TL;DR:
- Goal: Launch $oneGIV and make a protocol owned Giveth Angel Vault
- $oneGIV would be a stable coin backed by 20% $GIV
- Giveth Angel Vault would create a MASSIVE buy wall on Univ3
- We need to raise +1million in $xDai through crowdfunding with DAOHause Yeeter.
- Reward the contributors with up to a 3% discount on $GIV.
Summary:
After turning off the Univ3 farm, we have been researching how to best create liquidity while protecting the value of $GIV for GIVbacks, the GIVgarden & all our future ventures. The best option emerging is clearly ICHI’s Angel Vault.
To make this a success, we will need to seed the Angel Vault with at minimum 500k USD in stable tokens and a lot of $GIV. We have lots of $GIV but the stable tokens are harder to come by. We need a way to raise them and the most obvious way is to sell $GIV, and I propose that we partner with DAOHaus to create a YEET where we sell $GIV at a discount for $xDai. There are a lot of details as you will see below.
!praise @graceless @willyfox @karmaticacid @yass & @decentralizedJ for all their support on coordinating with ICHI to make this all possible.
Angel Vault Requirements & Timeframe
The initially proposed rough budget to make this all happen is a bit complicated, but in short we can make this huge token economic play with minimum $500k USD in $FEI and $3M USD in GIV. We will have much better success with $1M USD in $FEI and $5M USD in GIV. And with $2M USD in $FEI and $7M GIV we will end up with such a massive angel vault, I don’t think will will need to have a buy wall.
This is a HUGE deal and we will definitely need several AMA’s and conversations before going ahead with this deal, but given the recent shutdown of our Univ3 farming, and the track record of ICHI, there is also some urgency to push this forward.
We would like to propose that we try to launch this before the end of April, and start collecting fundraising a week from today. Proposed Timeline:
- Mar 22: This Forum Post is out
- Mar 29: Fundraiser is Open
- Apr 12: Fundraiser is Closed
- ~Apr 19: Angel Vault is up (We depend on ICHI for this timing)
- 1 hour later: Set the price of $GIV for the contributors
- 2 days later: $GIV tokens are dispersed to contributors
The ICHI team told us that the development of the Angel Vault after the funds are collected normally takes ~1 week. We need to make sure the vault is up and working before awarding the GIV tokens, so that there is liquidity and incentive to hold $GIV that is dispersed.
Proposed Fundraise Details
The ICHI team has told us that if we want to do an Angel Vault, it will work best if we have about 10% of the market cap in the buy wall. This sends a powerful signal to the market that there is very little chance of the price dropping. Our current Market Cap fluctuates between $5 & $6 Million USD so raising $500k in Stables and pairing with 125k of $GIV would meet this requirement, but the more we raise the better! We would like to raise $1 million USD to send a message to the crypto community that Giveth is here to build the Future of Giving and we aren’t going anywhere.
The participants of this fundraise will buy $GIV at a discounted rate.
3% discount for the first $500k USD contributed
2% discount for the next $500k USD contributed
1% discount for the last $1M USD contributed
With a fundraise hard cap of $2M USD
The price of $GIV will be determined at the launch of the Angel Vault via Uniswap
Having more than a million dollars in the Angel Vault is great, but it starts to be a large amount of the total liquidity for $GIV and it would be great to diversify this liquidity to xDai where most of the $GIV lives, so we propose that we put 1% of all xDai raised straight into the Liquidity Multisig on xDai and after raising $1M we send 32% of the rest of the xDai raised to the Liquidity Multisig to create a simple GIV/xDAI pool to be protocol owned.
We also want to support the Regen movement in crypto and donate 1% of all funds to donation.eth, and after we hit our 1 million dollar goal, donate 5% of the therest that is raised.
And to use YEET as a platform, we are working with DAOhaus and the YEET team to find a win-win solution. On their website they request a 3% fee to use the platform. This can easily be avoided in the deployment process, but in the spirit of DAO2DAO coordination I would propose that we live up to this agreement and trade 3% of what we raise with them for HAUS at spot price.
So this would be the distribution at various amounts:
500k (Soft Cap)
1M (Goal)
1.5M (Party Time!)
2M (Hard Cap)
If you would like to play with these numbers, here is a spreadsheet:
Giveth Angel Vault YEET details
$oneGIV, Giveth’s Branded Dollar
One of the great benefits of launching this Angel vaults is that ICHI will launch oneGIV stablecoin for the GIV community and use that token to create a buy-wall to support GIV token price. This token will be backed by $Fei and $GIV and after launch 1 $oneGIV can be minted with $0.80 USD of $FEI + $0.20 USD of GIV.
This will be amazing as we can eventually bridge $oneGIV to xDai and begin to use it as the stablecoin of choice for our community, there will be no changes immediately because of this, but I fully expect to incorporate this into our ecosystem in many cool ways.
What is a YEET, and why use it?
In short, YEET is a new fundraising platform coming out of the DAOHaus/Metacartel ecosystem where each project raises funds into its own Moloch DAO.
The benefits of this is that every contributor can redeem (“ragequit”) to receive back the portion they contributed, and the benefits to Giveth is that it builds a stronger bond between Giveth and one of the most similarly aligned communities in web3, while being able to use their system without building our own front end.
We are still negotiating the win-win details of this partnership, 3% of the funds we raise going to buy $HAUS for creating a Liquidity Pool is IMO a great option.
Why use $FEI over $USDC or $DAI
TRIBE has has agreed to match our Angel Vault deposit with 10% of the total funds and it would be beneficial to also build a connection with the $TRIBE Community. Hard to beat that!
Please give feedback!
There are a lot of details still to come, but please give us feedback on this general concept! Do you think this is a good idea?
- This sounds awesome! LFG!
- Pretty good but would like to change some things
- This is completely the wrong approach
- Abstain
0 voters
Useful Links for Reference
ICHI Proposal for a Giveth Angel Vault
ICHI Vault Statement of Expected Behavior
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