Due to feedback this proposal was withdrawn in favor of an auction and put to vote as HIP-4.
The DAO currently owns 4 000 000 UBI. We propose to sell some portion of it at market price in order to finance its operations.
The Kleros Cooperative has expressed interest to buy for 150 000$ of UBI from the DAO. In order to keep the process fair, the sale will be open to any buyer buying at least 1000$ (below that it’s easy to buy on Uniswap and subventioning the transaction fees wouldn’t be worth it). The sale will start 1 week after this proposal is accepted and will last 1 day. (exact time to update when it’s put to vote) The price will be the Uniswap price at the start of the UTC day.
From a practical perspective buyers will be able to send ETH or DAI directly to the DAO, the DAO will then send back the UBI amount corresponding to buyers corresponding to their purchases.
In case more than half of the DAO reserve were to be bought, the DAO will only sell half and reimburse everyone in proportion of their purchase (ex: if the DAO has 2000 UBI and 2000 UBI are bough, the DAO would only sell 1000 so buyers will get half the UBI and half of their contribution will be reimbursed).
It isn’t made to be a big sale but just to get some quick funding for DAO without having to deal with a complex sell of its treasury. Allowing anyone to buy ensure that the treasury management of the DAO is fair and not made to profit particular actors.
Using a smart contract for the sale would take some extra time and since UBI is controlled by the DAO buyers already have to trust the DAO.