: 97,071 HOPR
Status: Partially Complete

25,180 HOPR tokens were spent as bounties at ETH Denver in 2022. 75,491 HOPR tokens remain.

HOPR Proposal 4: Grow the HOPR Hardware Node Network
Status: Complete

These tokens were allocated as incentives for the first buyers of HOPR Special Edition DAppNodes

DAI Proposal 1: Extra Rewards for Stakers
Budget: 67,505 DAI
Status: Complete

DAI Proposal 2: Grants for Node Runners and HODLrs
Budget: 50,628
Status: Pending

23,628 DAI were added to the budget for the fourth DAI proposal, due to overlap. The conditions for the distribution of the remaining 27,000 DAI will be met on the next update of the network registry waitlist. We have already started the analytics work to determine the precise distribution.

DAI Proposal 3: Provide DAI Funding to support HOPR proposals

Budget: 33,752 DAI
Status: Incomplete

8,700 DAI were spent supporting initiatives at ETH Denver 2022. 25,052 DAI remain

DAI Proposal 4: Grants for dApp Development

Budget: 16,877 DAI

These DAI (in addition to the 23,628 from the second DAI proposal) will be allocated to dApp development linked to RPCh, including wallet integrations. However, none of the DAI have been spent thus far.

So in total, 109,811 HOPR tokens and 92,557 DAI remain unspent.

What follows are instructions to the DAO multisig signers for moving the remaining assets to the new ring-fenced wallet. We will of course continue to provide ongoing updates about how and when this money is spent.

  1. Cash in Uni v3 tokens from the liquidity pool at Uniswap Info

Cash in enough to receive 92,557 DAI and the equivalent amount of HOPR

  1. Send 92,557 DAI to 0x750d21b73ea877864D05EcEd55D84A9031dF795e

  2. Send 109,811 HOPR to 0x750d21b73ea877864D05EcEd55D84A9031dF795e

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UPDATE These instructions supersede the previous message

In addition to the information in the previous message, two updates:

First, the 111,286 HOPR tokens already spent by the HOPR Association for HOPR Proposal 2: Online Marketing need to be reimbursed to the Association’s comm team

These were spent on the following initiatives:

  1. 24h Hackathon: 10,000 HOPR (tx)
  2. HOPR Quiz on Persian community: 3000 HOPR (tx)
  3. HOPR X-Mas Campaign: 13,500 HOPR (tx 1, tx 2, tx 3, tx 4, tx 5)
  4. Dappnode 2nd Run: 45,000 HOPR (tx)
  5. HOPR AMA Altcointurk: 6,500 HOPR (tx)
  6. HOPR Coinbase Earn: 1,000 HOPR (tx)
  7. HOPR Non Private NFT EthCC: 28,436 HOPR (tx)
  8. HOPR Top 100 Vote: 1,000 HOPR (tx)
  9. Meme Contest: 3,050 HOPR (tx)
  10. AMA Gate.io: 800 HOPR (tx)

Second, 45,000 HOPR tokens were spent on RPCh bounties at the ETH Privacy event in Istanbul

These were taken from the budget for HOPR Proposal 3: Hackathons. Added to the 25,180 HOPR tokens already spent, 30,491 tokens remain.

The 111,286 HOPR tokens need to be added to the 109,811 tokens described in the first message (this second amount already included the 45,000 tokens spent at ETH privacy, they were just unallocated at the time of writing)

In total, 221,097 HOPR tokens and 92,557 DAI should be transferred. Updated instructions follow:

  1. Cash in Uni v3 tokens from the liquidity pool at Uniswap

Cash in enough to receive 92,557 DAI and the equivalent amount of HOPR

  1. Send 92,557 DAI to 0x750d21b73ea877864D05EcEd55D84A9031dF795e
  2. Send 221,097 HOPR to 0x750d21b73ea877864D05EcEd55D84A9031dF795e
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UPDATE These instructions supersede the previous message. The initial instructions did not cover the eventuality where the multisig already contained sufficient funds. In one or both currencies.

In total, 221,097 HOPR tokens and 92,557 DAI should be transferred. Updated instructions follow:

  1. Check to see whether the multisig already contains 92,557 DAI and 221,097 HOPR. If it does, proceed to step 4.

  2. If the multsig does not contain 92,557 DAI, cash in Uni v3 tokens from the liquidity pool at Uniswap

To determine how much to cash out, calculate the balance after cashing out enough DAI to take the balance to 92,557 DAI. If the multsig would now contain more than 221,097 HOPR tokens, cash out that many DAI and proceed to step 4. If not, ignore this and proceed to step 3.

  1. Cash out enough HOPR tokens from the Uni pool to take the balance to 221,097 HOPR tokens.

  2. Send 92,557 DAI to 0x750d21b73ea877864D05EcEd55D84A9031dF795e

  3. Send 221,097 HOPR to 0x750d21b73ea877864D05EcEd55D84A9031dF795e