Members of the project development task force met to discuss the road to deployment and next steps for Governor, and I’m excited to share our perspective timeline and checkpoints to launch the project.
November 15–22: Liquidity Generation Event (LGE)
Initially, GDAO needs sufficient liquidity. As such, the first phase will introduce a Liquidity Generation Event designed to reward participants and ensure proper liquidity can be achieved. The LGE will be exclusive to addresses that held, staked, or LP’ed BREE at the time of the rug pull and carry a cap of 25 ETH per address. The hard cap is 300 ETH (~$120,000). If the hard cap is not met, it may open up to the public at a slight markup. It will operate as follows:
- Participants send ETH to the LGE address. Non-whitelisted payments will be bounced and returned to senders.
- After the first several days, if the hard cap has not been met, the whitelist will be nullified and anyone may participate. There will be a slight markup redistributed to whitelist participants.
- When the hard cap is achieved, or at the conclusion of the event, 100% of ETH raised will be posted as liquidity on Uniswap alongside GDAO at a price of 0.002 ETH (~$0.80). This translates to roughly $240,000 of initial liquidity.
- Participants will receive a synthetic LP token that corresponds to the amount of GDAO-ETH LP tokens they are responsible for. They can trade or transfer this synthetic token as they choose.
- At a later date (explained below), synthetic LP token holders will be able to burn their tokens into a swap contract to receive the corresponding number of GDAO-ETH LP tokens.
Because participants are posting ETH, rather than trading it for GDAO, they are relatively insulated against a net drop in price that may be experienced upon distribution of airdrop. Participants are doubling their coin ($1,000 of ETH becomes $1,000 of ETH and $1,000 of GDAO), so they’ll be in profit so long as they see <50% losses from Impermanent Loss as a liquidity provider. Assuming ETH is stable, LGE participants hit breakeven if GDAO falls 75% from initial price ($0.20). Of course, if the price remains at $0.80, they will be up 2x.
Early December: Airdrop Claim
As explained in previous posts, a snapshot was taken when the BREE rugpull took place. 1 BREE-at-rug = 1 GDAO, with the following multipliers:
- BREE Holders: 1x
- BREE Stakers: 1.2x
- BREE Liquidity Providers: 2.2x
- sBREE Holders: 0.8x
We are going to utilize the same contracts and frontend as Eminence. Input your address, broadcast a tx, and get your corresponding GDAO. You will only need to make one claim per address, even if you fall under multiple categories (ie you held and staked BREE at the same address).
December 22: Taxed Farms Launch
At this point, liquidity has been achieved and airdrops have been distributed. Now, Governor needs a mechanism to build out a treasury for further development, marketing, bizdev, and so on.
Rather than holding a token sale, which can be inefficient (selling a non-optimal number of tokens at the wrong price), we’re going to deploy a number of farms that anyone can contribute capital to and earn GDAO drip.
A small fee on deposit (think anywhere between 0.5–2.5%) will be collected and sent to the Governor treasury. The amount of funding received will directly correlate to the Total Value Locked in these farms.
These farms will not run hard-and-fast, drying up the project along the way. Anticipate <50% of total supply allocated to farms, and a distribution period of 6+ months.
Expect a handful of farms (ballpark of 8) that includes a boosted GDAO-ETH LP farm. LGE liquidity will unlock (can swap synthetic LP for corresponding GDAO-ETH LP) at launch of GDAO-ETH farm.
Farms may also include several governance tokens for existing DAOs. This is a shortcut to launching Governance-as-a-Service: once Governor can use existing tokens in its treasury to pass votes and participate in those other protocols, a proof-of-concept for the GaaS model has already been achieved.
More information will be shared pertaining to supply metrics, the transition to DAO, and each individual event closer to launch. In the meantime, join the discussion on Telegram, tune in to Discord, and follow us on Twitter.