ElasticDAO Launch: The Two Ways to Join

A fair governance protocol. ElasticDAO balances different participants’ competing interests by reducing the overall influence of money and early adopters.

After months of work, we are excited to announce that fair governance is here. ElasticDAO is live on mainnet!

The First Elastic DAO Organization

The first elastic DAO, is named ElasticDAO. Its governance token, EGT, is full transferrable and follows the ERC20 token standard. EGT can be minted with ETH or found on Sushiswap. Participants can use the token to benefit from opportunities in the open market, get paid for their work inside the DAO, and participate in governance.

Fair Launch Meet Fair Governance

The protocol is 100% bootstrapped; the summoning team used personal funds to audit the protocol and the contracts.

ElasticDAO launched with 9 summoners and a total supply of 2,650 EGT, backed by 26.5 ETH.

• Each summoner received 100 EGT for each ETH they supplied.
• There were no pre-mined tokens or free tokens provided during summoning. Participants can mint tokens via the smart contract or acquire them from Sushiswap.
• There is no yield farming options at this time. ElasticDAO itself has no plans to provide yield farming contracts.
• ElasticDAO launched on mainnet a few minutes ago.

ElasticDAO is community-owned

• You can mint only a certain amount of tokens in each mint.
• ElasticDAO members’ maximum voting power is limited, decreasing the influence that money and early adopters have on decision-making.
• EGT rebases up whenever new tokens are minted via the join function.
• The maximum voting power rebases up with EGT.
• When people vote, they are rewarded with 5% of their voting power.
• In extreme situations where quorum is not capable of being reached, free riders are penalized by 10% of their total token balance in an attempt to ensure that quorum is reachable.
• When participants redeem their tokens, the cost of calling the join function decreases without impacting the value backing each EGT.

The Two Ways to Join ElasticDAO

Option 1: Participants can call the join function with the appropriate amount of ETH on the ElasticDAO smart contract either directly or via our hosted UI, to mint EGT.

Each call to the join function mints the maximum number of votable tokens, which starts at 100 EGT and rebases up. As more EGT are minted this way, the value of each EGT increases by 3%.

For a better experience, the participants may choose how much slippage they are willing to accept when they join. A higher slippage selection makes it less likely that the transaction will revert.

When you join, you can check your balance on the finances balance board:

Your tokens are always redeemable for their underlying assets either by exiting the DAO or selling them tokens into the AMM.

Option 2: Tokens can be obtained on Sushiswap.

An EGT/ETH pool has been created as part of summoning. The pool began with 1,750 EGT and 17.5 ETH. 30% of the initial SLP tokens have been distributed. The remaining 70% will be streamed over six months via Sablier to ensure initial liquidity.

Project participants faced difficulties joining through the Sushiswap pool. As such, anyone interested in buying from Sushiswap will need to sell from this list of a specific amount of ETH that where tested. For example you will be able to buy by EGT succesfully with 0.1, 0.4, 1, 1.1, 1.5 ETH etc.

The team tested those to ensure your transaction will be successfully processed by Sushiswap without any error.

DAO Address: 0xaaa1f5fc9617195b5aa7fd1bd989d47f9e8d3f82

Token Address: 0x2aa5ce395b00cc486159adbdd97c55b535cf2cf9

Pool Address: 0xc7FF546c6CbC87Ad9f6F557db5A0df5c742cA440

Website link: elasticdao.org

We invite you to join our mission of forwarding fair governance. Kick start conversations, provide your opinion, and introduce yourself as part of ElasticDAO’s community by joining us on Discord.

STAY TUNED!

Join our Discord

Follow us on Twitter

Check out the ElasticDAO docs

Check our code on Github