MoonDAO to Convert a Large Percentage Of Its ETH to DAI, Cites Crypto Volatility.
On Monday,January 24,2022,MoonDAO put to the vote a critical question regarding how much of its ETH will be converted to DAI amid the worsening volatility of the crypto market. The question was informed by the rising concern over the falling prices of cryptos, especially ETH.
In a stretch of five days, 1000 MoonDAO donors are expected to vote on the budget required to fund the second phase of MoonDAO’s mission. Voting is basically tied to holding $Mooney, MoonDAO’s token, and the highest vote cast will determine how much ETH will be converted to DAI, a stable coin pegged to the US dollar.
Based on the current results on Snapshot, more than 40% of votes have been cast in the last eight hours with about 95.81% of them standing in favor of a budget of 5 million $Mooney. Meanwhile, a total of 562 votes are expected to be collected before the February 1 deadline.
Commenting on the budget proposal, MoonDAO’s co-founder Kori Rogers stated that: “Depending on the total budget chosen we will be able to purchase more or less tickets to space. A higher budget means multiple people can go to space, and we can potentially use a different NFT/Mooney election mechanism for each ticket. We can also spend more on outreach and design, have a bigger MoonDAO party, and even host our first podcast in space”.
Decentralising space travel and funding its research and exploration form the core of MoonDAO’s 2022 maiden space mission. And, with $Mooney, its governance token valued at 2,620 ETH($8.3 million), MoonDAO is currently ranked as the third-highest funded DAO on JuiceBox, the Ethereum-based crowdfunding platform used by ConstitutionalDAO last December.