A Brief History

Over three years ago, in the wake of a bull run that saw ‘tokens with JPEGs’ become the speculator’s shiny new toy, a cult NFT project emerged - led by an innovative dev and centered around a unique Discord based game. Cult members intrigued by the promise of something new and interactive grouped into teams, chanting and slinging spells at each other in week long battles, chasing a reward that we used to get excited about: points.

It began modestly, with only thirty or so early cultists participating in the games. But the project soon caught the attention of the onchain enjoyers who lingered post bull run, hoping for more opportunities to throw their ETH at. Ref links were shared amongst the larger communities formed during that bull run and in the weeks prior to mint the discord exploded with new recruits, turning the Discord game into a frenzy of actions that it could not cope with. For a week or so, this was the thing in the NFT world. A hyped NFT mint that promised so much, an innovative token standard and mysterious lore. Flippers were not disappointed as the token price ran up on launch.

But, as with many new launches at the time, and many since, the level of attention could not be sustained. New buyers ran dry and the token’s price began its trend to zero.

We all know where this story ends, waning attention, dwindling liquidity and ultimately the death of the project. No blame is pointed at anyone involved in this endeavour, many projects found the same fate regardless of how high they soared. It turns out these tokens were not the future.

This DAO

Our dev was also not a cash grabbing opportunist as some others in this space have proved to be. They took no revenue from the sales of the Spells tokens and instead retained 10% of the total supply for themselves, aligning their interests with the future of the project. None of these tokens have been sold at the time of writing this proposal.  

Sale proceeds were instead used to set up this DAO, presumably in the hope of seeding a community led transition of leadership. This ultimately did not come to fruition as evidenced by the dormant state of this DAO.  No leadership present, no proposals submitted and no purpose.

The Proposal

On to the meat of this proposal, now that the history lesson is over. The DAO holds a treasury of 105.52 ETH which is not being used productively in any way, either for the benefit of the Spells project or for Spells holders. This is a temperature check amongst any remaining holders with an interest in this DAO to decide its future, given its dormant past.

In more specific words the proposal intends to release the treasury back to Spells holders, through a mechanism to be determined in a future proposal.

To be clear, there will be no code executed on the back of this this proposal, it simply asks holders to vote on the following question:

“Should the DAO formally cease existence and distribute its treasury to Spells token holders?”

If this proposal should pass then a further proposal should determine the details around the distribution of the treasury, given the technical requirements.

 

Signed

A former cult member

Bhim barad quendi // D'arcan cathar cathar // Forn nal numen // Calmit ada sin // Avari noc brith // Golin barad quendi // Brith vos silan // Elenya ethuil orodruin