Proponent: Metaverse DAO
NEAR account for payment: metaverse-dao.sputnik-dao.near
Project Timeline: January 5th – 31th
Objective: The main objective of this project is to build the conditions for Metaverse DAO to give the community that holds Metacoin tokens (the token created by our DAO) the voting power to submit and decide about the funding for 1 project that represents 5% of our max budget. These conditions are the liquidity pool for the token, its white paper, its distribution through our community, and preparing the community to make projects and vote in the next month.
Justification (benefits): The relevance of this project is to fulfill the ideal of decentralization over the decisions, that are the very essence of the DAOs and of NEAR Foundation intentions. This is also important because it gives an important role to the community, by democratizing part of the budget for people who values and holds our token. This has an interesting consequence, which is to give a utility to the token and probably raise its price in the market.
Project: We created the token Metacoin and put it in a liquidity pool with DAI. Our project is to keep feeding the liquidity pool, develop a white paper for the token, publicize its swap possibility, distribute it through the community, and prepare the community (through a post at the forum, telegram and individual help) to submit a project next month and to vote in a project. If the project is successfull for some months, we can develop it for a larger part of the budget.
About the Metacoin token:
- Contract adress: metacoin.tkn.near
- Max supply: 100,000
- 50,000 to be at the treasury; and 50,000 to be added to the liquidity pool, a little bit at the time (250 to 500 per month), in order to democratize the possibility of acquire voting power, even in the future.
- Liquidity pool METACOIN/DAI: 500-500 (500 of each were added to the liquidity pool). If we add 500 usd and 500 metadai per month and distribute to the community at the pace we are now, we will take a little less than 10 years to distribute (or put in the LP) 50,000 metacoins.
- Distribution method: 10/month for each council member, and up to 10/month for the community (1 for each participation) for participating in bounties or creating successful projects (30 were distributed up to now to the three members of the council).
- For each distributed Metacoin, we will feed the liquidity pool with the same amount of metacoin and the relative dai.
- Utility: submission power and voting power on a project to be funded with 5% of our max budget.
Start researching for building the whitepaper
To look for a mechanism to use tokens as voting power on near.
Feed liquidity pool.
Post in the forum about the token.
To look for interested people to submit projects and give them individual help.
January 25th - 31st:
Submissions of projects from holders of Metacoin.
To start accountability.
100 usd in near: to research write the whitepaper or similar document to the one produced by MarmaJ.
250 usd in near: to feed the liquidity pool.
3 near: create the token and open the liquidity pool (from the treasury, and not from the funding request).
TOTAL: 350 USD in NEAR (+ 3 NEAR from the treasury)
Final Products: Metacoins distributed among community and in a liquidity pool, a document talking about the token, people preared to submit projects to Metaverse DAO, and the submitted projects.