$CITY Shadowdrop

Objective:

Design an ERC-20 token for CityDAO Citizens to globally transact in web3.

Context:

CityDAO is a leading web3 community, focused on acquiring land and building a web3 city, and is goverened by its members. Investment and value transfer transactions with its members are outside of the initial scope of the DAO charter. Building an excellent community is the primary focus for the core DAO, which leaves a global need for Citizens to exchange with a fungible token... a need that CityDAO is not (and perhaps should not) solve for on its own.

Shadowdrop:

The $CITY Shadowdrop will commence December 15th, 2021, and remain available for redemption by wallets that were holding Citizen NFTs at the time of snapshot (which will be taken on December 8th, 2021, immediately following the Town Hall). The token allotment will be distributed as such:

• (1) First Citizen NFT: 1,000,000 $CITY
• (50) Founding Citizen NFTs: 100,000 $CITY (each)
• (10,000) Citizen NFTs: 10,000 $CITY (each)

* An additional 3% will be allocated as a development fund to compensate the work of writing and launching the token. * Total Max Supply of 109,180,000 is enforced in the contract.

Snapshot: (merkle tree will be posted after the snapshot)

CityDAO Approval:

In order to approve community adoption of this Shadowdrop token, an author needs to submit a revised proposal similar to this to Snapshot for the community to vote on (replacing variables and negotiated details):

# $CITY Adoption

## Abstract:

The $CITY token Shadowdrop has aligned interests with the broader CityDAO community, and has built a global $CITY token for Citizens to globally exchange fungible tokens. This token grants Citizens a more liquid and fungible utility, and can be used as an essential tool to strengthen the community's value and lower the barrier to entry for newcomers.

## Proposal:

To support the growing contributions and longevity of the community of Citizens, we propose that the CityDAO treasury diversify as such:

* [BASE_DIVERSIFICATION] ETH will be exchanged for $CITY, over the period of 3 months, beginning January 1st, 2022
* [BASE_PERCENTAGE]% of continued revenue, gains, or acquired reserves after the 3 month period will be exchanged for $CITY, on a monthly basis

This treasury diversification strategy will properly align Citizens with the CityDAO mission, granting a sustainable approach to funding the future of integrating the physical world with the digital.

### Related Links

* [$CITY Token Website](https://shadowdrop.eth.link)

## Arguments:

### YES

Voting yes for this proposal will bring the CityDAO treasury assets closer to the community that it consists of, aligning all members with future community growth and success, while also achieving:

* Fungible liquidity for early community members
* More affordable access for the broader community to participate in the success of CityDAO
* Does not require the core team to design, launch, or maintain a fungible token
* Additional layer of composable governance
* WAGMI vibes

### NO

Voting no for this proposal will kill the $CITY initiative, and keep CityDAO ETH/USDC allocations as-is, effectively preventing the $CITY token from being adopted by the CityDAO community for use by all. [ADD_ADDITIONAL_ARGUMENTS_FROM_COMMUNITY]