(VOTE) Project X Investing Initiative

DAO and Governance
1

Mars Colony was approached by Harmony Protocol’s Project X, representatives of which asked to make a deal to benefit both parties. If you attended the latest Discord voice chat, you know the details, but if not, they’ll be summarized below.

The terms of the deal are currently being negotiated, and because we were approached last-minute (the deadline for announcing a signed deal is Monday, Feb 28th at 11:59pm PT), the MC community will not be able to vote on the final details of the deal. That said, we feel it’s important to give the MC community power to approve or deny the investment as a whole.

The framework (subject to change)

The details are still being negotiated, but the general idea is:

  • Project X will invest $200-500k in Mars Colony by purchasing CLNY from the MC treasury

  • MC will grant a 10-20% discount on token price at the time of purchase to incentivize the transaction and as payment for future promotion and support by Harmony

  • The purchased token will be locked for 6 months to a year, then potentially released in ~10% increments

  • The MC team will use the Project X investment to support growth to develop and launch our DEX, stable coin, and MC lending. On the gamification side, we will build out the ability for users to take part in quests (earning tokens and XP), grow engagement, and grow the user base at least 10x within the next 12 months

There’s more to the proposal, but due to time constraints the minutiae are being debated live, so we won’t have time to sort and implement all community feedback, but don’t hesitate to share your thoughts in reply to this post.

MC<>Harmony Funding Vote
  • Take that deal!
  • Don’t take that deal
  • Undecided

0 voters

If you have questions, the fastest way to get answers is to ask in the Mars Colony Discord.

14 Likes
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Hey team, do you really have the lack of funding atm?

3 Likes
3

I am for this. I’ve listened to the AMA yesterday, and my conclusion is that it can give MC more than it could take from it.

But there must be rules. One of them being this:

locked for 6 months to a year, then potentially released in ~10% increments

Just without potentially. I think it need to be distributed over time, not all at once.

10 Likes
4

We aren’t lacking funding. We didn’t ask Harmony for money, they approached us:D

However, this money would enable us to rapidly speed up development and accomplish goals much faster.

22 Likes
5

I don’t think it’s only the money. It’s the speed of evolving that the additional money can bring. It’s also the marketing and the campaigns that Harmony can bring to the MC.

9 Likes
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Yeah, we proposed it to release in those increments, I said potentially because they might not accept that part of the deal, we’ll have to see.

Keep in mind, though, that this isn’t any VC. It’s Harmony, and hurting us hurts them. Even after a year, they wouldn’t want to dump all at once (but chances are we’d be big enough for that not to matter if they did anyway).

7 Likes
7

Well put.

2 Likes
8

I Appreciate you putting this for votes but it seems like a no brainer. Take it!

5 Likes
9

There’s no reason to damage the economy by releasing the additional supply to receive something that you don’t actually need.

So trade for what’s you really need (more exposure, connections to high-tier communities and investors, etc.).

10

There are no words about “marketing and the campaigns” in this proposal. Currently, it sounds like just the OTC deal.

11

Ah I just didn’t write it. That’s not the actual deal, just my synopsis since it’s all still being negotiated

12

Thanks :v:t2:

13

Will you have this point in the agreement?

I don’t see anything that could stop them from doing it. The projects and infrastructure landscape could change a lot after this one year.

1 Like
14

We control the treasury for development until the DAO is implemented, but we’re serious about 100% of CLNY belonging to the community. We felt it was necessary to put to a vote even if we figured it would be a yes, because it’s not fair for someone to reach into your trust fund and invest that money without your consent :slight_smile:

4 Likes
15

That’s true, and yes of course. We’ll push as far as we can for terms that prevent them from dumping at once. They of course will push back, so I can’t know for certain where it will all settle

3 Likes
16

Looks like a great deal. Have them commit to marketing the project as well on all of their social media accounts. I vote YES

4 Likes
17

I also believe in the Harmony team, but who knows what could change in a year. I am for putting everything on paper, even MC and Harmony are and should be in the good relationship. The written word wouldn’t hurt anyone, but otherwise can’t be guaranteed.

Forward :v:t2:

4 Likes
18

I agree completely :v:

1 Like
19

How much $CLNY in percentage from the treasury are they looking to get? Anything around 10% is big, 20+% is huge.

1 Like
20

Huge then.

But, it will be locked and by the time it’s unlocked, it will be a much smaller percentage of the treasury. So in the meantime all this does is increase TVL.

2 Likes