Introducing Restake DAO

White Whale
3 min readMar 25, 2024

Introduction

Restake DAO is coming to Migaloo chain and it will be the next evolutionary step forward for restaking in the Cosmos. Migaloo has already pioneered several restaking features through the Alliance Module. Through this mechanism, Migaloo chain has whitelisted for restaking: other L1 apex assets (LUNA, WBTC, OSMO), LP tokens (WHALE-USDC and WHALE-WBTC), and ecosystem tokens (mUSDC), among others.

With the passing of the Restake DAO proposal, the White Whale Community will have decided to redirect 15% of the total chain yield to the following pillars of the ecosystem to date:

ReStake DAO 5%

bluna. 2.5%

ampluna 2.5 %

wbtc. 2.5%

ampOsmo 1.25%

bOsmo 1.25%

Further redirections will be determined by the deals the White Whale Community is able to strike with potential ecosystem partners. However, the 5% to ReStake DAO is unique, because it gives the community the power to directly determine which assets will receive rewards.

Purpose of Restake DAO

The direction of the 5% incentive flows will be decided by $RSTK stakers of the Restake DAO. All interested parties, such as token projects, community DAOs, etc… will have a natural interest to direct liquidity incentives towards their purposes, for example the ASH DAO might want to provide perpetual incentives to their LP pairs in order to make their ASH token more liquid or SAIL DAO wants to attract external projects through incentives flows directed by Restake DAO etc.

The fight for control over incentive flows will induce natural demand for the $RSTK token and ensure the prosperity of the Restake DAO. It is the very same dynamic as ve tokenomics used for liquidity wars. In the first iteration of ReStake DAO, a proposer will need to pass a gov prop which assigns each asset’s share of the yield, however in future iterations of ReStake DAO, a guage mechanism will control the distribution of the yield in real time.

ReStake DAO will combine the elements of restaking and liquidity wars for the very first time. It will also further establish and codify Migaloo as one of the main pioneers of restaking in the Cosmos.

RSTK Tokenomics

Restake DAO uses a newly minted ReStake Token $RSTK with a 1M Total Supply. The token distribution looks as follows: 20% of the supply we remain with Migaloo Foundation, of which 10% is earmarked for DAO staking, 5% will be used for LP, and 5% will be held for future deals/grants. The remaining 80% of the supply will be airdropped to the community.

Airdrop Details

  • 40% of the RSTK supply will be dropped to the various DAOs on Migaloo or partnered with Migaloo — A portion of the drop will be given directly to the DAO treasuries and a portion will be distributed to the DAO stakers. Further details/breakdown of the distribution are still tbd, and subject to change, however as of now the following DAOs may be included:

Total DAO airdrop: 40%

Tier 1 (21%)

  • OPHIR 3% treasury 2% stakers
  • RAC 3% treasury 2% stakers
  • GUPPY 2% stakers 3% treasury
  • SHARK 3% stakers
  • ASH 2% treasury
  • MEMEALOO 1% treasury

Tier 2 (19%)

  • WIND 1% stakers 1% treasury
  • SAIL 2% treasury 1% stakers
  • LION DAO 2% stakers, 2% treasury
  • ALLIANCE DAO 1% treasury, 1% stakers
  • GALACTIC PUNKS 1% treasury 1% stakers
  • SKELETON PUNKS 1% treasury 1% stakers
  • GALACTIC MINING CLUB 1% stakers 1% treasury
  • JUNO OPS DEPARTMENT 1% treasury
  • CRYPTO DUNGEON 1% treasury

24% will go to holders of ampWHALEt and bWHALEt on Migaloo chain. These will be distributed 5% per week for a total of 6 weeks to encourage users to hold amp/bWHALEt and showcase their power.

The remaining 10% will be airdropped to native WHALE stakers, pro-rata, minimum 5k staked, maximum 1 mil staked. This will encourage native WHALE staking which is the core of any blockchain.

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