Funding Round 2

PoopDAO formed in November 2022 with a simple vision to complement the ShitLabs project on the Ethereum chain.  The project spanned across multiple NFT collections, a multiplayer online shoot'em up game and the crypto token, $SHIT.  The premise of PoopDAO was simple - to create deflationary pressure on the circulating supply of $SHIT.  Over time, with a constant decline of the circulating supply, the growth and upward price pressure will come naturally.

As the first folks who eventually formed PoopDAO came together, we decided a good way to help out the project was to boost liquidity on Uniswap, where $SHIT was listed in DeFi, and use the fees generated by doing so to contribute to the supply reduction of $SHIT.  Thus, a total of USD$900 was pooled to start things going as well as to ensure that everything done was in a transparent and in a manner easily understood by everyone.

In the past half a year, we are proud to announce that with only the small amount of seed funding in the beginning, PoopDAO has achieved some milestones that we are proud of :

• Burnt > 24 Billion $SHIT

• TVL of USD$1100+ (> 20% USD$ growth)

• Website for easy communications

• Social Media - Twitter/Discord

As we are nearing the first ShitLab's anniversary in the Web3 space, PoopDAO is now well positioned to open up again for the second funding round as well as accepting new ordinary members to the organization.  All funds collected during this second round will again be used to create LP on Uniswap and add to the $SHIT liquidity.  $SHIT earned as fees from trades will be burnt and $ETH earned will be added to the DAO treasury for accumulation and/or future use as decided by the DAO.

The current USD$ value per share is approximately USD$128, which equates to about 0.07 $ETH or 15 Billion $SHIT.  This will be the cost of entry to PoopDAO as well as if any existing member choose to add on to their holdings.  All funds are currently managed by JPMoregain, who operates the DAO wallet and website.  A simple FAQ is appended below to answer any questions you may have.  Alternately, feel free to reach out to JPMoregain  on Twitter.

FAQ #1 - All holdings in the DAO wallet are equally owned by all existing shares.

Should there be any situation where the DAO will be dissolved, all funds will be liquidated into USDC/USDT and equally distributed back into the wallets where members had sent their funds from.

FAQ #2 - Can I sell my share back to the DAO?

Yes.  Although the DAO would hope that all members commit for the long run, we understand that there could be unavoidable emergencies in life and a little might go a long way.  The first option for exiting the DAO would be to have someone else "buy out" the exiting share.  Failing which, the DAO will send USDC/USDT equivalent to the current share value back to the member.

FAQ #3 - I would like to join the DAO.

You can only join in during funding rounds, which do not typically happen often.  There has only been 2 funding rounds so far, the original seed round and this May 2023 round.

FAQ #4 - I have skills that I can contribute to the DAO, HMU?

Feel free to contact JPMoregain to discuss about any help you can contribute to the DAO.  Unfortunately, the DAO is not in a position to financially commensurate your abilities.  However, members will be able to credit your work on social media with the hopes that it brings your work to organizations that do.

FAQ #5 - How do you prevent any whale manipulation of the DAO should someone decide to contribute a significant amount and have more voting rights?

Regardless of how many shares a person owns, he/she will only be entitled to a single vote in any DAO matters.  Anonymous contributors who are addresses that cannot be tied to any Twitter persona are similarly unable to vote.  While this may not be the perfect solution, a malicious whale who wants to impact the DAO will need to create multiple Twitter accounts / wallet addresses / send funds from each in order to garner a majority vote.  On top of that, any proposal must first be accepted as a sensible and mature endeavour by all members before putting to a vote.

FAQ #6 - Shut up and take my money!

For May 2023 funding round, send your funds (0.07 $ETH or 15 Billion $SHIT) to the DAO wallet.  You can also copy/paste this into your browser https://etherscan.io/address/0x7638e76dce2d7ac39fd7fa1b59a3ee01a0fad7ce

Once done, follow up with a DM to JPMoregain with your sending address so that he can record your contribution.

For anonymous contributors, the DAO will track your wallet address but you will have no vote in any DAO matters.

The May 2023 funding round will close on the 28 May 2023 @ 12pm UTC.  This will give the DAO enough time to add liquidity ahead of the first anniversary.  For any inquiries or feedback, kindly contact JPMoregain on Twitter.