It’s been a while since we updated the community through a medium post. With so much going on and the progression of the GalacticDAO, we thought that there was no better time than the Holidays for a Festive Update and look back on 2021!
Disclaimer: There’s lots to unpack and it’s a long one, so feel free to use the tldr at your discretion.
TLDR; In this update we will cover 👇
- GalacticDAO makeover: transition OF galacticpunks.io TO a new home for on-chain governance, view treasury updates & more.
- Galactic DAO Proposal Recap: The DAO has voted on and passed 10 proposals since the introduction to Galactic DAO V1.
- Community Validator: over 400k LUNA staked and 9 punks raffled off to stakers!
- GP IRL: Luna Loot Merch drop and TeFi Miami Official Afterparty.
- Angel Donations & Restore Earth: a tally of total contributions to Angel Protocol & our efforts to support the Restore Earth campaign.
- Christmas gift: read on to learn more ;)
- Cross-chain collabs: The blossoming relationship between Solana Monke Business’s MonkeDAO.
- GalacticDAO as a Decentralised VC: Details covering the very first DAO investment into a Luart’s private round, supporting the competitive development of NFTerra ecosystem.
- NFTerra hackathon: The Galactic DAO prize.
- ALPHA: Galactic Ships, Galactic Gridz.
👉 Before we jump into it, don’t forget to add a Santa hat to your GP if you’re feeling festive: click here. 5 winners will get picked randomly for $100 UST!
GalacticDAO’s New Home 🛰
As promised, the Galactic Punk Core Team is working hard to bring the GalacticDAO V2 a BRAND NEW home!
The GalacticDAO V1 has been operating on Discord, Which has been made possible by the team at gravidao, with the introduction of Lunar Assistant. The Galactic Punk Team have been able to create holder-only channels & vote on proposals due to the implementation of this tool. This was a great first step into the Terraverse… but we envision more. We are all early adopters — and DAO infrastructure does not yet exist on Terra — The Galactic DAO sets out to build it from scratch and although it´s an incredibly exciting task, it also requires a lot of effort — and patience!
The most important implementation of the Galactic DAO upgrade will involve the first step towards on-chain voting; this will allow GP holders to submit and vote on proposals on-chain! Not only does this ensure fair voting, but a clear and transparent log of holders’ interactions with the DAO… creating multiple opportunities, such as rewards and incentivisation for active, contributing users. The new site will support this functionality in a beautifully designed UI, complementing the Galactic Punk aesthetic that we all love so much.
Holders will be able to easily access the Galactic DAO via a simple wallet connect function. All you need to do is connect your GP holding wallet, which will confirm that you’re a part of the DAO, and allow you to participate in governance.
Additionally, to increase transparency, we want to allow holders to easily keep track of the DAO’s treasury, transactions and investments. The site will display an automatically updating dashboard of the DAO treasury, including NFTs, which will be transferred to the treasury from the marketing wallet.
The development opportunity is all thanks to GalacticDAO proposals 005 & 006 which have allowed us to bring on a frontend & backend developer. Welcome to the team!
If you have any suggestions or want to work on bringing the on-chain vision of the GalacticDAO to life — please do not hesitate to reach out to the team on Discord. We’re always open to bringing on new talent & fresh ideas.
GalacticDAO Proposal Recap 🙌
It’s been an eventful past couple of weeks and we have the community to thank for that! Below you’ll find a summary of proposals (at the time of writing):
- Proposal — 001 — The DAO voted in favour (1017–11) to fund the GalacticDAO prize for the hackathon. See details in NFTerra section!
- Proposal — 002: Renaming of “Galactic Civilian” role to “Galactic Citizen” (1050–13)
- Proposal — 003: The DAO voted in favour (1131–12) of setting up a GalacticDAO community validator (first of it’s kind) to secure the network, and develop a sustainable stream of revenue independent of the NFT market. The community also voted yes on staking 5k LUNA from the treasury.
- Proposal — 004: A Galactic Marketing campaign bounty passed (891–20) in which the DAO members can submit their marketing ideas. Campaigns that pass can receive 5k in funding and up to $1k in payment for the individuals carrying the campaign out.
- Proposal — 005 & 006: The community voted yes (695–16, 703–21) to hire a frontend and a backend developer to contribute to the build-out of GalacticDAO V2. No brainer in our opinion!
- Proposal — 007: A bunch of GP degens! The DAO passed a vote (808–54) to allocate $69,420 UST to the MIM-UST Degenbox strategy 🎩
- Proposal — 008: There were two parts to this: First, the DAO used $5,500 UST to upgrade the community validator so it could be eligible for the Terra Delegation Program which could lead to TFL delegating 400k-1M Luna to our validator (690–4). Second, the validator updated its distribution of rewards to a 90–10% split for airdrop raffles and team/running costs. More Galactic Punks for everyone!
- Proposal — 009: As per our cross-chain efforts, we could think of no better community to support than the trailblazing SMB! The DAO voted yes (554–44) in favour of delegating 69.42069 SOL to the MonkeDAO validator. Sense a theme in numbers here?
- Proposal — 010: Thanks to 010, the GalacticDAO is officially a decentralised VC! The community decided (557–16) to invest $100k UST into the Luart private round with 80% of the tokens to be airdropped to GP holders. More details later on in this post…
Community Validator Update 🌖
Following discussions within the community, The Galactic DAO proposed to set up a community validator node and delegate a part of the DAO treasury to kickstart towards achieving a place within the active set. This initiative was designed to contribute as a community to the security of the Terra network, in addition to creating a sustainable revenue stream for the DAO treasury. The validator rewards stakers with a reliable staking option with a low commission (5%) and weekly GP raffles.
At the time of writing, the community validator has over 415,000 LUNA ($32m) staked and has airdropped 9 GPs to lucky stakers. Out of the nine winners, eight have never put their Punks up for auction, proving the DAO right in its effort to enable more people to join its ranks through these lossless raffles!
In line with the passing of Proposal 008, the DAO allocated capital to enable the validator to become even more reliable, and to additionally secure the Bombay Testnet. In addition to our greater contribution to Terra security, this step made GP Validator eligible for the Terra Delegation Programme — and a potential 400k-1M LUNA delegation from TFL. This would result in further decentralisation of Voting power between validators.
Galactic Punks IRL 🧢 🏝
Not only do Galactic Punks have a huge presence within the Terra NFT Space, but , we’re also happy to have made a mark IRL with our Galactic merch drop & sponsoring the TeFi official afterparty of Dcentralcon in Miami!
The merch drop was a first-of-its-kind initiative in collaboration with the team at Luna Loot. We airdropped over 90k worth of Galactic Loot tokens which could be redeemed for $20 off of merch. Hoodies, T’s, tote bags, phone cases and mugs — Galactic Punks can be repped everywhere!
The GalacticDAO also took over Miami during the Dcentral Con event, with a pre-party for the official TeFi afterparty. It was great to see some familiar and new faces, and meet members of the community. For those who didn’t make it — don’t worry, this was a test run and there will be plenty of opportunities to meet!!
Angel Donations & Restore Earth Campaign 😇 🌍
For this section, we need to take a blast to the past, to September 2021 B.M. (Before Mint)… Even prior to the Galactic Punks mint, we had been focused on giving back to the community and supporting the ecosystem we care so greatly about. One way of achieving this is through donations, so a massive thanks to Angel Protocol, who have made donating within the Terra ecosystem extremely easy!
To-date, Galactic Punks has donated $134,012.3 to charity through Angel Protocol. This places us as the #1 donor on their leaderboard. These donations are generated by 5% of secondary sales royalties. Not to mention the Galactic Punk auctions that happened on the side.
But it doesn’t stop there! Angel Protocol recently announced its Restore Earth campaign to combat climate change. To help this awesome initiative, Galactic Punks will be creating a series of NFTs called Galactic Angels — a keepsake & token of gratitude for all campaign donors!
Galactic Donors will be placed within tiers based on the size of their donation. They will be independent of the GalacticDAO and do not represent the original collection. You can read the full Restore Earth announcement HERE
The campaign is branching out across multiple chains, including partnerships with the likes of PleasrDAO & OlympusDAO. The collaboration between Galactic Punks and Restore Earth will hopefully contribute to a stellar cause while brining more eyes to the GP community. Galactic Punk holders that donate to Restore Earth will also receive 50% more $HALO tokens from their airdrop and get bumped up by 1 extra tier when they donate.
Christmas Gift — Teaser Alert 📖 🎁
Many keen eyed community members would have noticed mentions and hints from the team but it’s finally becoming a reality! The Galactic Comic part #1 is ready and will be airdropped around Christmas.
Cross-Chain Everything ⛓ 🐵
The Galactic Punks team members @jack & @karma joined SMB, a blue chip NFT on Solana, for a twitter spaces on Saturday December 11th. This was the start to what aims to be a long-term partnership between two innovative NFT communities across their respective chains.
The spaces got some buzz around the MonkeDAO community and we’re happy to welcome any newcomers to Terra & the GalacticDAO. In turn, the GalacitcDAO passed a proposal to allocate 69.42069 SOL to the MonkeDAO community validator. Stay tuned for some more good news!
GalacticDAO as a VC alternative? 💪 💸
You heard it right! We’re excited to announce the GalacticDAO’s investment into Luart’s private round.
In proposal #010 put forward in the past days, the community has voted in favour of allocating $100k UST (20% of liquid DAO treasury) to the investment. Out of 5,000,000 Tokens that the DAO will gain with this investment, 80% will be distributed back into the hands of the GalacticDAO members, on a per punk basis. The exact method of distribution is currently being worked on, but it could require staking your punks, as it would enable distribution of Tokens from one pool on a monthly basis, saving transaction fees and ensuring more value goes back to holders. The remaining 20% of tokens will go back to the DAO treasury, and our newly formed #finance-nebula user group will discuss and decide on the ways to hold, stake or monetise these tokens in a transparent manner.
Galactic DAO aims to support development of competitive NFT infrastructure on Terra and we are excited to broaden the initial audience of Luart through distribution of tokens to our many holders. This initiative allows NFT holders to participate in a private round sale, which is normally available to a very limited group of investors. It´s a huge milestone and first DAO contribution to democratization of venture investments on Terra. First of many, that is!
NFTerra Hackathon 🏗
In line with Galactic DAO´s mission to support NFT development throughout the Terra ecosystem, we are proud to have played a role in the organisation of the recent NFTerra Hackathon, providing teams with a framework to create new Infrastructure and use cases for NFTs.
The judging of all submissions ended on December the 15th — however, with the bustling Holiday season coming up, it has been very difficult to align timetables of Hackathon Partners and organise a Closing Video Ceremony. We want to honour winning submissions and ensure exposure for teams through a live video announcement of winners. That means we have to postpone the announcement until after Christmas — and we hope everyone understands we have made this decision with the best interest of the teams in mind!
That said, as voted in by proposal 001, the Galactic DAO allocated $7,500 from its DAO treasury for a separate GalacticDAO prize. And as voted in by the community — we have a winner!
Congratulations to Galactic Citizens Berserker, Trix, AR and Gaterwal for taking home the prize with their Intergalactic Drone Racing submission!
We can’t wait to publicly announce all winners in a Terra Bites Video Roundtable in January!
Galactic Ships 🚀
First off, thank you for your patience as we create the Galactic Ships NFT airdrop outlined in the Roadmap for all punk holders.
We wanted to make sure that the ships looked epic, while also ensuring utility in the Galacticverse. Thanks to the GalacticDAO Hackathon team, the ships will likely play an integral role in the Intergalactic Drone Racing game. The team has done amazing work and it’s a joy to see creativity within the DAO lead to development of new projects.
We can’t give away too much just yet because we don´t want to get in the way of the development and creativity of the team! It must suffice for now to know that racing, prizes, and some cross-chain collaboration are in the works!
ALPHA: Galactic Gridz whaattt? 🗺 🌆
The Galactic Punks team has been thinking of ways to build out the Galacticverse beyond just the ships addition. Enter Galactic Gridz.
Galactic Gridz will be an innovative, customizable stake of land, granting you ownership over a unique address in the Terraverse; chosen by you from a combination of three unique words.
It can be thought of as a unique address or identity, interoperable for other NFT projects to build on top of. The first being Colonies - a project providing users with a customisable homebase (sneak peak below)
Alright, that’s it! Hopefully we didn’t lose you along the way. Looking back, it’s hard to believe how far we have come in just these few last weeks! We hope each and every single one of you has a great time over the holidays incredible and a happy New Year Celebration.
Thank you to our awesome community who continues to impress and innovate! We’re excited for what we can accomplish together in 2022 and hope you are too!