Announcing the SquiggleDAO Treasury Diversification Plan
0xgregory.eth
0x6278
November 22nd, 2021

“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. 

But First, A Brief History of SquiggleDAO

Before we dive into details, let us reflect on how we got here. We have achieved much in recent months:

 The Live Mint: Blessing of the Hyperbold

The Squiggle Gods blessed all of squiggledom when Art Blocks founder, and Chromie Squiggle Creator, Snowfro Live minted 4 Squiggles into the Squiggle DAO Treasury. 

Much to the surprise of those watching, the 3rd mint was one of the most rare Squiggles, a Hyperbold Squiggle #9139. All those in attendance agreed this was an auspicious moment and surely meant that the future of Squiggle DAO would be bright. 

#9139
#9139

The contribution “We need a Bigger Vault” edition. 

Unlike many Collector DAOs, Squiggle DAO has not raised money to acquire NFTs. Every piece of art was donated to the DAO in exchange for voting rights.

Over three contribution rounds, SquiggleDAO members contributed 232 Chrome Squiggles to bootstrap the Squiggle DAO Collection. Notable contributions included 5 Full Spectrums and 2 Hypers. Today, this community contribution, along with the blessed live mints are conservatively estimated to be valued at $25m. 

Visible @ ​​https://gallery.so/squiggle_dao
Visible @ ​​https://gallery.so/squiggle_dao

The $SQUIG Drop: Power to the People

“They fell from the sky, floated in the streams and lakes, popped forth from freshly tilled ground. The land beyond the Rainbow Gates was filled with pulsing rainbows.” - Squiggle Scrolls

$SQUIG is the Squiggle DAO governance token. All members who made it through Squiggle Gate before April 11, 2021 were airdropped tokens. This early distribution solidified community ownership as a core value of Squiggle DAO from the earliest of days. 

Today, $SQUIG is held by 658 unique addresses, who together govern Squiggle DAO. 

Announcing the SquiggleDAO Treasury Diversification Proposal & Launch Partners

The progress we’ve made as a bootstrapped community has been impressive, but there’s more to do. 

To support our mission, Squiggle DAO is 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.

The treasury diversification is designed to support the growth and evolution of Squiggle DAO. While we have made great strides, our chosen mountain has many more miles to be climbed. 

Funding will immediately be used to:

  • Support the onboarding of core contributors including roles in operations, strategy and creative direction. 
  • Expand community bounties and Coordinape distributions to include $USDC (in addition to $SQUIG)
  • Strengthen our support of our growing community of generative artists. 

Our longer term roadmap includes: 

  • The liberation of Squiggles from paper hand holders (eg acquiring more squiggles)
  • The active investment in growing awareness and cultural impact of the Chromie Squiggle (and broader world of generative on chain art)

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

Next Steps: Governance

With everything queued up, we had a governance call in Discord last week to socialize this proposal at a high level with DAO members. With clear support, we will be pushing this proposal to Snapshot Vote on November 24th.

We’ve also opened up a new channel for DAO members to discuss the proposal in more detail. Head on over to #diversification-prop if you’d like to participate.

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