Good day Crafters!
The $CFT token has been unlocked for claim last week, every week you’ll earn a percentage of the $CFT liquidity mining allocation based on your buying and selling volume! We have been overwhelmed by the support and the enthusiasm from the community about the token release! $CFT by default is the governance of the Craft platform, additionally, we will be adding new utility use cases for the token over time, making the token more useful and more valuable over time! Craft has set itself to be completely community-driven, and we think now is a good time for a Craft DAO vote to decide on what utilities we build for the $CFT token first.
This article will sum up all the features that will be initially released and the governance variables that the protocol will be able to change by governance vote.
Please note, due to the upcoming ICON 2.0 upgrade and the pause of smart contract deployment for the time being, we had to constrain ourselves from drastic changes for the short term. For that reason, initial utilities will be limited until after ICON 2.0 goes live.
Here is the roadmap:
We have designed a tier system that will be applied to many $CFT features, the goal of different member tiers is to reward long-term and committed holders. We also plan to bring some gamification aspect to the marketplace through this design.
Governance variables and initial values:
- Bronze requirement: 0 $CFT
- Silver requirement: 50,000 $CFT
- Gold requirement: 100,000 $CFT
- Platinum requirement: 250,000 $CFT
- Diamond requirement: 500,000 $CFT
We’re planning to add a Discord bot to allow you to tie your ICON wallet, which will reveal your member rankings in the channel!
This is arguably the most anticipated feature of the Craft marketplace. “Fees sharing” refers to platform service fees (2.5%), of which we will allocate a portion to $CFT stakers. This effectively makes $CFT owners and stakers to own a piece of the platform and earn its operation revenue.
The shared fees will be split into two allocations, one portion will go toward $CFT stakers directly, and the other portion will be distributed towards a DAO fund. The initial settings are 50% each and this variable can be adjusted through a DAO vote down the road. The DAO funds are in place to fund initiatives that can further expand the Craft ecosystem, how the DAO funds are spent will also be based on community consensus of course.
Member tiers will also impact the fees earned. The tiers will earn a bonus based on the following scheme.
We’ll be able to enable staking early but we’ll need to wait for ICON2 release to implement the distribution. T̶h̶e̶ ̶f̶e̶e̶s̶ ̶w̶i̶l̶l̶ ̶b̶e̶ ̶r̶e̶t̶r̶o̶a̶c̶t̶i̶v̶e̶l̶y̶ ̶d̶i̶s̶t̶r̶i̶b̶u̶t̶e̶d̶ ̶t̶o̶ ̶s̶t̶a̶k̶e̶r̶s̶ ̶(̶m̶o̶r̶e̶ ̶n̶e̶w̶s̶ ̶w̶i̶l̶l̶ ̶b̶e̶ ̶p̶r̶o̶v̶i̶d̶e̶d̶ ̶i̶n̶ ̶a̶ ̶d̶e̶d̶i̶c̶a̶t̶e̶d̶ ̶a̶r̶t̶i̶c̶l̶e̶)̶.
Governance variables and initial value:
- Unstaking period for staked $CFT: 48 hours
- DAO earnings ratio: 50%
- Silver stake bonus: 5%
- Gold stake bonus: 9%
- Platinum stake bonus: 12%
- Diamond stake bonus: 15%
Again, these are initial settings that may make sense in the early stages. We can always propose a DAO vote to overwrite these settings later when necessary, the decision is in the community’s hands.
The $CFT token will grant you governance power in the Craft ecosystem, you will be able to vote for any Craft governance proposal.
Only members with tier status Gold and up will be able to create new proposals (to change parameters defined above for example). All members with staked $CFT will be able to participate in the DAO votes.
This concludes our short-term plans with the $CFT token, as mentioned, before ICON 2.0 migration we’ll need to make do with what makes the most sense in the current stage. We also plan to leverage the community to create and make these decisions together going forward. Until then, Happy Crafting!