Part of the Microangel design is that you know clearly when you will exit the investment, for approx how much and roughly to whom.
In this case the Current Annual Percentage Yield (CAPY) would be maintained until a proposal is passed to liquidate/exit a product in the DAO Portfolio Parameters.
The two main consequences of exiting a product out of the portfolio are:
1) A single, large Exit Distribution event to all holders — presumably those having held for a minimum amount of time before the acquisition
2) A drop in Current Annual Percentage Yield (CAPY) due to a loss in immediate MRR, though that loss would be made up the following DAO Acquisitions.
Consider the below scenario for DAO Membership
- Buys token targeting 15% per year
- Assume $100k of spend for simplicity
- End of month, DAO acquires a $100K MRR SaaS for 3x multiple at $3.6m — yield goes up
- Yield $1,500 per month
- 2 years later, $36k yielded from product (36%)
- $100k MRR grew to $120k MRR (modest), valuation at $120k * 12 month * 4x = $5.76m
- DAO’s capital gain of $5.76m - $3.6m = $2.16m on exit event
- 20% carry to DAO employees
- 80% divided of $2.16m among total token supply
- Current Annual Percentage Yield (CAPY) drops due to loss of a product, goes back up following DAO Acquisitions less than 30 days later.