Purple # 57
Executed
Migrating Purple to Base
Proposed by ccarella 🟪
Ended on Mar 13, 2024
Quorum: 47 votes
Snapshot: #19393317
Proposed Transactions
1. DAO_Auction_House_Contract.transfer(
0x8456cb59
)
2. DAO_Governor_Contract.transfer(
0xef00ef43000000000000000000000000000000000000000000000000000000000002a300
)

TLDR

There has been overwhelming demand from the Purple Membership to move our contracts from Mainnet to an L2. High Mainnet costs are an impediment to voting and ultimately engagement. BuilderDAO has released their latest contacts, Bali, which can be used to migrate DAO's using builder protocol on Mainnet to a Superchain L2 (OP, Base, Zora). Several polls conducted in /purple showed a strong, soft consensus for Base. This is an onchain vote for Base.

The Process of moving to an L2

Moving to an L2 happens in the following steps:

1. Pause the Auction and update Governance Settings (This prop)

  • We must Pause the Auction to migrate to an L2.

  • We are changing the Vote period from 4 days to 2 day to minimize the length of time our Auctions are Paused.

2. Migrate the DAO to Base

3. Unpause the Auctions on the new Base contracts and change the Governance Settings back to a 4 day Voting Period.

4. Bridge the Mainnet Treasury To Base

  • We can bridge any amount we want and as many times as we want. A smart default would be to bridge 10% of the Treasury to Base and then the rest at a later date.

The Migration Flow

Implications of this Move

1. Pausing the Auction

  • The Auction will be Paused for 6-8 days.

  • Loss of Revenue for that time period.

  • No new members joining in that time period.

  • No new Proposals in that time period.

2. Upgrading to Bali

  • Running on the latest Builder Protocol Contracts

  • Introduction of Protocol Fees.

  • 2.5% of Auction Sales go to BuilderDAO for maintenance and future development of the Protocol.

  • 2.5% Referral Fee to the app where the winning bid is placed.

3. Purple will be on Base

  • Low transaction costs!

  • Opportunities for more interactions with Frames

  • We have many Base builders in the DAO and there are many Base app in the Farcaster ecosystem, which creates better alignment and composability for Purple

About Bali

Bali Spec

Implications of the transactions in this Proposal.

The transactions in this Proposal:

1. Pause the Auction.

2. Change the Voting period to 2 days.

What is next

If this Proposal passes, upon execution there will be another Proposal to Migrate to Base.

Additional Reading

The Migration Flow

About Bali

Bali Spec