Author: Nicholas
Date: 2022-12-13

Synopsis#

Revoke JBP-308 - ConstitutionDAO2 Fundraiser.

Transfer the ~127 ETH (that has already been moved from JBDAO’s v1 treasury to the JBDAO multisig to fulfill JBP-308) to the JBDAO V3 treasury instead of ConstitutionDAO2.

Motivation#

Sotheby’s has delayed the Constitution 2 auction to an unannounced future date. The ConstitutionDAO2 fundraise is debating pausing donations and activating redemptions. Until the future of the ConstitutionDAO2 fundraise is clear, the $150k grant should be reversed and funds taken from the JBDAO V1 treasury into the multisig should be moved to the JBDAO V3 treasury, instead of the ConstitutionDAO2 project.

What’s more, the specification of JBP-308 is not executable as written. The original plan was to pause donations to CDAO2 on Dec 12, 2022 — several days before the GC#37 is executed. JBP-308 specifies that $150k should move from JBDAO v1 to the multisig, then into the WAGBTC raise. This would not be possible as that project intended to pause donations by that time. This makes the proposal not executable as written and places the multisig in the awkward position of having to approximate the language of the proposal — an action that should be avoided.

Should the auction’s new date be announced, the WAGBTC team can make a new grant proposal to JBDAO.

Specification#

The JBDAO multisig should addToBalance 127**.**481413342253837412 ETH to the JBDAO v3 treasury.

Rationale#

$150k (127**.**481413342253837412 ETH) was transferred from JBDAO v1 treasury to the multisig when Distribute was called during GC#37 (Etherscan). The exact amount of ETH transferred to the multisig to fulfill JBP-308 should instead be transferred from the multisig into the JBDAO v3 treasury using the addToBalance function as soon as this proposal passes, or anytime during GC#38.

Risks#

The ConstitutionDAO2 fundraise could take place sooner than they are able to pass a new governance proposal for the same grant amount.

Timeline#

GC38