A decentralized autonomous organization (DAO) is an entity with no central leadership. DAOs come with governance tokens, which allow their holders to take part in the decision-making process of these organizations. DAOs and governance tokens form a framework for organizing human collaboration.
xDaiPunks is taking steps to become a DAO. The process to become a DAO, will consist of 7 steps:
- Defining Tools
- Governance token & model
- Smart contracts creation
- Smart contracts deployment
- Fundraising event
- Claim event and Airdrop claim event
- Liquidity providing for DEX and creation of 'xDaiPunks Garden'
Being part of the xDai community and ecosystem means that we have proven tools to manage our DAO. Currently, we are focussing on the tools provided by 1Hive gardens. As we will have our own token and token model, we will create a Bolibi garden: https://1hive.gitbook.io/gardens/garden-creators/garden-modes.
The governance token, which could be named 'Punk', will also play an important role in our upcomming NFT marketplace. Please see https://github.com/xDaiPunks/xIP-000003 for further details.
25% of the governance token will be allocated to a fundraising event. This event will be done through a so-called IBCO (Initial Bond Curve Offering). This Token Distribution Primitive has the following properties:
- 🤍 Same settlement price for everyone
- 🤍 No front-running
- 🤍 No pumps & dumps by whales
- 🤍 No price manipulations
- 🤍 Price increases with every purchase
- 🤍 Collective, not competitive, contributions
- 🤍 Pooling contributions in one batch
In short, it is a very fair way to find a start price.
25% of the governace token will be divided between liquidity, development fund, marketing fund, legal fund, emergency fund, early contributors etc.
50% of the governance token will be made available through a so-called vested claim. During a 24 to 36 month vesting period, xDaiPunk owners can claim their vested Punk tokens. Why such a long vesting period? The amount of vested tokens makes up 50% of the total supply. We want to incentivise the hodle of Punks and make the Initial Bond Curve Offering for the inital token launch even more attrictive than it already is ;).
This vesting will happen pro rata. This means that every xDaiPunk will receive an equal amount of Punk tokens. The rating of the xDaiPunk does not influence this amount.
- Token should be the basis of the DAO
- Proven tools should be used to manage the DAO
- Token distribution should be fair
- Fundraising event should be as fair as possible
Draft
Contract for Punk token has been published:
https://github.com/xDaiPunks/PunkTokenContract
Contract for Initial Bond Curve Offering has been published:
https://github.com/xDaiPunks/PunkTokenIbcoContract
Contract for the vesting program of the $PNK token has been published:
https://github.com/xDaiPunks/PunkTokenVestingContract
The contracts will need to be audited
Total supply: 200.000.000 $PNK The current draft of the token distribution:
- xDaiPunk Owner Vesting 50%
- Initial Bond Curve Offering 25%
- Development Fund 8%
- Legal 2%
- Liquidity 5%
- Marketing 5%
- Emergency Fund 3%
- Initiators & Early investors 2%