You’ve heard this before and you’ll hear it again: There is a TON of stuff going on behind the scenes. As we approach the Holidays, this article will outline Governor DAO’s state-of-affairs, how Q1 2022 is shaping up, and our intentions to DAO-ify in a meaningful manner to get all Governor hands on deck as we transition from an extended period of building towards a more public-facing approach with our core tech stack deployed.
Throughout Quarter 4, the team has worked tirelessly to produce a production-ready NFT launchpad experience. This comprehensive suite is all-encompassing: NFT generation, smart contract creation, frontend integration, marketing, and social engagement. This launchpad is production ready, and barring some final automation improvements, ready for a steady stream of NFT mints.
Projects that launch through our NFT launchpad pay a variable fee on initial sale (15%) and resale (2.5%). These proceeds flow through the Buyback Agent to seed the Governance Vault, build liquidity, and seed the treasury. Each additional, successful mint drives increasing traffic, turnover, and revenue generation that all goes back to $GDAO holders.
Of course, Wheelies was slated to be the first major mint from the NFT Launchpad. Per recent news, that minting has been delayed until January 21, 2022. Although this is frustrating to hear in the interim, we respect the judgement of the Wheelies team and understand their reasoning that the additional time will give them everything they need to push through the associated Wheelies animated series as well as formalize and spread additional information about the roadmap and utility of Wheelies NFTs to best engage prospective participants and situate the project for success during and after the initial mint.
We are excited to share more news relating to Wheelies as we approach the new sale date. In addition to Wheelies, the team behind the ongoing Monster Squad mint has a lot of exciting work cooking behind the scenes that we are looking to showcase soon. We will share more information regarding Charcuterie NFT, which was also delayed until 2022, and represents the first permissionless integration of our Proof-of-Existence, as it is made available.
Meta Union, an upcoming metaverse guild community, will be launching their NFT collection through the Governor launchpad. The Meta Union collection grants governance rights in the guild, which is designed to be a metaverse conglomerate that is already linked up to several NFT/Play-to-Earn communities. A feature-length post will be shared on Meta Union soon. For more information, head to the Meta Union discord.
Lastly, the team has had several meetings with Chainlink about incorporating VRF into our NFT mints for provably fair RNG on minting. This is a significant upgrade that synergizes well with POE: Governor DAO can offer “fairest” NFT launches with a provably decentralized and provably random minting experience. With VRF, nobody, including the team can foresee mints or gamify any aspect of the minting process – making the GDAO NFT launchpad the fairest in existence.
Governance Vault, Treasury, Buybacks
The first month of Buybacks to the Governance Vault. Revenue generation still looks uncertain through End of Year. The treasury is in good shape, with $88,000 in non-GDAO assets + 86,000 GDAO. The treasury also controls roughly 20% of all open market liquidity. Whether or not the community is looking to further subsidize vault activity through January mints is an open discussion for the community to converge and vote on.
There is no existential need that commands significant revenue flow over the next month. As NFT mints and additional revenue flow (explained below) pick up, the treasury will have plenty of leverage to own its own liquidity and more effectively deploy it to Uniswap V3 ranged liquidity as well as to provide GDAO:xGDAO liquidity. A liquid xGDAO token enables integration of the Governance Vault token into other DeFi products, like peer-to-peer lending markets, where users can leverage their xGDAO to take on loans for yield farming, trading, or to access leverage for additional GDAO exposure. This also affords team members the ability to access capital through their GDAO positions without having to capitulate.
Better market liquidity that the treasury controls also allows access for bigger holders to enter. At current levels of liquidity, it is difficult for large accounts to trade in-and-out of GDAO without experiencing significant slippage.
With organic revenue inflow, xGDAO holders can work through decentralized governance to optimize the specifications of the Buyback Agent for buybacks and accumulation towards the treasury for the longterm success of Governor DAO.
Token Factory [Project Alpha]
Earlier this year, the team collaborated with several counterparts to create what can best be described as a “fool-proof token factory”. The factory allows users to create their own token with just a few variable inputs (token name, ticker, supply, etc). The factory leverages Governor DAO’s novel Liquidity Generation Event fair launch model, Proof-of-Existence, and token reflection specifications to allow a rug-proof token launch (note that the token creator can still ghost and run, but they can’t rug liquidity or proceeds).
The factory is conceived in a way where a fee in native network token (ETH, AVAX, MATIC, etc.) and a percentage of the token value is retained by the creator. All teams got caught up with their respective projects and Project Alpha development faltered. Governor DAO was responsible for creating the smart contracts – the bulk of the work. We are looking to reboot this initiative under the Governor DAO umbrella using these smart contracts we’ve already created. The timing of this buildout is dependent on engineering resources, but is currently looking like our next MVP.
Governor DAO is effectively a layer-zero protocol. Proof-of-Existence lives on three chains (Mainnet, Rinkeby, Polygon) – as does the NFT launchpad. The future is multi-chain and the team is building contracts and frontend integrations in a manner that is multi-chain compatible, so that, should demand exist on other EVM chains – like Avalanche or Binance Smart Chain – Governor DAO can supply and exist natively.
Despite NFT launch delays, the existing POE signups are ours forever. POE enrollment is nearing 1,000 – an impressive benchmark – and everything else in the queue will contribute to more and more signups.
Currently, the team is manually handling all POE enrolls on-chain through batch minting. This is 1) expensive and 2) non-scaling. Engineers have been working and are nearing completion of an automated minting experience where all enrolls will be verified at regular intervals and updated on-chain and users will mint their own POE. This will save the cost and labor overhead and additionally unlock the ability for us to charge a minting fee for additional revenue back to the protocol.
The “trigger” for this automated crossover to take place revolves largely around the size of the POE enrollment list and the increasing prevalence of Proof-of-Existence as a “global VIP” that users will feel comfortable paying to participate in. Of course, POE enrollment revenue follows the same methodology, with revenue funneling directly into the buyback agent with signups.
POE “Passport” Dashboard
Proof-of-Existence is a one-stop solution for sybil resistance in any web3 setting. There are countless instances where POE integration makes sense, and while NFT minting is an obvious product-market fit, it does no justice to the ability of POE to be used beyond fair launches: human-gated communities, DeFi credit scoring, democratic voting… the list goes on.
As more and more projects and products integrate around and on top of Proof-of-Existence, a one-stop destination for registered users to manage all their POE endeavors will provide immense convenience as well as a straightforward showcase of the power of POE. The team has been brainstorming the creation of a web3 integrated dashboard where users can access their POE NFTs and associated communities, vote on POE-enabled governance matters, and take advantage of all kinds of privileges that future integrators enable.
This dashboard also acts as an add-on functionality to the core “Governance-as-a-Service” mantra that drives everything throughout Governor DAO.
Governor Ambassadors (GAMBs) Greenlight
Several key Governor DAO community members have worked hard throughout Q4 to build out an “ambassador” framework. As any good DAO, Governor needs an explicit framework employed that gives dedicated community members looking to “step up” the opportunity to do so. With a mature tech stack, it’s very important to get the word out and coordinate with good project partners.
The GAMB program is designed to take on a lot of the day-to-day work (cadencing/communications within the community, social media content, documentation, Q&A) as well as help to rapidly scale our Business Development, Marketing, and Community Growth endeavors. While there is a bottleneck within our community and industry-wide to find good engineering talent, there’s no scarcity of clever, engaged, and passionate individuals throughout Governor DAO who are more-than qualified to take on roles outlined above.
We need as many hands on board to pitch Proof-of-Existence, the NFT launchpad, and other budding initiatives in front of as many counterparts as possible, as well as folks who can handle those connections and help slate them into the release calendar. With an explicit framework for how this work is done under the Governor DAO code of conduct, we can all thrive together. When done right, DAO wins because those who care to work hard can, and in doing so, the DAO works harder for them and their subsequent shares. Governor DAO is positioned to model this exactly – DAO done right.
Thank You Governors!
It is amazing to think that this project was born out of a devastating rugpull, and in just one year, the community has formed from the ashes and produced revolutionary, best-in-class technology to service the broader crypto space. These accomplishments may be underestimated today, but as everything scales up, our offerings expanded, our partnerships grow: the Governor DAO “DAO of DAOs” empire forms. It is our responsibility to package this in a way that everyone who wants to participate can, and in doing so, everyone can opt-in to win under the Governor DAO flag, together.
Thank you for your continued support and enthusiasm as we fight the tireless fight to eschew in the DAO future, one project at a time! Once the Holidays are behind us, Bi-Weekly updates on the Blog and community updates on Twitter will once again ramp up.