Portfolio/ Investment Club

By default all the assets are pooled in the DAO main treasury. The new members joining are part of the same portfolio and exposed to the past investments. The Squad members can decide to set up any further guilds or sub-DAOs (just like in the syndicate design). Every Squad member can RageQuit at any time and transfer their $VOX (shares) value to $VOX-loot. RageQuited members can re-join during the next raising event.

Genesis Event: DAO launch & the initial raise

  • Price: 100 $VOX (shares) = 1 ETH
  • Minimum tribute: 0.1 ETH
  • Fee: 0.25% from tribute, 0.5% per executed investment deal
  • Permissionless entry
  • Contract has an upper limit & time expiry, mints shares according to investors' tribute size. The price of everyone's shares is the same.

Example

In examples we will use place holders X, Y & Z for supported projects and Tx, Ty & Tz for their tokens. For simplicity, fees are not included in the example calculations.

In a real life scenario the amount of $VOX (shares) will be arbitrary per each member as the tribute sizes will differ. Some members will likely RageQuit with their funds during the DAOs life cycle. This example is simplified to explain the portfolio logic.

  • 100 people join the Squad for 10 ETH each -> 1000 $VOX (shares) each.
  • Treasury net = 1000 ETH; 100 000 $VOX (shares) was minted.
  • The Squad invests 500 ETH to X in exchange for their token Tx. Deal is 1 ETH = 1000 Tx.
  • No-one RageQuits.
  • Treasury net = 500 ETH + 500 000 Tx, represented by 100 000 $VOX (shares).
  • Each member owns 1000 $VOX (shares) representing 5 ETH + 5000 Tx.

Second LunarDAO raising event

Because the new members have access to the deals of the past, the entry price is always 10% higher than the price during the previous event. This premium rewards members who entered past deals and stayed in the DAO exposing their part of portfolio to the new members. Any old member can RageQuit before the event with their assets and re-enter with ETH again.

  • Price: 100 VOX (shares) = 1.1 ETH
  • Conditions and minimum tribute to be decided by the existing Squad.

Example

  • 100 new people join the existing Squad -> Each of the new member paid 11 ETH -> 1000 $VOX (shares) -> 100 000 new $VOX were minted.
  • Treasury has 200 000 $VOX total.
  • Squad = 200 members
  • Treasury net = 500 + 1100 ETH + 500 000 Tx
  • Each $VOX (share) represents:
    • 0.008 ETH
    • 2.5 Tx
  • Every Squad member has the same amount of shares: 1000 $VOX. Their shares representing:
    • 8 ETH (1600/ 200)
    • 25 000 Tx (500 000 / 200)
  • The first 100 members paid 10 ETH each, the new members paid 11 ETH each.
  • The Squad invests 800 ETH to Y in exhange for their token Ty. Deal is 1 ETH = 10 000 Ty.
  • Treasury net = 800 ETH + 500 000 TX + 8 000 000 Ty
  • Each member holding 1000 $VOX (shares) is an owner of:
    • 4 ETH
    • 2500 Tx
    • 40 000 Ty

Summary

  • Portfolio is the default fund management setup.
  • Permissionless but time & max cap limited entry.
  • At any point members can exit with their funds partly or fully.
  • The Squad can decide if, how and when to do next rasing events.
  • A bonding curve adds 10% to the price of $VOX (shares) for every next raising event to balance investment dilution.
  • Every member can add more funds during the next fundraising event.
  • All Squad members share a RageQuitable portfolio together, equal to the size of their tribute.
  • The Squad can decide to open separated guilds.