Treasury Contribution Round 1: Debrief
November 12th, 2021

From the dark, rich earth sprung forth iridescent squiggles of all shapes and sizes. The root are strong, it grows skyward.” — The Founding Scrolls

From the Interim Governing Council
#1 — Squiggle Square
Squiggledom, The Internet.

Re: A community, empowered

Round 1 Recap: 367,400 SQUIG to be distributed

The DAOs initial mission of becoming the largest generative-art DAO took a huge step forward this week as the community donated beautiful squiggles to the treasury. Here are some stats from the event:

  • 80 DAO members donated a squiggle to the Treasury
  • The Treasury now has 101 Squiggles with an estimated value of 140ETH
  • 367,400 SQUIG will be distributed to contributors. This brings the total community distribution to 975,400 SQUIG or ~10% of the total supply.

Snowfro live minting event: We got a HyperBold!

The snowfro mint event was a huge success — not only did a lot people show up but the stars aligned and a fresh HyberBold was minted to the treasury! This is the second-rarest Squiggle type with only 7 ever minted.

Next Steps: Handing off to SQUIG holders

credit to ryanio, a community member

We are rapidly approaching the optimal point of hand-off but there are a few more key steps your Interim Governing Council needs to complete:

Distribute Round 1 SQUIG tokens

We’re reviewing all donations to ensure they were eligible and once that is complete, SQUIG tokens will be distributed. Expect this to happen in the next few days.

Complete Round 2 of the Treasury Contribution Program

Round two will operate similarly to Round 1 but some key differences. The reason behind limiting Round 1 the way we did was to ensure that anyone that wanted to contribute to the Treasury would have an opportunity to do so. The second is completely open so that new members and partners can participate:

  1. This round is open to anyone, not just SQUIG holders
  2. There is no limit to the amount of Squiggles that can be donated
  3. 5% of SQUIG will be allocated PLUS the remaining SQUIG allocated to Round 1 (approx. 1.4%)

We will launch this as a separate post with detailed instructions in the next few days.

Standing up Governance 1.0 Framework

A framework for Governance 1.0 will be launching on Gitbook in the next few days. This will be the playbook for managing operational elements of the DAO with actual decision-making being deployed via our Snapshot instance.

If you are over the 10,000 SQUIG threshold due to your donation, congrats! You will be able to propose actions for the DAO that the community can review. If you don’t have this privilege, don’t worry. You can also connect with those who do have proposal rights and ask them to do so on your behalf. We’re hoping to have delegation functionality in the future.

Seeding the DAO with strategic Proposals

To ensure the continuation of this incredible momentum, we have a few strategic proposals that we feel will . Get those votes ready!

Arweave TX
Ethereum Address
Content Digest