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May 1, 2021

Web3API DAO

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The Web3API token holders, known collectively as the "DAO", are responsible for stewarding the Web3API ecosystem. The DAO controls the:

  • Treasury
  • Token minting
  • DAO configuration
  • ENS domain (web3api.eth)

In the future, it is anticipated that the DAO will also govern:

  • Web3API repositories
  • Web3Hub platform deployments
  • DAO-verified APIs (hosted at web3api.eth subdomains)

Join The DAO

Interested in getting involved?

  1. Start out by joining our Discord or reaching out to the point person for your area of interest:
Domain Points of Contact
Toolchain dOrgJelli
Standard Belma, dOrgJelli
Hub kachette
Landing Page and Branding Media
Twitter and Substack Ingalandia
Launch Partners & Dev Relations keeevin
  1. Submit a proposal on snapshot using our template and compensation guidelines (below).

  2. If your proposal is accepted, add the details here and make sure to update this with details as you progress (you are also encouraged to regularly share updates in community chats and calls).

  3. Submit payment proposals on Aragon at the delivery milestones laid out in your proposal.*

* Please keep in mind that all final decisions must be approved by the DAO.

Q1 2021 Compensation Guidelines

Here are some guidelines for making your spending proposals. These guidelines are just guidelines, as all final decisions are made by the DAO.

Choose an hourly rate commensurate with your level of relevant experience and desired weighting between USD and W3API.

Level Years of Experience Option 1 Option 2 Option 3 Option 4
Junior 0-2 0.05 W3API, $50 0.125 W3API, $35 0.225 W3API, $20 0.375 W3API, $0
Intermediate 2-4 0.06 W3API, $65 0.15 W3API, $50 0.27 W3API, $35 0.45 W3API, $0
Senior 4+ 0.07 W3API, $80 0.175 W3API, $65 0.315 W3API, $50 0.525 W3API, $0

Spending Projections

Here is the projected global burn rate that builder teams and token holders should consider when drafting and passing spending proposals. These are projections that are subject to change.

Period W3API Stablecoins
Q4-20 828.969 $79,193 actual
Q1-21 970 703.95475 $131,767 actual
Q2-21 1,353 $240,721 projected
Q3-21 1,392 $248,244 projected
Q4-21 1,456 $259,527 projected
TOTAL 6,000 $988,707

Token Distribution

NOTE: Tokens are initially set to be non-transferable.

  • Dev Mining (6,000) - Software and business development efforts from Oct 1, 2020 - Dec 31, 2021 (view spending projections above)
  • Pre-Seed Builders (4,000) - Building efforts before Oct 1, 2020 (viewable here)
  • Pre-Seed Funders (4,000) - Early financial backers (viewable here)
  • DAO Treasury (6,000) - Surplus resource for future usage (integration grants, partnerships, fundraising, insurance, liquidity, etc.)

* Please keep in mind that the DAO can decide to change these plans at any time

DAO Configuration

Initial governance parameters are as follows:

Parameter Value Description
Minimum Approval 10% Percentage of the total token supply that is required to vote “Yes” on a proposal before it can be approved.
Support 60% Relative percentage of tokens that are required to vote “Yes” for a proposal to be approved.
Vote Duration 7 days Maximum length of time that the vote will be open for participation.

The DAO uses the following Aragon apps:

App Address Description
Voting 0x5f78d0668ba666b4ed9674b313419d9db6cd48a6 Used to create and participate in votes. Votes can be linked to an action, such as minting W3API or transferring funds, or be purely informative.
Finance 0xc19a9f41df38e0f01f809d257d6c71f892adaaff Manages the organization's financial assets, including ETH and ERC20s.
Tokens 0x8baa4cd6bf2a01e96e421c18b0231ce7791ed869 Manages the supply and distribution of W3API.
Token Request 0x9bb4ea752a3096104c7765ad318b0f9cabaaf95f Mints W3API in exchange for payment.
Agent 0x8fe59d8fb5ffd3509e5cb3d386be8bdb2d363662 Enables the organization to interact directly with any other smart contract on Ethereum. For example, setting an ENS resolver.

See the full configuration here.

* Please keep in mind that the DAO can decide to change its configuration at any time

Legal

Holders of W3API do not constitute any sort of partnership or joint venture, only the right to participate in the governance of the DAO. Further, becoming a Builder does not constitute any sort of partnership, joint venture, principal-agent relationship, or an employer-employee relationship.

About

Stewarding the Web3API ecosystem.

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