Objective:
This proposal aims to convert the Volta governance token into an NTT (Non-transferable token).
Snapshot
High Level Details:
NTTs (non-transferrable tokens) are digital tokens which, once transferred from the issuer to a wallet, cannot be traded, transferred, sold, or otherwise manipulated. In the context of a DAO, NTTs are used to ensure proof of ownership and voting power. With this update, Volta Club can become the backbone of our ecosystem, ensuring exclusive, fully decentralized governance and collective decision making.
Changing to NTT is an important step to making our ecosystem more sustainable and long-term oriented. By using NTTs, a variety of options become available to make membership exclusive while maintaining full decentralization.
The creation of a Volta NTT will put focus on membership, long term building, and a voting system that is less vulnerable to Sybil attacks (51% ownership to control DAO). Tradable governance tokens are often counted as securities in certain jurisdictions and could have inherent legal risks for every holder, no matter the amount held. These risks are mitigated with NTTs due to the token not being monetized by trading.
Changing to NTT will give Volta Club the opportunity to focus on governance, ecosystem building and development, while also eliminating market manipulation. No underlying value would be lost with this transition. In the event of a redemption or a wind down vote, NTT holders can vote for the treasury to be distributed at exact value per NTT weight. Until a redemption vote is passed, treasury funds are to be used to create more value for the ecosystem and further its development.
In this new, governance focused system, holders can propose and comment on everything protocol related, producing a more creative, community focused DAO. NTT holders can vote on investments, collaborations, markets, strategies, governance articles, etc. The voting platform and Discord access will remain exclusive to Volta holders of the new NTT, ensuring an exclusive environment for holders to communicate, discuss, refine and ultimately propose votes.
Low Level Details:
Should this proposal pass, a snapshot will be taken of current holdings and migrations limited as such. Any coins purchased after the end of the passing of this proposal would not be eligible for migration.
No additional budget is to be issued for potential additional workload due to this proposal.
Implementation into UwU Lend to ensure ongoing usability on our lending platform will be investigated and implemented by the tech department, preferably available at the same time the exchange begins.
The exchange ratio should be 1:1 meaning that one current $Volta will migrate to equal value one new NTT volta token.
This proposal is inspired after observing the repetitive discussions on our socials that focus primarily on market price and short term situation. Holders and non holders alike are trapped in cyclical discussions that are damaging and non-productive. Even though long term ecosystem plans have been shared many times over, we have reached a point where some unsatisfied holders or past holders would prefer to wind down the entire protocol than sell their tokens rather than let the growth continue as planned. Let’s not end our journey but rather allow everything that has been put in place the opportunity to continue to build and grow. It does not feel fair to call it quits after these tumultuous last years and we seem to have barely scratched the surface of what is possible.
A change to NTT enables creation of a system that exclusively puts community and holders in focus. Our Club will require verified membership, less noise and more commitment to the long term goals. Wonderland started as an experiment and I would like to propose the next chapter to be the experiment of NTTs.