OVERVIEW

200 Keys NFT holders control a DAO to fund proposals using a Community Reserve.

The purpose of the DAO is to ensure that 200 Keys NFTs have constant additional utility / unlockable content and that the Key holders have the ability to direct the future of 200 Keys itself.

COMMUNITY RESERVE

The Community Reserve stores funds (from minting sales and OpenSea commissions) which is then controlled directly by the 200 Keys DAO. 50% of minting sales and OpenSea commissions are deposited into the reserve.

Every two weeks the 200 Keys holders vote on which proposals should be funded. A holder's voting power will be proportional to the number of 200 Keys NFTs that they have in their wallet.

Once the voting period begins it will last for three days. At the end of that time the top rated proposals will be funded (up to the funding limit for the voting period).

The funding limit for each voting period is 10% of the Community Reserve. Multiple proposals can be funded such that their aggregate funding request does not exceed that 10% limit. Top voted proposals are funded first. If a top voted proposal exceeds the remaining funding limit, it is skipped and a proposal at lower cost is funded.

When proposals include milestones, the costs of all of milestones in the proposal are added to the proposal's initial funding request to determine if it can be funded that voting round.

PROPOSALS

Anyone may submit a proposal and seek funding. Submitted proposals will be hidden until the associated voting period begins.

Proposals will consist of the following information:

• Proposal Title
• Wallet Address for receiving funding (if one of the winning proposals)
• Up to three overview images (hosted on Imgur or TinyPic)
• Proposal deadline
• Proposal overview
• Initial funding request (in USDC)
• UNLOCK tokens received per keychain use

The initial funding request will be the amount of USDC the proposal is asking for to initiate work. The initial funding request may be zero.


Proposals can also include milestones (up to 7) which consist of the following information:

• Milestone Title
• Up to three overview images (hosted on Imgur or TinyPic)
• Milestone deadline
• Milestone description
• Milestone funding request (in USDC)

Milestone funding requests will only be paid out once the milestone has been approved by holders via voting.

Proposal owners can indicate that their proposals or milestones have finished early (before the deadline) by signing via Metamask (with the USDC address specified in the proposal). When they do so voting will start on the proposal / milestone.

Voting / DAO

Voting will be done via 200keys.com by anyone holding at least one 200 Keys NFT.

Voting will cost no gas and will be done via Metamask signing.

Voting for new proposals happens every two weeks.

In addition, when a proposal or milestone is ready for voting, holders will be prompted to vote on that proposal or milestone. At that time the holders can vote to:

1. Approve the proposal / milestone and release specified payments
2. Grant a 5 day extension to the proposal /milestone
3. Kill the proposal / milestone and mark it as no longer eligible for funding

The voting period (for voting on new proposal or evaluating milestones) is three days.