CIP 212 - Return Funds to Citizens

Summary:

With the departure of myself and David, who have historically kept the DAO in compliance, paid taxes, and maintained the off ramps, I believe now is the time to return the CityDAO Treasury funds to Citizens pro-rata.

After failing to pass 7+ proposals, I see no path forward for us to agree on a reasonable way to spend the money, and keeping millions of dollars in a multisig leaves it vulnerable especially over a long period of time with multisig members cycling in and out.

I will be leaving the multisig, closing the bank accounts, off ramps, and CityDAO social media accounts, discontinuing to pay taxes our properties, and completely removing myself out of the operation of the DAO.

The most responsible path forward is to return the funds to the Citizens who contributed them.

The claim will be about $320 per NFT according to my napkin math from this post, but that is heavily dependent on ETH fluctuations.

Implementation:

Upon passage of the CIP, any Citizen may volunteer to be a part of the Return of Funds Task Force. They will decide on an implementation mechanism and have a budget of $3,000 to develop and audit a smart contract as necessary and pay legal fees for any research needed into dissolution.

The most likely scenarios are either an airdrop to return the funds or a smart contract that lets Citizens claim their share of funds are options.

TImeline:

Upon passage of the CIP, the return shall be executed within 30 days.

48 Likes

This seems like a good idea. Thank you for all you have done.

4 Likes

I strongly support this. Unless someone has a very real plan that is supported by a majority of the citizens to deal with the $3 million in the treasury, the 3 parcels of land, the $40K in the Parcel 0 multisig, unwinding the CityDAO LLC and the Parcel 0 LLC and somehow not spending money on yet another council, then this proposal is by far the most fair, reasonable and safe proposal that could be found. Let’s return the money to everyone. Anyone can start a new DAO if they want, but this DAO has become overrun by nationalism, tribalism, factionalism and other insurmountable obstacles. It’s time to end this experiment.

1 Like

DAOs aren’t meant to live forever and it feels that we’re not able to sustainably energize the original mission and so I personally would love to see resources move back into the Ether so that they can decentralize and perhaps find a new home with other mission’s in the ecosystem of crypto and network states at the discretion of the individuals who currently hold the citizen NFTs.

Only open question I’d have is are all NFTs the same (e.g. Founding Citizen = Citizen) in the dispersement calc. (I don’t have opinion one way or another but feels something the proposal should clarify)

3 Likes

Liquidation is also a good option.

1 Like

its ok。bro。lets go

thanks boss

1 Like

ok。 let go。 the last time

1 Like

liquidation liquidation

The NFTs traditionally (by custom) have been given 3:1 weight for the founding citizen NFT and 10:1 on the First Citizen when we did airdrops and such in the past so that seems like a fair ratio.

1 Like

totally agree

It’s time to disband, thank you for your proposal, we have the power to support it.

Liquidation is also a way

Liquidation is ok,thanks

Liquidation √。Liquidation

its ok , thankyou

Perhaps Citydao can continue to run in a different way. I am trying to propose a hypothesis: is it only after Citydao survives and continues to live in web3 that it is possible to project City into the real world?
It is recommended to publish the execution progress of the “Return of Funds Task Force” through the official citydao account, and after the liquidation is completed, create a commemorative token and send it to every NFT holder. This means that the value of these tokens anchors the value of the treasury.
And through the combustion of the original NFT, more tokens are obtained (causing NFT deflation and increasing NFT value), promoting the prosperity of token transactions through more operational activities.
It should be noted that,

  1. Each behavior requires extracting some transaction fees into the national treasury.
  2. Low risk sustainable investment of partial value in the national treasury.
  3. Vampires are prohibited from extracting the national treasury. (Increase restrictions, such as prohibiting the purchase of land, offices, etc. from other regions except for the construction of the original plot)
  4. Fairness, impartiality, and openness.
  5. The original plot is the place where dreams begin, and when we are lost, perhaps we need to return to the origin.