The Governance Vault has finally been revealed. Come test and help push it forward to mainnet!
The Governance Vault is live on Rinkeby testnet! The Vault represents our introduction of xGDAO, a GDAO “voucher” token that carries governance rights, contract ownership, and GDAO revenue sharing from the entire ecosystem of products and services.
Users deposit GDAO to receive xGDAO. Revenue earned by the DAO buys GDAO from the open market and delivers to xGDAO holders. In doing so, the GDAO value of xGDAO increases. Users can then withdraw their xGDAO at any time to receive the corresponding amount of GDAO. xGDAO is up only (in GDAO value), every time revenue is earned from POE signups, NFT mints, project launches, and our product and service suite – GDAO is distributed to xGDAO depositors.
This buyback is done through auxiliary smart contracts that make up the Governor DAO financial policy. In the governance vault frontend, there is a “Buyback Agent” users can interact with that enacts this on-chain revenue sharing. Anyone can execute a buyback, and in doing so, ETH from revenue is dispersed from the contract and into the Governance Vault (additionally, some amount adds LP and delivers it to the treasury).
There is an ETH purchase limit and timelock between purchases to create a sustainable policy. xGDAO holders will be able to pass governance proposals to change the disbursement rate. Use this control panel to play around with the financial policy yourself, and see the user guide for full Governance Vault details.
The previous Bi-Weekly update shared much of the inspiration behind our newest initiative, the NFT launchpad, which will enable independent artists and project developers to operate anti-whale, non-competitive, bot-proof NFT launches using Proof-of-Existence technology.
A % of initial sales and a % of resales from NFT mints fund into the Buyback Agent explained above. The beauty of the Governance Vault architecture is that everything we build, now and in the future – can flow into it seamlessly.
There are a number of high quality NFT projects pertaining to fine art, gaming, and media production that we are now in active conversation with as prospective first members of the NFT launchpad. NFT artists should fill out the simple sign up form to engage the team about a spot on the launchpad.
In order to protect and grow GDAO-ETH liquidity on Uniswap, GDAO holders voted in favor of a 30,000 GDAO rewards extension to the non-competitive liquidity incentivization campaign offered via Geyser.
This campaign extends through the end of year and should provide ample liquidity while increasing revenue streams from aforementioned initiatives to build out sufficient first-party liquidity held by the treasury.
Next month, Governor DAO will be facilitating the launch of Muse DAO, an ambitious media production DAO headed by community member Ulysses. Governor and Muse teams have met in person to discuss the collaboration, which will leverage GDAO technology (POE, LGE, GaaS) to ensure a smooth launch for MUSE. In exchange, the GDAO treasury will receive a percentage of the MUSE supply and a fee from LGE proceeds.
The Muse DAO team is very impressive, and the model in place is one that has potential to radically disrupt a horribly inefficient, predatory media production industry. We won’t share too much more here for now, talk to Ulysses for more details and be sure to join the Muse DAO Discord channel.
As our core tech stack is nearing completion, we now begin a phase of evangelism and expansion for Governor DAO. We are looking to get all hands on board, and have opened up a “community help” form as an opportunity for community members interested in working for the DAO to sign up and start helping. Developers are always needed, but we are now also in a position to accept more soft-skill professionals to help with outreach and integration of additional NFT and GaaS clients. Make sure to sign up, even if you are unsure if the skills you bring to the table are sufficient 🙂
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.
POE growth has slowed since our last update, but we continue to see a rise in enrolled addresses and GDAO holders. We anticipate both numbers will continue to increase dramatically with the upcoming NFT mints.
Our partners at Finnovant have had the opportunity to participate in two Constellation Happy Hour Twitter Spaces, which exposes Finno + Governor to a wide audience of Constellation supporters. Both instances drew crowds of several hundred each and brought many new eyes to both projects. We continue to support Finnovant in their endeavors to enter the blockchain space fully with their upcoming BioFi token launch.
2022 @Governor DAO