Treasury

The initial treasury completed its minimum raise goal of $5M with a final tally of 5,401,701.62 USDC (Ethereum chain). This should provide us with a sufficient treasury to set up the operations of the DAO.

You will need MetaMask to contribute to the raise directly on the https://fries.fund website. Do NOT send funds directly to the contract address or to any other location or people.

Mechanics

There will be a whitelisted fundraise and a public fundraise to reach our USDC raise goal for the treasury. The raise will begin on January 29nd, at approximately 9pm ET/6pm PT and continue until February 20th at approximately 9pm ET/6pm PT.

Whitelisted Raise

(January 29 - February 5)

Whitelist members are top contributors and active members of our community during the initial organizing stage. These members were actively engaged in ensuring friesDAO's early success and worked toward our common goal.

Whitelisted members will receive $FRIES as the same rate as other users, but will be able to contribute to the raise at any time during this period with an ensured entry.

To ensure sufficient participatory members, whitelist allowance will be capped at 10,000 USDC by default, but can be increased on individual request in the Discord. Any unused amounts are rolled into the general raise.

General Raise

(February 6 - February 13)

The general raise will be for the rest of the USDC of the target raise goal, including unused whitelist allocations. Anyone is able to contribute without individual cap and receive $FRIES tokens at the same rate of whitelisted users.

If the goal is not reached by end of February 13, the raise is extended into the final raise by up to one week. Any further extension beyond one week will require a community vote.

Final Raise

(February 13 - February 20)

The final raise stage is open to the public and the maximum goal begins to decline every second for one week, or until the diminishing goal reaches the current raise amount at the time. Any "diminished" tokens at the end of this raise will be put to governance vote on whether to burn them, lock them into our treasury, or extend the raise with those tokens.

Claim

You'll be able to claim your $FRIES from your donation approximately on the week of February 21, 2022. This will be open indefinitely for donators to claim on their own schedule without expiration unless a refund redemption is made (see paragraph below).

Refunds

If we fail to acquire a franchise within 1 year of the raise, you'll be able to redeem your $FRIES 1:1 at the original contribution rate, minus gas and treasury expenditures to date.

Contract Security

The raise contract was initially audited by Spade (https://spadetech.io/), then further reviewed for security and improved by @vfat (https://twitter.com/vfat0) who will deploy the raise contract. You can view the contract at https://github.com/friesDAO/friesdao-contracts/tree/main/contracts. The deployed raise contract address is 0x437A28214cBeCFb51188b6CA2A3998Df28fb5678 and is owned by the multisig wallet.

Multisig Wallet

The raise smart contract automatically directs funds to the Treasury which is a multisignature wallet (https://gnosis-safe.io/app/eth:0x7163beE2a0a4C75D1236Bf053E429f86eB45426E/balances) that requires 3 out of 5 signatures to execute in order to move funds.

Important Legal Info
PreviousAdvisorsNextFRIES Token

Last updated