ZooDAO: Extending token locking

DAO Proposal 005

ZooDAO is a project over two years in the making, supported by a dedicated team spread throughout the world. Since inception, the project team has grown from three members to 15, of which 12 work full-time on the project. As ZooDAO progresses to full launch in 2022, we arrive at a critical juncture in deciding how to ensure we sustain the project’s success, and provide the best possible solutions for end-users.

The team is requesting the support of the community to critically evaluate the following proposal submitted by the ZooDAO Strategy & Finance Team.

Proposal 005: Extend Early Backer and Project Team locking period

Upon launch of the $ZOO token, a timeline was set by the Strategy & Finance team for vesting of tokens by each holder. Given the timeline of development, we are now closing in on the vesting horizon for Early Backers (investors in the project) and the Project Team. The current vesting schedule allows Early Backers and Team members to access up to 10% of their allocated tokens on a monthly basis going forward.

The token vesting schedule is a safeguard measure to ensure the Team and Early Backers are fully incentivized to sustain the success of ZooDAO, and protect users from fluctuation in market price of $ZOO tokens.

Proposal: To maintain this safeguard, the Team is proposing to extend the team and early backer token locking period for an additional 6 months, then undergo a vesting period of 10% every 2 months in order to:

  1. Avoid flooding $ZOO tokens in the market prior to the product being available to all users
  2. Maintain community trust and assure $ZOO token holders that the team will not unjustly manipulate the price of the token on the market

The ZooDAO Project Team unanimously supports this proposal.

The ZooDAO Community has placed an enormous amount of trust in the team, extending support and encouragement throughout the development process, and demonstrating confidence in the project by purchasing and holding $ZOO tokens. We wish to renew our commitment to the community and demonstrate that we share in the success of the project as much as the community does.

How to participate in the vote

This vote will take place in two stages:

  1. A Snapshot vote will be held to gauge acceptance of the proposal. To submit a vote, connect the wallet in which you hold $ZOO tokens to the dApp and select Approve / Reject proposal. No gas fees apply. If the proposal is accepted in vote 1, a second vote will take place.
  2. As this proposal involves a change to existing or deployed funds, a second vote is required to enact the change in Aragon. The phrasing of the proposal and options will be the same as in the Snapshot vote. As this vote is on-chain, fees will apply for acceptance of the proposal.

Why a two stage vote?

Using a two-stage process avoids users from spending gas fees for a potentially unpopular proposal. If users indicate preference to accept the proposal in Vote 1 (Snapshot), the proposal progresses to Aragon where fees apply.

Vote here: https://snapshot.org/#/zoodao.eth/proposal/0x5d5e974db100384627cadc6909be0871b7c36adada7c3bd586a2d641f9677a10

With thanks from the team

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ZooDAO is the first community-governed platform enabling users to generate yield from their NFTs.