Squawk Paper

Phase 0

Mint our epic Salty Seagulls. The mint team is ready to go. The art is fire. And there are a few surprises for the community as well! We are excited and confident you will be too!

Timing

Phase 1 begins immediately after mint. See Flight Plan.

1A - NFT Staking Rewards

Gull holders can accumulate tokens for each NFT they hold in their wallet. The wallet must be verified in discord. Discord wallet verification will be announced post-mint. NFTs listed for sale will not accumulate tokens. Salty Seagulls Society NFTs accumulate tokens over time based on Colony with modifiers that will be revealed.

Elite and Mythigulls receive benefits that extend beyond the mint date. Elite gulls and Mythigulls will receive a boost to the token accumulation. Details are available on Discord and the website.

The staking mechanism is active. Token rewards are being distributed per epoch. The new website is expected on or before October 28, 2022 and will feature a user interface to better manage staking.

1B - Purchase CNFTs

The goal of Phase 1B is to replicate a simple, existing business model: purchase blue chip NFTs to capture appreciation and cash flow gains. By putting community assets to work shortly after mint, the treasury will begin to grow.

In a later phase, a DAO will be established with clear governance protocols and a proposal mechanism.

Until the DAO is operational, the following process will be used to manage the purchase of CNFTs:

• No more than 5% of total treasury will be spent at one time
• Any single project representing more than 15% of the total treasury will be reviewed. A vote to continue to hold or take profits may be proposed.
• Purchases occur no more than once per week. Time/date announced in Discord. The first few will be every 2 weeks while we fine tune the process.
• Community will vote on projects to be purchased
  • 1 vote per Gull NFT held
  • Project poll will be in Discord for at least 3 days to allow for discussion and time to vote
  • NFTs will be purchased from the top 3 projects
    • #1 - Maximum of 50% of ADA allocated
    • #2 - Maximum of 30% of ADA allocated
    • #3 - Maximum of 20% of ADA allocated
• (Any ADA that cannot be spent is returned to the Treasury)
• Discord “space” / chat open to all Gull holders to reveal results ofpoll and purchase NFTs live in the chat
• NFTs will be held in the Treasury wallet. Wallet address will be available in Discord
• AMA in Discord chat after purchases complete
• The team will track purchase and sale price for each NFT

NFTs that can be staked for rewards will be staked to earn passive income for the Treasury.

NFTs that increase in price will be reviewed for possible profit taking for the Treasury. Final decision will be made by the community through a poll.

NFTs that fall 10% below the purchase price will be reviewed for possible project issues. Should the team identify issues, those issues will be brought to the community. Final decision will be made by the community through a poll.

Projects included in the poll will come from the top 12 projects by volume over the last 30 days across major CNFT marketplaces. Projects in the top 12 that already represent 15% or more of the Treasury will be replaced by the next highest volume project. Project teams must be fully doxxed.

Community members may suggest additional projects by submitting links for the project’s discord and website along with proof the project team has been doxxed. Channels will be set up in Discord to support this activity. The Salty Seagulls Society team will review submitted projects for red flags prior to adding to a poll.

1C - Token

The team has launched the $SALTY token. The token, in conjunction with Salty Seagulls NFTs, will initially function as a governance token in the Salty Seagulls Society DAO. Utility is defined below.

Tokens will be held in a multi-sig token wallet separate from the treasury wallet.

Utility

Multiple use cases are planned for the token.

• 1. Governance - proposal staking and voting
• 2. Mated Pairs
• 3. Breeding
• 4. ADA Stake Pool
• 5. Poker/Scavenger/Auctions
• 6. Cardastacks Metaverse
• 7. Game

Tokenomics

Tokens are being distributed to holders through multiple paths. An initial airdrop occurred in June 2022. NFT staking rewards and giveaways are active now. An upcoming website update includes a user-interface to better manage staking. Giveaways in discord and in conjunction with collaborating projects occur frequently (see discord for more information).

Tokens held by the DAO treasury (including those set aside for future DeFi Liquidity) and tokens designated for giveaways and reward distribution are 100% vested.

Tokens designated for the Founders will vest according to the following schedule:

1D - Colony Lore

Salty Seagulls Society Historians are preparing to record the Lore for each Colony. Historians are calling for input from the members of each Colony. A channel for each colony exists in Discord. Colony lore primers are in each colony channel to start the discussion. Colony members can discuss ideas for colony lore. Team members will facilitate the process.

1E - To be revealed Celebrity Gulls

Our artist is too good! He has started work on the first of 22 custom Celebrity Gulls. These 22 Gulls will not be available to mint. They will be auctioned or won by lottery one at a time. The proceeds of these sales will be split as follows:

The team is still selecting celebrities for these 1 of 1 NFTs. There will be opportunities for members of the community to provide suggestions.

1F - Merchandise *(NEW)

Added by popular demand! There have been some reported sightings of Salty Seagulls hats. We believe we can deliver even better merch. The new website will have access to Salty Seagull Society merch! Check it out when the site goes live!

Timing

See Flight Plan.

2A - Decentralized Autonomous Organization

Establishing a decentralized autonomous organization (DAO) is a critical step for the Salty Seagulls Society. The DAO empowers the community to take the reins from the team and drive the business forward. The team has connected with ADAO to identify resources and best practices to maximize security and decentralization. The team will remain as members of the governance board and as the resource to implement proposals approved by the DAO.

A proposal template will be provided. Proposals must be submitted on the proposal template.

Proposal contents

• Proposal Title - short description of the project
• Proposal sponsor(s) - include Discord names of DAO member sponsors
• Proposal details
  • Specific actions to be taken
  • Proposed budget
  • Timeline
  • Additional resources needed
• Justification
  • Why is this proposal beneficial to Salty DAO?
  • What are the risks and how will they be reduced?
• Sponsor comments - provide any relevant information not covered in the sections above

Salty Seagulls Society NFT holders are members of the DAO. Voting and proposal submission will require holding both the NFT and token. Details about the structure and function of the DAO have not been finalized. The Salty Seagulls Society DAO Squawk Paper is in draft form and available for review. Next steps include legal review, final community review and implementation.

2B - Metaverse Estate Purchases

In order to advertise the project and provide benefits for the community, plots of land (preferably Estates) will be purchased in various Cardano metaverse projects. This effort goes beyond simply purchasing NFTs to capture rewards and price appreciation as detailed in Phase 1B above. Potential uses include renting metaverse plots (metaverse events, advertising, etc), developing P2E games or creating a Salty Seagulls Society store front. Projects already purchased include:

Specifics for this phase will evolve as each metaverse project develops. Salty Seagulls Society members, through polls or the DAO, will be invited to propose opportunities for community consideration and approval. Funding will be provided by the community treasury.

2C - Mated Pairs

In the wild, Seagulls form bonded pairs and mate for life. Because of this unique behavior among Seagulls, our mating mechanism will be a first-of-its-kind on the Cardano blockchain. Salty Seagulls Society Gulls will be able to form Mated Pairs and breed. Gull holders will have the option to burn a male gull and a female gull. A new Mated Pair NFT will be minted. This new NFT will retain all the perks of the two burned gull NFTs while gaining the ability to breed a baby gull. See the Mated Pairs / Breeding graphic.

2D - Decentralized Finance

Decentralized finance (DeFi) is growing rapidly on the Cardano blockchain. Many members of the Salty Seagulls Society have experience or expressed interest in existing and upcoming DeFi protocols. DeFi is a great way to diversify Community holdings and earn passive income for the treasury. The team decided to hold off on this during the crypto winter. We will revisit when the market turns.

Timing

See Flight Plan.

3A - ADA Stake Pool

Create and fund a stake pool to help secure the block chain we all use. This is a great way to engage with the Cardano Community while earning income for the Treasury.

3B - Poker/Scavenger/Auctions/Raffles

A way to use the $SALTY token to play games within the community and interact with other Gull holders. Games are hosted at random times throughout the week. Winners receive prizes including ADA and $SALTY. Discord participation is also rewarded weekly. Gulls who achieve level 10 within the week are entered into a drawing for a Salty Seagulls Society NFT.

3C - Cardastacks Metaverse

The partnership with Cardastacks is a huge opportunity to get in early with this novel vertical metaverse. We have secured a full floor in the Collaboration Tower. There are over 30 other projects slated to be in the collaboration tower. Check out discord to see the proposed floor plan. The community is invited to provide feedback.

The current plan is to include a marketplace within the metaverse that allows Gull Holders to use $SALTY to upgrade items to decorate private rooms.

3D - Game

There has been a ton of speculation about the path forward for the Salty Seagulls Society and all of the colonies. A game is in the early stages ofdefinition and development. As game development progresses, there willbe more details available.

OG

WL on second NFT mint, must hold at least 1 Gull NFT at time of snapshot

Elite

WL on all future mints, must hold at least 1 Gull NFT at time of snapshot Boost to staking reward -

Mythical

WL on all future mints, must hold at least 1 Gull NFT at time of snapshot Boost to staking reward -