On 6 January 2022, Andre Cronje detailed his proposals for a new emissions-based token, ve(3,3), which would be distributed to the top 20 projects on Fantom.
Since then, Fantom has seen increased interest from protocols looking to launch or migrate onto Fantom. While this has been a net positive for the Fantom Foundation, a new phenomena has begun to emerge, one that seeks to bootstrap purpose-built DAOs with intensive capital for incredibly short periods of time, specifically, the veDAO.
While there is nothing wrong with purpose-driven DAO bootstrapping, it does directly and indirectly expose our home of builders and community members to the dangers of short-term cash grabs by unknown teams with unknown backers, exposing users to high-risk systems and potentially malicious actors.
The Premise of 0xDAO
We created 0xDAO to combat the emergence of short-term veDAOs designed to steal liquidity from dedicated Fantom builders. We believe their greedy, short-term value propositions are dangerous to the growth of our network, and would like to present a community-centred alternative with a coalition of proven developers and achievable long term goals.
0xDAO is being launched by founders from some of the most successful projects on Fantom, and which is designed to capture long-term value for the entire Fantom ecosystem.
The components of 0xDAO are summarised below:
- Token Distribution Model
2. Decentralised Treasury Management
The team has decided not to seed any initial liquidity for OXD; but instead to publicly bootstrap liquidity from nil. This means that at launch, there will be significant volatility in the price of the token, and will be prone to significant price movements. Inexperienced users should not attempt to trade the token at launch.
Once trading commences, yields collected from ve(3,3) emissions-based voting will be re-distributed between the treasury and stakers. The utility of OXD will serve as liquid proxy votes for Andre Cronje’s SolidSwap Protocol, presuming 0xDAO is able to reach the Top 20 and receive an NFT with voting power. Holders of OXD will be able to stake it and then vote on how the voting power should be used, i.e. what pairs to incentivise.
OXD holders will be able to vote on how the treasury is allocated, including (but not limited to) the purchase of other ecosystem tokens through a classical bonding mechanic used by Olympus Dao. We anticipate that as more voting power is acquired by 0xDAO through its treasury — other protocols will be willing to incentivise liquidity with ve(3,3) and will look to bribe 0xDAO participants (i.e. OXD holders). Further, 0xDAO’s decentralised treasury management; profit capture potential through various revenue-generation means, could serve to grow 0xDAO’s holdings of ve(3,3) over time.
The aim of 0xDAO is to provide a fully decentralised infrastructure, one that maximises profits, capital efficiency and voting power for 0xDAO, creating a free market for established protocols on Fantom looking to increase liquidity.
The model can be summarised below:
3. Tokenomics & Launch Stats
- a total supply of 2 billion;
- emissions of 1000 OXD / second;
- the total supply of OXD being emitted in 23 days from launch; and
- target launch date/time: Friday, 21 Jan 2022 approx. 3PM (EST).
At launch, users will be able to participate in a fair launch via an ‘initial staking offering’ or “ISO” that will last for 1 hour. The staking pools available at launch will be:
Please note: the OXD-USDC pool will open 1 hour following launch (i.e. when the ISO completes).
Once the total supply is reached, revenue will be generated solely from the assets that the 0xDAO treasury holds. 0xDAO will capitalise on its early acquisition and accumulation of ve(3,3) tokens to generate revenues through fees captured and bribes from other protocols.
4. Governance
The decision-making function of 0xDAO will rest with the community, 100%. “OXD” will serve as the protocol’s utility token, enabling holders to participate in on-chain voting.
Holders of OXD will be able to participate in decision-making, including whether to sell the ve(3,3) airdrop and distribute funds to OXD holders.
5. Security
The contracts deployed for 0xDAO have been battle-tested by Spooky Swap and audited by CertiK. Justin Bebis from the ByteMasons team is also providing additional assistance.
The project contributors are also the multi-signors behind 0xDAO, as follows:
- eerieeight from Spooky Swap
- 0xscream from SCREAM
- 0xentropy & @Xam_Pham from Revenant Finance (StakeSteak)
- Dr Liquid from Liquid Driver
6. Resources
Multi-sig wallet address: 0xa96D2F0978E317e7a97aDFf7b5A76F4600916021
Masterchef (not deployed yet) but code base available here: https://github.com/0xDAO-Protocol/farm
Token Contract: 0xc165d941481e68696f43EE6E99BFB2B23E0E3114
Pool 2: 0xD5fa400a24EB2EA55BC5Bd29c989E70fbC626FfF
Farms
OXD-USDC: 0xD5fa400a24EB2EA55BC5Bd29c989E70fbC626FfF
wFTM: 0x21be370D5312f44cB42ce377BC9b8a0cEF1A4C83
ETH: 0x74b23882a30290451A17c44f4F05243b6b58C76d
BTC: 0x321162Cd933E2Be498Cd2267a90534A804051b11
USDC: 0x04068DA6C83AFCFA0e13ba15A6696662335D5B75
DAI: 0x8D11eC38a3EB5E956B052f67Da8Bdc9bef8Abf3E
MIM: 0x82f0B8B456c1A451378467398982d4834b6829c1
xBOO: 0xa48d959AE2E88f1dAA7D5F611E01908106dE7598
xSCREAM: 0xe3D17C7e840ec140a7A51ACA351a482231760824
xCREDIT: 0xd9e28749e80D867d5d14217416BFf0e668C10645
LQDR: 0x10b620b2dbAC4Faa7D7FFD71Da486f5D44cd86f9
xTAROT: 0x74D1D2A851e339B8cB953716445Be7E8aBdf92F4
TOMB: 0x6c021Ae822BEa943b2E66552bDe1D2696a53fbB7
fBEETS: 0xfcef8a994209d6916EB2C86cDD2AFD60Aa6F54b1
Disclaimer / Health Warning
The 0xDAO platform (the “Platform”) may not be available or appropriate for use in all jurisdictions. By accessing or using the Platform, you agree that you are solely and entirely responsible for compliance with all laws and regulations that may apply to you. You further agree that 0xDAO has no obligation to inform you of any potential liabilities or violations of law or regulation that may arise in connection with your access and use of the Platform and that we are not liable in any respect for any failure by you to comply with any applicable laws or regulations (as applicable).
You expressly agree that you assume all risks in connection with your access to and use of the Platform. Additionally, you expressly waive and release us from any and all liability, claims, causes of action, or damages arising from or in any way relating to your access to and use of the Platform, including, inter alia, loss of funds, exploits or catastrophic failure.
You expressly understand and agree that your use of the Platform is at your sole risk. We make and expressly disclaim all representations and warranties, express, implied or statutory, and with respect to the Platform and the code proprietary or open-source, we specifically do not represent and warrant and expressly disclaim any representation or warranty, express, implied or statutory, including without limitation, any representations or warranties of title, non-infringement, merchantability, usage, security, suitability or fitness for any particular purpose, or as to the workmanship or technical coding thereof, or the absence of any defects therein, whether latent or patent. The Platform provided on an “as is” and “as available” basis, without warranties of any kind, either express or implied, including, without limitation, implied warranties of merchantability, fitness for a particular purpose or non-infringement. You acknowledge that no advice, information, or statement that we make should be treated as creating any warranty concerning the Platform.
We do not endorse, guarantee, or assume responsibility for any advertisements, offers, or statements made by third parties concerning the Platform.
