“Diversify yourself, for the journey is long and the mountain high” — The Founding Scrolls
The Office of the Deputy Secretary of the Squiggle Treasury
#1 — Squiggle Square
Squiggledom, The Internet.
Attention Squigglers: The Diversification is near.
A few months ago, on a cool, misty April morning, SquiggleDAO was born.
Our intentions were simple:
- To build a large, authoritative collection of Chromie Squiggles owned and managed by a Community DAO
- To foster cultural longevity for the Chromie Squiggle art series
Today, while our mission remains the same, the opportunity has grown larger.
The world has woken up to the potential of NFTs, on chain generative art, and the prominent role the Chromie Squiggle has played at the intersection of both. As the community has grown in size and capability it became obvious that, to achieve our ambitious goals, the DAO and its members will require new resources.
Today, The Office of the Deputy Secretary of the Squiggle Treasury is proposing a treasury diversification round and announcing a list of esteemed potential launch partners.
Announcing the SquiggleDAO Treasury Diversification Proposal
The progress we’ve made as a bootstrapped community has been impressive, but there’s more to do.
To support our mission, we are proposing the exchange of 11% of treasury $SQUIG (826,317) for USDC at a price of $9.50 per token or a FDNV of $95M USD.
This initiative will generate approximately $8M USDC for SquiggleDAO and enable us to achieve our mission of becoming the largest open collection of Squiggles and a centre of Squiggle Culture.
SquiggleDAO is in a unique position in that we were able to achieve our current treasury and community with zero funding, while also maintaining the majority of the governance token, $SQUIG, in the treasury. However, due to this composition, the only means of investment the DAO can perform is with the governance token. This is limiting because:
- $SQUIG has no liquidity and is volatile
- The treasury does not contain any stable assets that will enable us to thrive in bearish market conditions
- Many real-world investments will require accepted forms of capital (stables, ETH)
In order to ensure the continued growth of the DAO, it is important that the treasury is diversified.
Introducing our Strategic Partners
Finding contributors who would be active in the community was an important component of preparing this proposal. We’re pleased to share that the following organizations are on-board and have demonstrated their long-term participation in our community. We are excited to invite them to the DAO!
- Standard Crypto
- True Ventures
- The LAO
- SeedClub Ventures
- Justin (Be3wster)
Next Steps: Governance
After the preview AMA that we held last week with the general community, we are ready to take this to Snapshot voting for November 25th pending any feedback from the community.