Governor Roadmap Post-LGE Update
The GDAO Liquidity Generation Event successfully concluded. As promised the following outlines the immediate road ahead between now and DAO.
In case you missed it, the Governor LGE sold out, fast. In a half hour, 300 ETH was raised and posted as liquidity on Uniswap alongside 150,000 GDAO. GDAO trended #1 on DexTools and generated $4 million in trading volume on Uniswap in the first 24 hours. It listed on Coingecko hours after launch (without payment for express listing)
Understanding Synthetic LP
LGE participants received Synthetic LP tokens at a rate of roughly 22.3 sLP per ETH. Each sLP token reflects one GDAO-ETH Uniswap LP token. There are roughly 6708 LP tokens total that represent ownership of the liquidity.
To determine the value of each token, take the total liquidity in the pool divided by 6708. Currently, each token is worth roughly $80 (split 50/50 ETH/GDAO).
Once farms are live, sLP holders can burn their tokens into a swap contract and receive the real LP tokens at a 1:1 rate. From there, they can pull the liquidity to receive ETh and GDAO or stake it into the GDAO-ETH LP farm.
The sLP token is a fully liquid erc20 token that can be transferred to other addresses, pooled with ETH as liquidity on Uniswap, sold over-the-counter through Deversifi or otherwise, and so on.
With the LGE complete, Governor will now enter the next phases of rollout, as explained below.
Gamifying the Airdrop
Wallets holding, staking, or LPing BREE at time of rugpull are eligible to claim a sum of over 1.2 million GDAO. Given the strong reception from the community on day one, we find it in poor strategy to distribute the airdrop in its entirety, adding 10x circulating supply within the first weeks of the token launch.
This is a difficult situation to deal with, as we also do not intend to turn our backs on the broader community that has supported Governor since the plan was set out following the CBDAO exitscam. As such, we’ve designed a mechanism to “gamify” the airdrop allocation in a manner that achieves all of the following:
- Eases the emissions burden on the existing circulating supply.
- Further rewards community members intending to stay as long term supporters.
- Protects the interests of individuals who want to claim their airdrop immediately.
The airdrop will now operate as follows:
- In early December (exact date TBD), the airdrop claim will begin, and 10% of each claimant’s GDAO will be available immediately.
- Every following day for 90 days, an additional 1% of the claim will unlock, until 100% of tokens are eligible for claim.
- Users can claim at any time, but if they claim early, the locked portion of the claim will be split as follows:
- 50% will be immediately burned.
- 50% will be delivered to a rewards pool.
- At the end of 90 days, when the full airdrop is claimable, users who waited the full duration will be able to claim 100% of the airdrop AND a portion of the rewards pool.
- The rewards pool will be distributed in proportion to one’s GDAO claim versus all outstanding claims. In other words, if a user’s full claim is for 1,000 GDAO, and there is 100,000 GDAO across all users who waited the full duration, the 1,000 GDAO claim will also yield 1% of the rewards pool.
I personally will be working to compile a comprehensive Litepaper that explains the history, vision, and roadmap for Governor in a comprehensive document alongside other pertinent information to the project such as token breakdown, DAO terminology, etc.
The original website works great for sharing links and providing a frontend to various contracts (LGE or otherwise). We will be working to expand this website with appropriate content and a more cohesive medium to document and catalog all resources and materials pertinent to the project.
The website buildout will take place in tandem to the introduction of a community forum where we can discuss the project and organize votes. This will be a key piece of infrastructure upon transition to a full DAO.
Pools are slated to launch on December 22. There will be 8 single-asset deposit pools (ETH, USDC, WBTC, LINK, and four governance tokens TBD) seeded with 100,000 GDAO each and a 4x boosted GDAO-ETH LP pool with 400,000 GDAO.
These pools will feature a constant drip of GDAO over the course of roughly six months. All single asset pools will impose a fee of 2% on deposit. This is ensures Governor can build up a treasury for project sustenance until recurring revenue has been achieved.
With tokens properly allocated to the corresponding contracts, building out the project as a formal DAO through Aragon’s framework so that token holders can vote and manage the project’s treasury.
GDAO token holders maintain ownership of the DAO’s treasury. And as such, we want to bake out as much value to the tokens as possible by pursuing revenue generating ventures.
Of course, the primary vision is and remains to be Governance-as-a-Service. This was the vision that myself and many others shared for CBDAO, and despite their exit scam, this vision persists at the forefront of Governor. To learn more about it, read my initial article on GaaS.
Beyond GaaS, there are some additional current and prospective ventures for generating revenue being explored. This is far from a comprehensive list, and additionally does not connotate any concrete implementation. We encourage the community to discuss and propose their own ideas for leveraging Governor as a revenue-positive DAO.
- Consulting: Helping third-party projects replicate some of the GDAO success/qualities into their own communities. I have already received interest in working to port our successful LGE model into other projects. In return, the projects will contribute ETH and/or tokens to the treasury.
- Data Collection/Sale: Leveraging our community to collect data through microtasks like surveys to gage opinions on the state of the altcoin markets or otherwise. Microtasks would be organized and assigned via Wix, where users additionally receive This data would be sold on Ocean Protocol’s Data Marketplace.
- Yield Farming: Should there be excess funds in the treasury beyond an immediate budget, deploying said funds to protocols like Compound or Yearn to generate yield and earn passive income.
- And many others…
It should be recognized that 100% of revenue generated will always go directly to the treasury. Token holders can vote to assign payments or wages to individuals contributing their time and efforts towards various endeavors. As Governor builds out its own truly decentralized ecosystem of products and services, we plan to integrate Chainlink in order to interact with various third-party platforms in the space (for price feeds or otherwise).
The potential for a working DAO to successfully build itself as a legitimate, heavyweight organization in the blockchain space has massive implications. To date, very few have even gotten close to that potential. Of course, this is the thesis behind the value of Governance-as-a-Service, which you can read about in the aforementioned article.
But it should be recognized that this community, which is on the right path to “unrug” themselves from arguably the biggest exit scam this summer, might just the community uniquely able to realize this potential to a scale unlike any other DAO before it.