Bi-Weekly Update #18: WAGMI

  • September 14, 2021

Greetings Governors. A LOT has taken place since our last update. Strap in…

Directives In progress:

Authenticated NFT Launchpad

Building out NFT Launchpad vision

  • Our Proof-of-Existence buildout, now proven to work on mainnet for fair, permissioned NFT mints, is seeing massive interest from artists, developers, collectors, and more. We see the NFT buildout taking a three-pronged approach: Proof-of-Existence is permissionless. Developers can integrate POE into their own smart contracts for whatever they desire with one line of code. The first draft of developer documentation guides smart contract developers to do this with no input required from the team. They can independently point their communities towards our Authentication Portal. GDAO holders benefit from signup fees, which will funnel into the Buyback Agent and distribute to holders deposited into the Governance Vault (more on this below).

NFT Artists / Project Onramp for PoE backed NFT launches

Third-parties looking to leverage POE with some support from Governor can work with the team on a reskinned/branded authentication portal and scheduled minting to coincide with this project’s events. Additional consulting, like help with contract deployment and NFT creation are also available (this reflects the nature of YCSM’s minting last week). These instances will require additional payment to the Governor community for resources, labor, marketing, and community support provided. Again, this revenue flows into the Governance Vault and into the hands of GDAO holders.

NFT Launchpad development

The modular pitch a window launchpad is under development and will be available in the coming weeks. This launchpad will enable artists to supply the artwork + rules/properties for their NFT minting in a way that requires no coding knowledge. This will be a streamlined process where the end user can easily see all current, upcoming, and past NFT mints and links to the respective collections/communities/artists. Automatically, a percentage of sales will flow into the vault as well as a percentage of resales. Additional payment may be required for a “premium” or “endorsed” listing that grants special status on the launchpad and marketing support from Governor channels.

Launchpad Theme

We have our first draft of the Launchpad development theme deployed, had great feedback from Human chat on ideas which we will accommodate for, very exciting to put this vision to work ASAP, there are a number of features to add which will be shared in due course.

First Draft of the Launchpad Theme

Governance Vault

Our team has taken extreme diligence in situating the Governance Vault to operate as optimally as possible. The Governance Vault and auxiliary buyback/splitter contracts are intended to be a comprehensive, future-proof system, and it’s very important everything is built properly the first time. The intention with the Governance Vault is for GDAO holders to deposit, earn revenue share from every element of the Governor ecosystem, and never have to manage their tokens again.

The team believes we are nearly in a position to showcase the Governance Vault and open the floodgates to community testing. We will first surface the vault testing frontend to our authenticated users in the Human Chat as we finalize a working user guide. After internal and authenticated chat users ensure the vault is viable there will be a broadcast to the entire community and discussions surrounding mainnet implementation strategies will ramp up. Once sufficient community testing has taken place the Governance Vault contract suite will finally make its way to mainnet where folks can stake GDAO and earn xGDAO indefinitely. Make sure to join the Human Chat and see the vault for yourself here!

Another piece of art by our legendary artist BTCThicc

Directives Completed: 

YCSM PoE backed NFT Launch

History was made on Wednesday, 9/1 when Governor DAO enabled the first ever “human only” NFT mint. The 100 piece collection was permissioned to one-claim-per-person, and as expected, 100 “You Can’t See Me” NFTs were minted by 100 unique individuals. This is a milestone for both Governor DAO and the crypto space at large. As more and more projects elect to utilize this superior tech, the authenticated standard will establish a fairer, more efficient, more intuitive for all parties involved standard for NFT mints, token launches, DeFi farms, and more.

The YCSM mint carried an initial price of 0.1 ETH. There has been 5.7 ETH in secondary market volume since the mint, with a current floor price of 1.7 ETH. 0.5% of every resale goes back to Governor DAO (where it will funnel into the Buyback Agent and from there into the Governance Vault as rev share to GDAO holders).

YCSM is an NFT social club. Owning an NFT gives access to a private discord and control over a DAO treasury designed to purchases resources for the group and organize exclusive events. See more about the project on the official website.

Artist Onboarding Form

With dozens and dozens of requests since the YCSM launch for similar NFT drops, the team has established a sign up form used to catalogue and organize prospective mints. Artists looking to participate in a Governor authenticated NFT drop can contact the team by filling out the form.

Directives Upcoming:

“Project Alpha” Token Launchpad

In a similar vein as the NFT launchpad, the team continues to work with several industry counterparts in a co-created “superior launchpad” product which will incorporate Governor’s Liquidity Generation Event (LGE) model, Proof-of-Existence, and swap-and-liquify token logic to create a superior launchpad that will be drag-and-drop for token creators and rug-proof for launchpad participants.

Similarly to the launchpad, premium fees will be taken and Governor’s share of those fees will be delivered to the Governance Vault participants.

NFT Minting Calendar

As the team works through the launchpad technology above, we are looking to ultimately build out a regular schedule of curated NFT mints at regular intervals. This is a delicate balance of quality and quantity, maximizing the good NFT project opportunities without overloading volume for the end user, especially while we are still working to build out the Proof-of-Existence VIP whitelist.

Community Updates:

Upcoming Treasury Deployments

Anticipate two forum discussions + governance proposals in the near future surrounding funding for:

Gysr Extension

  • Gysr LP incentives extension. The current Gysr LP program ends in roughly 1.5 weeks. We are tentatively looking for a three month extension to rewards at a rate of 10k GDAO/month. Current liquidity providers do not need to take any action to continue earning GDAO for their LP. Full details documented here repo.

Vault Subsidization strategy

  • Vault subsidization strategy. To ensure that the Governance Vault kicks off with a bang, the team is entertaining the notion of a treasury subsidization, which would fill some amount of ETH into the Buyback agent to ensure some base APY for some period of time. Anticipate subsidization strategy discussion to ramp up alongside Governance Vault deployment to mainnet.

Proof-of-Existence Enrollments Update

Thanks to the YCSM NFT mint, we saw a major uptick in POE holders. At 422, this represents an increase of over 100% since the last Bi-Weekly update. Understandably, human chat growth is lagging as a number of individuals signed up explicitly for the NFT mint.

Finnovant /Constellation Flight program

As the Constellation flight program continues after week 8, Finnovant moves closer to understanding the options of launching their BIOFI token on the Constellation HyperGraph network. As education evolves weekly, the fundamentals of the Constellation and key building blocks grow which play a key part to secure the success of any token launch are built on their unique network.

After the program ends equipped with a wealth of knowledge, we look forward to hearing what materialises between Constellation, Finnovant and their BioFi token in the journey ahead where we will continue to provide our expertise on an advisory role where needed alongside Constellation support team.

On a final note

A good opportunity to thank the community for their patience when progress may appear to be slow with deliverables. The team are always attempting to best utilise the time available to them and being mindful to stay on the critical path but explore other project opportunities which may present themselves. Due to the number of moving parts within the project not only in development but ’Keeping The Lights On’ on day to day. Activities including many meeting with clients, blog updates, documentation and other social media activities to promote the project. Coordination can be a juggling act at times but as the community knows we are very receptive to exploring opportunities and leads when time permits.

Development of our core products can run into obstacles which do tend to contribute to unforeseen delays which is unfortunate, but quality and stability plays a key role in the project. The vault is an amazing initiative but also complex. Integrity plays a key part to ensure we are not taking any unnecessary risks with releasing any of our products too soon practicing strong due diligence with stringent planning, testing, gap analysis, security assessment and risk mitigation. We look forward to sharing the excitement as the following weeks unfolds.

Thanks for your patience loyal community and look forward to providing more updates in the near future.

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