urn is proud to announce .alpha, the next phase of The Internship. We are moving towards a token based DAO model that will govern Alpha and the treasury.
Interns will be able to burn their NFTs in return for the .alpha token. Alpha will continue to grow as we allow the rest of the mass community to merge with us. This gives us the ability to retain and grow our position without needing to purchase more mass.
The site is now live at urn.art but transactions will not be enabled until this has been passed by the community.
The new token model allows for four important things
- The new token model opens up the Alpha NFT to the wider Pak community.
- This token model is a close representation to the $ASH model, as users are able to arbitrage the price of Mass. This in return balances the price and scarcity of mass tokens as they continue to get merged with the Alpha token.
- This allows for the DAO to begin earning revenue by charging new mass transfers a 5% fee, which is stored within the treasury.
- The liquidity provided by the DAO will allow members to enter and exit their positions easily.
Tokens
There will be 12121 .alpha tokens allocated to Internship NFT holders. 1 Internship token can be traded for 1.1338341405555 .alpha tokens when burning their internship NFT. 650 .alpha tokens will be allocated towards liquidity. The 650 .alpha / 75 ETH pair will be forever locked into Uniswap V2, and stored within the treasury wallet. (This puts the value at roughly $300 per .alpha token)
Non-internship holders will be able to mint .alpha tokens at a price of 1 Mass = 1 .alpha token. However, new mass transfers will be charged a 5% fee for joining the .alpha DAO and receive .95 for each value of mass they send into the DAO. These tokens will be stored within the treasury for the members and team to use for community based initiatives.
The 5% is split between DUO (1%) and URN (4%). We have partnered with DUO to build out the new utility for URN, starting with .alpha.
Governance
These contracts have already been deployed on Rinkby and we will look to launch the contracts on Mainnet once the proposal has been approved by the DAO. You may find the governance discussion of IP-8 within the URN discord.
