[Snapshot Proposal] AKITA tokens - A path forward

Hey all,

This Snapshot Proposal is a result of discussion across various threads here on the Gitcoin Forum regarding the AKITA tokens held by the Gitcoin Multisig. This Snapshot vote is proposed by :fire:_ :fire: (Fire Eyes DAO), and looks to finalize a decision around the AKITA tokens.

There are 7 proposals the snapshot vote compares;

1; Proposal from @HelloShreyas outlining a short/medium/long term strategy to sell 10% of Gitcoin’s AKITA balance and place 90% of its AKITA balance in a Sablier contract unlocked over 2 years.

2; Proposal from @castall proposing the Gitcoin community use AKITA as part of the next quadratic matching pool (in current and future rounds).

3; Proposal from @lightnode to deposit 100% of AKITA tokens to the Based market

4; Proposal from @relic to burn all AKITA tokens held by the Gitcoin Multisig except for 5% and leaving 5% to stimulate progress between both communities.

5; Proposal from @cryptowanderer to burn 100% of AKITA tokens to 0x0

6; Proposal from @tjayrush proposing the Gitcoin community return the AKITA funds to their source (Vitalik’s sending address).

7; Proposal from @androolloyd to liquidate 100% of AKITA for ETH

This Snapshot vote aims to summarize the majority of AKITA related proposals from the Gitcoin community, allowing the community to signal and ultimately make a decision on what to do with the AKITA tokens held by Gitcoin.

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@Callum Where can i learn more about this AKITA tokens

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Info is available on AKITA | Decentralized social media meets DeFi

I also recommend reading the posts from Relic on Discussion: What should the gitcoin community multisig do with the donated AKITA

You’re more than welcome to ask specific questions. I’m sure the Akita team would be happy to help.

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If dream swap is used to swap meme coins… does it still hold value as a legitimate coin? Are the coins stored in a cold wallet or can they be? Can they be swapped for legitimate coins on the app?

1 Like

Hello.
I am organising a casual debate about this topic tomorrow 10am UTC.
If anyone has strong opinions, come and join the debate https://twitter.com/makoto_inoue/status/1399648049035677700

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I’ve read through each of the proposal threads, both here and on Snapshot and I find them all wanting. I agree with @lefterisjp’s continued assertion that the mission is to fund opensource projects and with @androolloyd’s proposal to create a treasury management workstream that should be charged with these type of decisions moving forward.

With that in mind, it seems that any option which disposes of the AKITA tokens in an inefficient manner, or that leaves the treasure with a disproportionally large speculative position in AKITA, is unacceptable.

Specific feedback for each of the proposals listed above:

  1. unacceptable – disproportional speculative position in AKITA, locked tokens are unproductive.
  2. unacceptable – disproportional speculative position in AKITA
  3. unacceptable – disproportional speculative position in AKITA
  4. unacceptable – inefficient disposal of assets
  5. unacceptable – inefficient disposal of assets
  6. unacceptable – inefficient disposal of assets
  7. unacceptable – too vague

Of all of the proposals, I lean most towards 7. But would would need it to be more clearly defined before voting in favor of it. Specifically, what is the method of liquidation? Over what period of time is the position liquidated? A combination of both of the liquidation strategies suggested by @HelloShreyas may be a good place to start.

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I specifically left out how to liquidate the tokens as I don’t know the “best” path for that and would look to the community on how to liquidate effectively, I would think perhaps a flashbot sell or something could be done, but im speculating.

I believe it should be done sooner than later, and if the multi sig sold it all to uniswap that would be fine with me too.

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These are good points though it’s worth noting with respect to proposals like (1) written by @HelloShreyas that there doesn’t appear to be an efficient way to sell more than 10% even using a variety of methods due to liquidity constraints. So in some sense if you believe the community should vote to sell, for short term purposes (say in the next 3-6 months) a proposal to sell 10% is equivalent to a proposal to sell 100% just without removing the potential for future disposition.

Of course just to remain unbiased, I think not selling at all is also a valid approach as other proposals have outlined.

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Just looking at the snapshot is making me sick…
I’ve been as polite and silent as i could but really y’all are just a bunch of greedy fucks eyes flashing when seeing a bag of money infront of you, even if vitalik likes the idea and vision of gitcoin the majority of people in this community are some real rotten pieces of shit…

FUND PUBLIC GOODS BY RUGPULLING SOMETHING BUILD NOT FROM ZERO BUT MINUS

Good job

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