Muse DAO has engaged Governor DAO to incubate a successful fair launch of their upcoming MDAO token, which kicks off October 28th UTC. The launch will incorporate Proof-of-Existence as part of Governor DAO’s broader decentralization vision.
Muse DAO is an ambitious venture in media production. The project seeks to DAOify the media production model in a way that both emphasizes equity for all production workers and enables a more efficient business.
Initially, Muse DAO is working with a major film producer to launch the first ever DAO-produced feature film. Muse DAO owns the film and all revenue associated with ticket sales, merchandise, NFT mints, and so on.
The MDAO token represents ownership in the DAO and control of the associated DAO treasury. MDAO utilizes a swap-and-liquify model, where a transaction tax is taken to build liquidity, fund the treasury, and reward existing MDAO holders.
An incubated launch means that Governor DAO will help shepherd a working DAO by porting our good practices to the Muse community.
Additionally, Muse has elected to replicate the LGE launch model employed for the GDAO token, which ditches the idea of a token sale in favor of a “liquidity lease”: Post your ETH for a period of time and ultimately get that ETH + an equal amount of MDAO back.
In Governor’s LGE model (which operates differently from other models branded LGE), users exchange their ETH for a “Synthetic LP” voucher. ETH from the LGE is paired with pre-allocated MDAO tokens. Over time, Synthetic LP can be returned for the real LP created. When this happens, users redeem their ETH AND MDAO (ETH => Synthetic LP => real LP => ETH + MDAO).
Important: there is a 24 hour presale for authenticated users only, to guarantee a sufficiently decentralized token at launch. To participate in this presale, you must authenticate your wallet through the Authentication Portal. We recommend signing up at least 24 hours before the presale begins in case of any issues.
85% of user ETH is deployed to LP. 12.5% is retained by the Muse treasury and 2.5% goes back to Governor DAO. Effectively, users get a 170% boost on their contributions (ex: 1 ETH becomes 0.85 ETH + 0.85 ETH worth of MDAO in LP).
ETH = $3,500 / MDAO = $0.003
The LGE ends when one or the other happens (whichever is first):
If the final contributions do not reach 50 ETH, the soft cap is not met and all contributions are returned to the users. Otherwise, 85% of ETH raised and 350,000,000 MDAO is posted as initial liquidity and trading begins.
Within the 24 hours following the successful conclusion of LGE, the LP swap and sMDAO vault contracts go live on the same page as the LGE.
The sMDAO vault is a governance vault that operates similarly to xGDAO. 0.5% of every transaction is taken as fee and delivered to depositors to sMDAO autonomously. Governor DAO is solely responsible for porting the vault contracts and supplying the frontend. Contact Muse DAO for questions on reward generation and sMDAO in general.
The swap from Synthetic to real LP is gamified. There is a decaying tax that starts at 90% and decreases 1% each day to 0. In other words, if users elect to swap on day 0, they forfeit 90%. If they wait until day 40, they forfeit 50%. Forfeit LP from the tax goes back to the treasury, where it stays wrapped as liquidity. From 90 days and onwards, LP can be withdrawn without penalty.
The LGE model is more rewarding for contributors, and safer for the protocol. This initial liquidity is important in ensuring a safe launch, and the swap-and-liquify MDAO mechanics plus gamified swap will rebuild liquidity as initial LGE participants may elect to withdraw.
Muse DAO Governor LGE frontend design
NOTE: these numbers exclude bonuses awarded to presale participants and GDAO holders.
Stay tuned for more information on where to participate and join the discussion with the Muse community through their Discord.
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2022 @Governor DAO
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