Summary

This proposal seeks Council authorization to transfer $99,999 worth of ($RARE, ETH and/or USDC) to a newly created RareDAO Foundation (”Foundation”) Operating Wallet.

Background and Motivation

The Foundation exists to serve the SuperRare DAO community. It is currently not equipped with any crypto infrastructure. The DAO necessarily must rely on Council coordination to use use any funds from the community treasury, which limits the ability for the DAO or Foundation to engage third party service providers to set up its independent infrastructure and perform basic operations (i.e., set up a Foundation website, establish email domains, compensate DAO contributors). There should be a limited funding mechanism for DAO activities that does not rely on the on-chain approval of the Council for each purchase.

Proposed Resolution

The Foundation to Create a new Multi-Sig

The Foundation Director should set up a new Gnosis-Multi Sig with an authority structure to be decided by the Council. The author of this proposal proposes:

• 2-of-3 Gnosis Multi-Sig
• Signers:
  • Foundation Director
  • 1 SuperRare Steward
  • The SuperRare DAO Council

Approval of Asset Transfer from the SuperRare DAO Treasury to the Foundation’s Multi-Sig

The Council should top up the new Foundation Operating Account to enable it to perform at least one “De Minimis Transaction” as defined in the Community Approved By Laws (less than $100,000) —> $99,999. The author proposed the following ratios

• 33% RARE
• 33% USDC
• 33% ETH

Expenditure Authority and Procedure

The Foundation Operating Account should be authorized to perform any routine operational expense otherwise authorized in the By-Laws, including but not limited to:

• compensating existing service providers to the RareDAO Foundation;
• engaging new Service providers or technical infrastructure;
• operating expenses for the Grant Committee
• reimbursing Council members for their ETH gas expenditures;