This proposal has been formalised based on the previous EOI - Sushi Miso Auction Proposal.
Following extensive discussion by Tracer DAO members and the Tracer community on Discourse - this Proposal relates to Tracer DAO engaging Sushi to conduct a public token distribution event via batch auction to be conducted on Sushi’s Minimal Initial Sushiswap Offering (MISO) platform.
Sushi’s MISO platform is described as follows: MISO aims to drive new capital and trade to the exchange by increasing the attractiveness of SushiSwap as a place for token creators and communities to launch new project tokens.
If this proposal succeeds, Sushi will provide a batch auction for the public token distribution event. Sushi describes batch auctions in its documents as:
A Market method whereby a set amount of tokens are divided amongst all the contributors to the Market event, weighted according to their contribution to the pool. Whatever your percentage of the total raise, that’s the portion of the total tokens on offer you will receive. Straightforward. Batch Auctions will be useful for projects looking to ensure that everyone taking part is rewarded, no matter their net worth.
The reason for proposing the use of Sushi MISO’s batch auction over other alternatives, such as Gnosis Auction, is that it provides wider visibility for the public token distribution event because it is hosted by Sushi (a large player in DeFi) and also provides the option of simple migration of liquidity to Sushiswap Exchange post launch.
Use of the MISO platform is of no cost to Tracer DAO. The passing of this proposal will allow 50,000,000 TCR tokens (5% TCR network equity) to be transferred to the MISO whitelisted address to be provided for the public token distribution event.
The parameters for this proposal arise from a community poll on the Discourse in addition to further advice from strategic partners and academic advisors to Tracer DAO. Additionally the minimum valuation capitalisation is proposed based on a combination of the mentioned polls, previous valuations and advice to Tracer DAO from advisors Chris Berg and Peyman Khezr of RMIT made on Discourse referencing their research paper: Setting the reserve price for the Tracer DAO Gnosis auction.
The proposed parameters for the auction are as follows:
- Total distribution: 50,000,000 TCR (5% TCR network equity)
- Bidding token: DAI (https://etherscan.io/token/0x6b175474e89094c44da98b954eedeac495271d0f)
- Auction token: TCR (https://etherscan.io/token/0x9c4a4204b79dd291d6b6571c5be8bbcd0622f050)
- Minimum price per token: $0.05 DAI = implied minimum raise of $2,500,000 DAI (min. fully diluted valuation = $50,000,000 DAI)
- Maximum price per token: $0.25 DAI = implied maximum raise of $12,500,000 DAI (max. fully diluted valuation = $250,000,000 DAI)
- Auction start date: September 10th
- Auction period: 5 days
- Auction type: Batch Auction
If engaged by Tracer DAO, Sushi will provide a TCR (Tracer governance token) public distribution event for the Tracer protocol via batch auction on the Sushi MISO platform for a total distribution of 50,000,000 TCR (5% network equity).
In the context of the Tracer project, conflicts of interest include:
- Existing Service Providers who are Related Parties; and
- Existing (vested and unvested) holdings of TCR tokens.
MISO Auction (Sushi) holds the following conflicts of interest:
- No conflicts of interest to declare.
Copyright and related rights are waived pursuant to CC0.
In order for this Proposal to take effect, it must be pushed to Snapshot by a current DAO member and then be successfully voted on.
We encourage the discussion of this Proposal in the comments below.
- Support proposal → Snapshot
- Oppose proposal