ShapeShift DAO would like to extend an offer to purchase all 15,316,692 FOX held by Tribe DAO for a total of 500,000 USDC.
Proposed Sale Terms
Size: 15,316,692 FOX
Total notional sale: $500,000 paid in USDC
*No KYC required
We realize this offer is below current market value, however that market value is heavily impacted by slippage, and thus we believe that a lump sum at a set price from the DAO may serve the Tribe’s interests. We of course understand if the community prefers a pro-rata distribution. If an OTC swap is preferred, we wanted to make sure there was at least one compelling offer for FOX.
In addition to the OTC offer, the DAO has committed to paying off its loan in Rari pool 79 at a rate of 50k FEI/week (this liquidity was supplied by Tribe). This will help the Tribe consolidate FEI liquidity that was deployed on Rari and get that liquidity back into the Tribe treasury. At this rate of payment the entire loan should be repaid within 5-6 weeks or less.
ShapeShift DAO Background
ShapeShift was founded by Erik Voorhees in July 2014. In July 2021, ShapeShift launched the DAO, airdropped FOX Tokens to over 1M addresses, and began the process of winding down the centralized organization, open-source all code, and transitioning all operations to the community of FOX Token holders.
Currently the community is aligned on and actively progressing towards the following mission and vision:
Vision: We envision a borderless financial system built on open, decentralized protocols.
Mission: We shall be the pathway into this borderless financial system; an open-source, multi-chain, self-custody crypto platform enabling billions to achieve financial sovereignty.
The new ShapeShift is live at https://app.shapeshift.com. This version is open-source, supports multiple wallets, multiple blockchains (not limited to EVM-compatible networks), and is architected for complete decentralization.
ShapeShift DAO holds 416k TRIBE and will be abstaining from this vote.