A sale of locked-PHONON tokens from the treasury will diversify the DAO’s resources and allow much more flexibility in how the DAO pays for services. Exact details are being negotiated right now with investors who are willing to purchase a significant portion of the locked tokens. Those terms will be extended to the community as well.
Personally I would like to see the locked phonon exchanged for DAI, with a lock period around 12 months.
I think the correct way to do this is to allocate a large chunk of PHONON for sale as locked tokens at terms negotiated by JL and approved by Tuesdays, Mickey, Rake and myself. If this doesn’t meet significant pushback I will post a finalized version by thursday evening.
I am supportive of raising from VCs if the firms can offer a strategic advantage (partnerships/networking) or the DAO is unable to raise the required funds from the community.
Unless there is an urgent need for a large amount of funds or a VC is offering an explicit strategic advantage, I would prefer to see the DAO offering PHONON at a set DAI price every few months or as funds are required. This is more transparent, ensures PHONON gets into the hands of those actively participating in the community and doesn’t lock us into selling a large amount of PHONON at the current low token price. A simple sale/lockup contract could be deployed.
does locking the tokens now actually obligate us to sell them at the current price? I was thinking we could lock up a chunk now and just sell out of that pile as needed.
I agree with this approach of setting aside a portion of Phonon for a protentional sale and allow selected individuals in the Economics Group the ability to negotiate terms on behalf of the DAO. The DAO needs this flexibility to move quickly as deals arise.
I would prefer this method. We can lock them now, and if price appreciates, sell them for the higher price.