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MIP-2: Broad Investment Mandate
The following page details the proposals brought forth in MIP-2, that are relevant to the operation, structure and strategy of Merit Circle Investments.
After raising $105,576,956 in the Balancer Liquidity Bootstrapping Pool on Copperlaunch, it became clear that a broad investment mandate was required in using the DAO's funds. MIP-2 was proposed by Flow Ventures and was voted on and implemented in November 2021.
A broad investment mandate would help the DAO in maximizing the productivity of its sizable cash position. This mandate included the following proposals, that are most important for Merit Circle Investments:
  1. 1.
    The formation of a discretionary investment committee through the combination of the following entities: Flow Ventures LP, Sergei Chan, CitizenX and Maven11.
This collection of contributors would be able to deploy up to $100,000,000 in USDC out of the mainDAO's treasury for investment operations that include: NFT investments, Token investments, Crypto assets (including crypto assets in yielding positions - yield-farms), USD stablecoins (including stablecoins in yielding positions - yield-farms) and Liquidity Provision token positions such as (but not limited to:) Uniswap or Sushiswap LP tokens.
An important part of the proposal, as it allows the DAO to leverage its contributors' expertise in investment, thereby increasing the assets under management and the DAO's presence in the metaverse. This also ensured that the vast amount of funds raised would not be left idle, and instead be used to help scale current operations in a much more efficient and exponential manner.
2. Seeding all current and future multi-sig wallets with 0.5 ETH signing fees. As the last signers pay a fee in Ether, seeding all wallets in this manner provides more flexibility of the 4-7 multi-sig.
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