This thread summarizes the state of PrimeDAO at the start of Q4 2024.
Q3 was a slow period for PrimeDAO and the overall DAO space. This phase was mainly focused on wrapping up the winddown of the initial product teams, completing the accounting and vesting schedules, and slowly exploring potential new directions.
Contributions to PrimeDAO
- In Q3, no contributors have been rewarded from the PrimeDAO Treasury.
- Kolektivo Labs has provided complimentary contributions: Treasury Management, Email Response, Website and Account Hosting, Occasional Tweets, and Product Research.
- Luuk has continued to run as a voluntary Foundation member throughout 2023
- There is an ongoing exploration together with Protofire, who are building a ve8020 Launchpad on top of Balancer for PrimeDAO to leverage their technology to launch a veD2D token.
- There is an ongoing exploration together with Mangrove.Exchange, an on-chain order book DEX to make an efficient alternative for LBPs using their programable DEX.
Total Assets under Control of PrimeDAO
~ $130,000 worth of non-D2D tokens, from which ~$50,000 in USDC
~ 65M D2D tokens (65% of total supply)
~ 155,000 SAFE Tokens
The Accounting Dashboard can be viewed here.
Reduced Burn to 0 in Q3
Since May 2022, PrimeDAO has approximately halved it’s contributor rewards each quarter. In Q3 2023, no contributors have been paid. The Graph below visualizes the decrease in USDC burn over the past 15 months.
Proposals in Q3
- [Passed] Swap ANT tokens for D2D with Aragon: Due to a change in strategy from Aragon and the slow progress of the Partnership, Aragon submitted a proposal to swap back the tokens which where swapped in October 2022. After some stakeholder input, a proposal was submitted to swap a reduced amount of ANT, equal to 50k, using 7-day TWAP for the D2D tokens Aragon owned.
- [Passed] PDP15: Redeploy Seed Contributors Vests and Pause Early Contributors Vests With Seed Contributors being fully vested on October 1st, 2023 and no active contributors being rewarded by PrimeDAO, a proposal was submitted to Redeploy Seed Contributors Vests and Pause Early Contributors Vests. As a result, there are currently no outgoing D2D streams from the PrimeDAO Treasury.
What’s next for PrimeDAO?
The position that PrimeDAO is in, having some resources left to fund Product Development, controlling about 65% of the D2D supply, and having an existing brand and network, leaves room for new developments.
As PrimeDAO doesn’t have any current commitments, it’s completely up to PrimeDAO governance to decide how to progress:
Some options could include:
- Continue to minimize spending inside of PrimeDAO until the market conditions improve (don’t do anything new in Q4).
- Start spending some minimum amount to improve communications and progress R&D of a new product (spend a small amount in Q4).
- Select one of the existing or a new product to receive all focus and try to build a business around it (spend on a specific product in Q4).
Hopefully, this Forum thread sparks new conversations among D2D stakeholders