Announcing Pirate DAO ($YARRR)
And just like that, Green Jeff Capital Group Incorporated Metaverse Fund LLC Foundation is born.
JEFF Group was founded two years ago in the heart of DeFi summer as a challenge to myself to engage in a more hands on approach to Solidity and the crypto space at large.
I made a meme coin after my online persona with a pretty straightforward set of rules: Spend $JEFF to join JEFF Group, an private chat and education bulletin. Every new member drives the new membership price +1 JEFF, and 50% of all JEFF purchases are burned.
For what it is- JEFF Group has been quite successful. Over 100 members signed on, translating to thousands of JEFF burned (roughly 5% of the supply). JEFF Group members received a commissioned NFT from cryptoart legend R O B N E S S. They received a free airdrop for my WKND memecoin (you can only trade it on the weekends). JEFF Group received access to deal flow, shared alpha, learned with one another, earned jobs in the space…
Many JEFF Group alumni grew into prominent members of the ecosystem. As our group matured, so too did myself and my obligations. I became a salaried employee at Bloq, where I’ve helped build Vesper Finance. I launched my own project, Governor DAO. I built out a social presence for myself on TikTok and otherwise. And throughout it all, I’ve found myself with increasingly limited capacity to give JEFF Group the love it deserves.
But what if it could all work together. Why shouldn’t it? I’ve given-and-received many contracts, favors, and assignments informally through JEFF Group. And I’ve noticed increasingly that my mission at Vesper and Governor is increasingly an extension of my network: bringing in friendlies to my existing responsibilities and passions.
So let’s make it official.
Launching Pirate DAO ($YARRR)
Pirate DAO is JEFF Group 2.0. It will be a new token contract with the same supply and token holdings as JEFF. Everyone holding JEFF will receive an equal allocation in YARRR.
And something very interesting has happened with JEFF. Due to significant revenue (JEFF inflow), token burns, and a large percentage of the supply allocated to liquidity, there’s actually very low circulating supply (<20%) that isn’t controlled by myself.
Through concentrated liquidity via Uniswap V3, we can guarantee enough ETH to buyback all outstanding token supply with only a fraction of the ETH. This leaves about $100,000–150,000 worth of ETH to act as the Pirate DAO treasury. This is far more than the value of all outstanding tokens, and this is how Pirate DAO gets interesting.
Pirate DAO will function just like JEFF Group with several upgrades:
- All existing members will receive a Pirate DAO NFT that gates access to the private groups.
- NFT purchasing with YARRR is now 100% automated via smart contract — with burns, referrals, and price increases handled autonomously. I will look to engage artists within my own network to commission cool pirate PFPs.
- Pirate DAO treasury will be utilized to yield farm and conduct pillages — organized governance engagements (buy governance token and pass proposal) to the benefit of the group.
Pirate DAO Value Proposition
I want to very closely protect the notion of why Pirate DAO is interesting to me: Coordinated attention is among the most valuable assets in crypto today. The proliferation of NFTs are a testament to this. Pirate DAO is an engine of coordinated attention.
Crewmates will be able to leverage one another in a high signal setting for professional skills, alpha, deal flow, and all the rest. Crewmates will have access to myself and my growing network as well.
As many other projects have exemplified, an engaged, empowered, and financed community is a
Pirate DAO will function like a real pirate ship, which is much different from the flat structure typically associated with a DAO. It’s pretty straightforward:
- I am the captain and I am in charge.
- Crew members can coordinate to mutiny — replacing myself with another captain.
Governance proposals on decision-making comes from the captain only. Utilization of treasury funds is done at the captain’s discretion.
Additionally, I as captain will utilize Pirate DAO as an extension of my person and towards the evangelization of myself and my projects. I will take no salary or extract monetary value out of Pirate DAO. I will, however, liberally and frequently leverage Pirate DAO for coordinated attention to my benefit.
This will look like:
- Routing treasury through Vesper to generate yield.
- Integrating Governor DAO technology to protect governance.
- Pushing the crew towards third party communities to help signal boost certain agendas.
I also anticipate to ultimately continue my habit for tinkering to create further games and widgets (like WKND). I plan to build future gadgets out in a way that drives value back to Pirate DAO.
If I am seen unfit as captain, a mutiny can take place and ownership is consequently transferred.
Understand that there is no timeline on this stuff. All to be done as I have availability to do so.
- Pull liquidity to secure assets, take snapshot .
- Relaunch new token, deploy liquidity, airdrop to the same wallets & amounts (this has already happened if you are reading this).
- Build NFT contract and NFT minter/payment splitter using new token.
- Website buildout, web3 integration.
- Build out robust governance system.
- On-chain Piracy.
A note on ethics
Like the original project launch, I intend to take no profit from this endeavors. I intend this as a way to protect my own freedom and priorities: Pirate DAO is not among my main priorities like Vesper and Governor are. Participants in this experiment must understand it as just that: an experiment. Membership is liquid and users are free to trade their NFT access as desired. You are discouraged from speculating on this experiment and rather should size it up for the value it can provide to yourself as an individual. I will not participate in any activity looking to pump the price of the token. If you buy in with coin you can’t afford to lose and you bitch about it I will reference this paragraph, laugh at you, and remove you from the groups. I am the captain and I can make you walk the plank.