Funds in Pantless DAOโ€™s treasury are used to purchase NFTs. To fund the treasury, the DAO will mint a series of ERC-721 tokens carrying ownership rights in the treasury and governance rights in the DAO.

DAO tokens will come in two flavors:

Founder Tokens - Founder tokens will be mintable by each person who was either a playground participant in the Mega Team or donated to the teamโ€™s fund for scam victims. Founders who also seeded the treasury can claim their founder token for free. There are roughly 250 founders.

Member Tokens - Member tokens will be mintable by anyone and have an initial supply of 5,000. Members who seeded the treasury will be able to claim a corresponding number of member tokens for free.

Seeding the Treasury

On October 11, 2021, members began contributing funds to seed the Pantless DAO treasury. All contributors to the round will be whitelisted for a quantity of free DAO membership token mints proportional to their contribution. The price of DAO tokens during the seed phase is 0.1ฮž. The price of tokens may be adjusted after the official token launch to reflect appreciation in value of the treasury.

The seed phase will close when one of the following occurs...

๐Ÿ’Ž We receive 150ฮž in deposits

๐Ÿ’Ž We officially launch the token by deploying our contract

๐Ÿ’Ž Our NFTs pump in value significantly, requiring a reevaluation of membership token price

An Important Disclaimer

By making a contribution to the treasury, you are reserving a spot on our whitelist to mint a membership token from our website when our smart contract is deployed. You will be required to pay the cost of gas when minting. The amount of membership tokens you will be entitled to mint will depend on the total membership tokens made available by the DAO and the amount of your contribution. The treasury is not a pool of liquid funds. We deploy treasury fund immediately to build our NFT holdings. As such, you should have no expectations to be able to withdraw funds that you have deposited. Once we have deployed our contract you may be able to sell your membership tokens on the secondary market. However, we make no guarantees that your membership tokens will hold any particular value. The NFT market is highly speculative, and there is substantial risk involved when purchasing any NFT. Please only contribute what you can afford to lose.

We intend to deploy our smart contract much sooner, but we have established a deadline of December 21st, 2021 to do so. If we have not deployed the contract by that date, we will use our best endeavors to liquidate sufficient holdings so that members who wish to exit may do so. Any refund offered under such circumstances may be less than your initial contribution, and will depend on the availability of funds received from selling our holdings.