LunchDAO

LunchDao is a DAO autonomous organization that bids for "Buffett's Lunch" , it also promotes Buffett and the traditional financial industry behind him to enter the Crypto industry. We will raise a certain amount of funds by issuing DAO governance tokens to compete with the global high capital class for "Buffett's lunch" and send DAO members to Buffett's table. LunchDao is willing to become the world's largest decentralized Dao community who be able to communicates with traditional financial industry and cooperates in a win-win situation.

A: Donation will end immediately after the donation amount reaches 2000 ETH. The extra amount will be refunded and considered invalid.

A: Within 24 hours after the donation, donors who have donated can claim token on JuiceBox.

A: LunchDao has designed a unique cooling-off period for refunds, and the refund cycle is three weeks. If you apply for a refund in the first week, you can get 50% of the investment amount back; if you apply for a refund in the second week, you can get 70% back; if you apply for a refund in the third week, you can get 90% back. Note: The refund channel will be opened on the LunchDao official website.

A: Users can claim tokens on JuiceBox within 24 hours after the event closed. Meanwhile, a refund channel will be opened on the official website of LunchDao. Please note that according to the rules of JuiceBox, users cannot apply for a refund once they have claimed their tokens.

A: We will never take any donations for our own benefit. The tokens are withdrawn by users who wish to withdraw their funds. Users can withdraw their funds by clicking the “withdraw” button, then funds will be distributed to the LunchDao multi-sig wallet. This is determined by the operating mechanism of the JuiceBox platform itself. This is also a common issue with all the existing Dao projects: it makes people think that the project team is taking tokens away. By clicking the button, users not only pay their gas fee but also help the team to transfer the platform's tokens to the multi-sig wallet. Regarding this point we can make a commitment that every use of the raised funds will be approved by all the multi-signers and open to the LunchDao community.

A: According to the latest news, the Associated Press has officially issued a document on April 25 to confirm that Mr. Buffett's last lunch auction will start on June 12 this year, which will last for 5 days, and the auction results will be announced on June 17. Associated Press news link: News Link

A blockchain contract will be deployed to generate a randomized hash value and ensure the fairness of the meal coupon lottery draw.

How it works: We will deploy a lottery contract on Ethereum. Each donor can mint their own lottery coupons, and each lottery coupon has a unique lottery number. The contract randomly generates a unique winning number out of the lottery numbers of all meal coupon NTFs. The doner who has the same number of that unique winning number will be deemed as the winner. To ensure fairness, the random numbers we use are generated by Chainlink oracles, and the contract code will also be open sourced.

A: There are two backup plans:

(1) We set 2000 ETH as the target as that is the amount based on the past auctions of the Warren Buffett lunch to ensure the auction will be successful. If a total amount is less than 2000 ETH, the donation's target would be adjusted. The donation would be closed early to prepare for the lunch with Buffett.

(2) Hillstone Partners, one of the sponsors of LunchDAO, and Abu Dhabi Capital Group which is the UAE royal family business, both of them together have established a $1 billion fund. After the evaluation, if the funds raised from the donation are not sufficient for the auction, we would consider submitting an investment proposal to this fund.

A: There are two backup plans:

First of all, we initially determined the amount of 2000 ETH, which was determined according to the amount of previous Buffett auctions, a price that can win the bid with a high probability. In addition, for the sake of insurance, we will initiate a proposal to the community during the auction process, let the LunchDAO community decide the direction of the project, whether to initiate a new round of fundraising to increase the donation amount for lunch auction.

If the community votes not to make additional donations, and there are other bidders who outbid more than LunchDAO, the bid will fail and we will open the three-week cooling-off period for refunds. After the refund period, remaining funds will be deposited into treasury funds for DAO governance. For the DAO governance scheme, we have the following proposals for community voting:

(1) Due to the sponsor of the project, Hillstone was the first M&A fund in South Korea, with a team of professionals who have worked at top global investment banks such as Samsung and Barclays. Besides, Hillstone Partners and Abu Dhabi Capital Group are also considering the acquisition of OpenSea, which means we are able to combine and utilize DAO and NFT. Therefore, proposal 1 would be: Hillstone Partners Launches LunchDAO Dedicated Fund conduct investment management of the donation funds. Investment profits are mainly used for $Lunch user dividends, $Lunch token repurchase, and improvement of NFT holders' rights;

(2) Proposal 2: CultDao model investment. According to the shareholder ranking of $Lunch tokens, a few members will be appointed as permanent members who can create proposals, and all the other members can vote on them. We will allocate investment to parties who have been success submitted proposals. Meanwhile, they will distribute dividends and repurchase to LunchDAO. For more information and detail will be announced after the auction is confirmed to be canceled;

If the community votes to make an additional donation to win the bid, then we will directly initiate an additional donation.

A: If LunchDao successfully win the bid, we will acquire 7 seats for lunch with Buffett. We are going auction 4 of them on OpenSea, and the profit from the auction will be deposited into our treasury. According to Buffett's past lunch auction amounts, each lunch seat is worth about $300-500k, which will be a good supplementary income for the treasury.

A: The $Lunch token is the governance token of the LunDao community. Community voting will be opened when LucnDao makes governance decisions. Users need to stake $Lunch tokens to gain voting rights. The election of community representatives, not only depends on how many token they have staked, but also the influence and fairness. Of course, token holders and NFT holders will also receive future treasury income dividends, airdrops and other rights.