VDP-33 PrimeDAO <> VitaDAO Partnership Proposal + Token Swap

Partnership Proposal: Between PrimeDAO & VitaDAO

Representatives: Vincent/me (VitaDAO), Luuk (PrimeDAO)

Summary

Initiating a partnership with PrimeDAO, a DAO building next-generation coordination tools for DAOs, and VitaDAO, to explore how VitaDAO can utilize and benefit from PrimeDAOs offerings as well as align through a tokenswap of ~$50k worth of Prime<>Vita

Proposal

This partnership agreement is initiation on the 3th of March 2022, by and between:

VitaDAO, a community owned collective funding early stage longevity research, governed through the VitaDAO Snapshot.and

PrimeDAO, a A DAO collective focused on researching and building next-generation coordination tools for decentralized organizations, governed through the PrimeDAO Boardroom.

Partnership Purpose (updated)

The partnership aims to align the interest of the parties to intensify the collaboration between the organization. PrimeDAO provides DAO tools which we want to further explore with VitaDAO, and provide input on which tools would be most useful for us and our ecosystem! This also creates mutual awareness in both DAOs through the introduction of this proposal, as well as governance alignment of VitaDAO being able to govern PrimeDAO through its governance votes, and vice versa.

Background on the Partnership

VitaDAO and PrimeDAO share a common purpose to push the abilities of DAO to fund and advance human potential. Contributors of the DAOs have been connected and sharing knowledge since the early days of DAOs, back in 2019. Both groups see value in intensifying our relationship with this partnership agreement.

Commitment of the Organizations

Both parties agreed that they intend to contribute the following towards this partnerships:

  1. Token Swap:
    To align governance interests, a Token Swap between the two organizations is initiated as part of this agreement. $50.000 worth of VITA will be swapped for $50,000 of D2D taken the 30-day average at the end of the vote on both sides.

  2. Co-liquidity Provision:
    To enhance alignment, the DAOs plan to explore a potential Vita<>Prime pool for the further, while this is part of further discussion and review from tokenomics.

  3. VitaDAO will match the received D2D tokens with an equal value in BAL tokens from its treasury and add it to the 50% D2D x 50% BAL pool on Balancer.

  4. PrimeDAO will match the received VITA with an amount of WETH - equal to 25% of the amount received - and add it to the 80% VITA x 20% WETH pool on Balancer.

Both DAOs will be eligible to earn rewards associated with these two pools. There are no lock-ups or limitations to which the DAOs need to adhere to in regards to the received tokens, however it is expected that both DAOs will communicate any changes to the usage of the tokens to the other party.

Management of the Partnership

Partnership Term
The Partnership is open-ended and does not have an expiry date.

Partnership Governance
The partnership is managed by representatives of the organizations. The respective governance processes of both DAOs can overwrite any decision by representatives.

In the case of this partnership, there are 2 representatives for each organization.

Exit Clause
Both organizations can at any moment terminate the agreement through their respective governance systems.

Communications around the Partnership

  • An Partnership announcement blog will be created within 2 weeks after the agreement date.

  • To ensure operational effectiveness, a monthly call will be set up by at least one representative of each organization.

Both DAOs acknowledge that DAO agreements are inherently unpredictable and irreversible and agree to this initial partnership agreement (pending governance vote outcome).

  • Agree
  • Agree with revisions (please comment)
  • Disagree

0 voters

3 Likes

I would like to see external review of this partnership by several people with tokenomics expertise. Getting consensus by knowledgeable people without skin in the game would be helpful to inform those less knowledgeable.

Who are the representatives from each organization at the start of this partnership?

The co-liquidity provision appears to be unwritten or incomplete.

Can we write up the benefit to VitaDAO in the purpose section? It could be more clear on why we want to align interests with PrimeDAO and intensify our collaboration. Also, how does swapping tokens and providing liquidity for each other accomplish this?

To be clear, I think we should do this, but the proposal should say why.

2 Likes

Updated it, Luuk from PrimeDAO, see there proposal here Prime <> VitaDAO Partnership - Governance - PrimeDAO

We will only start with 1, 3, and 4. Co-liquidity provision is not yet finalized, and would need further discussion (also less needed to get started and makes less sense given each DAO would earn no rewards on a Vita<>Prime pool)

Updated: The partnership aims to align the interest of the parties to intensify the collaboration between the organization. PrimeDAO provides DAO tools which we want to further explore with VitaDAO, and provide input on which tools would be most useful for us and our ecosystem! This also creates mutual awareness in both DAOs through the introduction of this proposal, as well as governance alignment of VitaDAO being able to govern PrimeDAO through its governance votes, and vice versa.

1 Like

I support this proposal.

While both DAOs may seem somewhat disconnected at first sight, I would argue that PrimeDAO’s efforts are in fact highly relevant to VitaDAO.

VitaDAO is a pioneer not only in the DAO space generally, but especially in DeSci, in BioDAOs, in IPNFT, in funding DAOs, and other niches. There may (I think: will) be a Cambrian explosion of DAOs in all of these niches, and as a pioneer in these fields, VitaDAO has a substantial impact on their success. This is an opportunity for VitaDAO and perhaps a responsibility too. To do that, VitaDAO will contribute know-how but that also needs to be implemented into frameworks and code. This is where PrimeDAO comes in. Their “Launch” product family seems like a great candidate for future fair token launches, similar to Gnosis Auction, and their “Deals” product family makes it easy to scale up DAO2DAO relationships between VitaDAO and the plethora of future DAOs to come. By entering into the partnership proposed here, I assume that we would not only get more insights into PrimeDAO’s tools and support from them, but crucially also more of a say through D2D governance tokens and hard-coded on-chain governance. We can use that to vote for tooling and features that we would want to build and pay for anyways.

That is where I see a substantial opportunity for ROI for us.

Apart from that, I also agree that the argument of diversifying our treasury alone is worth considering as well as supporting, aligning with and getting attention within the PrimeDAO community which was initiated by some DAO OG folks from DAOstack ecosystem and who I admire for their expertise.

1 Like

Beautifully put! Absolutely agree! We pave the way for other Bio DAOs to take shape, as well as get the best tools in collaborations built for VitaDAO itself!

Exactly! We could govern, as well as be an early adopter of new services they launch, and can give feedback what would be most valuable to us.

1 Like

Update: Proposal passed on PrimeDAOs side. See Boardroom Management Portal

1 Like

This proposal is now live on Snapshot.
Voting starts on: 13 Mar 22 03:50 UTC
Voting ends on: 20 Mar 22 03:50 UTC

1 Like