Building a Decentralized Future with $FEE and FeeDAO: The Power of Community-Driven Development

5 min readJan 31, 2023

$FEE was created in the fine crypto tradition of meme tokens, out of a desire to create a kind of POC for the community to play and test the new trading features within the Soonaverse platform.

$FEE was fairly distributed by airdrop to all accounts that interacted with the Soonaverse up to a given point of time, giving it an actual use, whereby all airdropped $FEE holders are by definition early adopters, giving us a very useful “whitelist”.

FeeDAO

FeeDAO is the Decentralised Autonomous Organisation powering the Fee ecosystem primarily supporting community growth across the whole Soonaverse ecosystem. FeeDAO aims to discover and onboard new projects as seamlessly as possible (including a focus on Real-World-Assets and/or social impact projects) as well as attracting new members from outside the ecosystem.

Governance

FeeDAO will be governed by the members, who must hold at least 10,000 $FEE and an exclusive Fee member card.

Three Points of Rewarding

Diamond Hands, Value Provided and Commitment on the Soonaverse platform will be rewarded within the Fee ecosystem e. g. FeeDAO access and Soonaverse Value Score (SVC) linked to the member card.

Diamond Hands: Those who have not sold their $FEE — can stake their airdrop to gain access to the FeeDAO space.

Value Provided: The value provided by all participants who hold SVCs, will be considered when determining rewards. Participants who have made significant contributions to the platform will be granted access to the Fee Partner Program, Fee Venture Program, and increased voting weight within the DAO.

Commitment: Early investors who made substantial investments in NFTs/tokens and have sustained these investments through the bear market will be acknowledged for their dedication. Despite the significant losses they have faced, they have continued to support the ecosystem and contribute to its growth. To reward these committed individuals, a historical snapshot was taken on September 29th, 2022. Holding a Membership Card with a high SVC and a significant amount of $FEE will grant them access to both the Fee Partner and Venture Program, as well as enhanced voting weight in the DAO.

Fee Member Card

Why a Member Card you may ask?, well, $FEE was fairly distributed by airdrop to early-stage and active Soonaverse users. However, some users had multiple accounts (>50) and so they got a significantly larger holding of $FEE. While there is nothing wrong in holding a large amount of $FEE or, indeed, having multiple accounts (there are many legitimate reasons for doing this), as a DAO we have to think about how we prevent those working against the majority community interest, for whatever reason e.g. a few malicious actors leveraging their large Fee token holdings to enforce their own ideas on the majority of the community, particularly during key governance decisions. With the member card structure, FeeDAO has addressed such potential issues.

The FeeDAO currently has no treasury and is entirely community maintained by volunteers working on the project. To ensure sustainable development in the future, the DAO must generate novel income streams to build up it’s own treasury. Therefore, member cards will be sold for 100–200 MIOTA which is approximately equivalent to the $Fee airdrop at the time. The royalties will be set to 7.5%.

Unique Member Cards for community volunteers:

We have a deep respect for community members who have offered up their time and effort to support the wider Soonaverse community — we have all been able to work and communicate with each other because of their tireless commitment to support our ecosystem.

Additionally, not all members cards will be given out at the beginning. If someone comes ‘late to the game’ but wants to acquire a member card it is possible for them to also get one by volunteering in a way we can recognise and reward. Volunteering could be any of the following:

Setting up a FeeDAO homepage
Moderating the FeeDAO Discord server/Twitter/Facebook/DAO blog, etc
Creating a Fee NFT collection
Participation in the Community Based Due Diligence Program
Writing, e. g. Medium articles, designing graphics and/or developing creative content for the FeeDAO website/project partners
Supporting FeeDAO in any other specified or communicated way — please reach out to us if you are interested in any of these roles or you think your experience/expertise could be beneficial to the FeeDAO in other ways.

Fee Partner Program

One of the key initiatives of FeeDAO is the Fee Partner Program (A1-B3 member cards). FeeDAO aims to partner with multiple projects in the space to provide organic growth for the entire ecosystem. The Fee Partner Program includes unique Fee Partner NFTs with specific usability, whitelistings (NFT and protocol access), early access to Series A rounds (incl. Social Impact and/or Real-World-Asset projects), access to the Community Based Due Diligence Program, and a 1.5x airdrop multiplier.

Fee Venture Program

For those interested in early access to seed rounds (incl. Social Impact and/or Real-World-Asset projects), FeeDAO offers the Fee Venture Program (A1-A3 member cards). Participants in this program will also have access to the Community Due Diligence Program and a 4x airdrop multiplier.

Community Based Due Diligence Program (CBDD-Program)

To ensure the integrity of Partner Programs and Projects, FeeDAO aims to establish the CBDD-Program.

FeeDAO will provide questionnaires to community members and potential project partners
Results of those questionnaires will be provided to FeeDAO community members

FeeDAO Treasury

FeeDAO will have to establish a treasury as soon as possible in order to secure it’s future funds. Currently, there is no multi-sig functionality available on IOTA or Shimmer. To ensure the security of the DAO’s assets, the funds will be split and stored in multiple wallets. This includes a Gnosis Beacon Chain SAFE multi-sig and two Firefly wallets (IOTA and Shimmer).

As a community-driven project, it is crucial for FeeDAO to be connected to the broader IOTA and Shimmer ecosystem. Therefore, the organization has reached out to other projects to become the multi-sig signers for the FeeDAO treasury.

The multi-sig signers of the FeeDAO treasury (3/5) are as follows: