Summary
AI Capital Cyprus LTD, an Investment Holding based in Cyprus with interests in real estate, infrastructure, technology ventures, and luxury goods, has identified potential in Lucidao/Altr.
With a focus on real-world assets (RWA), the Consortium proposes to guide the platform toward sustainable growth by emphasizing its core offerings.
The Consortium’s vision includes dissolving the existing DAO, acquiring all tokens, and shifting focus to new product categories, leveraging our industry experience to elevate Altr’s role in the tokenization of RWAs while preserving the existing categories and its decentralized, peer-to-peer nature.
Vision
The Consortium has closely followed the progress of the Lucidao/Altr team, which has shown exceptional dedication in building a strong brand and product during the past 3 years. The company believes that the Altr platform holds potential for the future of real world assets (RWA), especially in relation to physical collectibles.
However, launching a venture of this magnitude and ensuring its success requires substantial funding. As it currently stands, the DAO does not have the necessary capital to develop a comprehensive roll-out plan for the commercial and marketing activities essential for a successful product. This financial limitation restricts the platform’s ability to grow and reach its full potential in the competitive RWA space.
The Consortium aims to bridge this gap by taking over Lucidao and refocusing its resources on new functionalities and product categories. With its experience and access to significant funding, the Consortium intends to provide the financial backing necessary to properly launch, market and maintain the platform, driving sustainable growth and elevating Altr’s role in the tokenization of RWAs.
Proposal Details
1. Token Buyout Plan
As part of this proposal, the Consortium proposes to retire all Lucidao tokens (LCD). Two smart contracts will be established to facilitate this process, each with a user-friendly interface where users can easily swap their LCD for USDt:
- Smart Contract 1: Designed for general market participants and early investors. A total of 259,779,699 LCD tokens will be redeemable at a rate of $0.01205 per LCD, totalling approximately $3,130,345.37 USDt.
- Smart Contract 2: Reserved for whitelisted addresses that participated in the third funding round (Polygon’s Round). A total of 26,400,000 LCD tokens will be redeemable at a rate of $0.08523 per LCD, totalling approximately $2,250,072.00 USDt.
The redemption period will be available for 30 days, commencing immediately upon the deployment of the smart contracts on the blockchain. Afterwards, no further redemptions of LCD are possible and due to the Dissolution of the DAO, any remaining LCD will lose their utility value related to the ALTR/LUCIDAO project.
Currently it is intended to include an identity verification solution that allows for the exclusion of certain LCD holders as outlined in the relevant terms and conditions of the Token Buy-Out process.
2. DAO Dissolution
Upon successful buyout, the existing DAO will be dissolved. However, the platform will maintain its decentralized and peer-to-peer attributes. The focus will be on building the fundamentals of the platform, shifting away from the current token model in favor of a focus on core operations and products.
3. Platform Continuity
The Consortium commits to maintaining the platform’s current features:
- Existing Categories and active Loans: all current loan agreements and product categories on the lending platform will remain intact.
- Fragmentized Products: current products in the fragmentized marketplace will continue to be supported.
- Future Product Launches: the Consortium is planning to introduce new functionalities and product categories by leveraging its portfolio partnerships with key players in the RWA space.
4. Preparatory Actions
A. Recommendations for LCD Holders:
The Consortium strongly advises all $LCD holders to take the following actions in preparation for the transition:
- Unstake LCD tokens from the LCD staking contract;
- Remove and split liquidity involving LCD from all liquidity pools.
B. Community-Approved Actions:
The Consortium requests the community to approve the following on-chain transactions to prepare the acquisition process:
- Retrieval of staking rewards from the LCD staking smart contract;
- Splitting of the LCD/MATIC DAO-held liquidity;
- Retrieval of remaining funds from the DAO treasury.
These are steps that will facilitate the expenses associated with building and securing the contracts and user interface for the acquisition process.
As part of the acquisition and dissolution process, the Consortium will request the community to approve:
- The transfer / modification of control of currently DAO controlled smart contracts (i.e. the DAO Treasury and other smart contracts / parameters the DAO controls related to the ALTR Project) to an address under the control of the Consortium;
- Any further actions required for formal dissolution of the LUCIDAO.
Rationale and Benefits
The Consortium believes that while Lucidao has great potential, its DAO model may no longer be the best path forward. By focusing on main fundamentals and building out the new divisions, the platform can continue to grow, attract new users, and improve the ecosystem’s overall value proposition.
Please note however, that the benefit of participation in the present token buy-out process is to receive a favourable price for the LCD redeemed and that no further benefits related to the future development of the ALTR project are owed nor can otherwise be expected.
Poll
Please feel free to express your thoughts, share your ideas, and express your sentiment about the PLP by interacting in the comments section and participating in the poll.
- In Favour
- Against