ElasticDAO Round-Up #1 — The Land of Fair Governance
It has been a long month since the launch. With your support, hard work, and team determination, we accomplished some incredible results. At the time of writing, ElasticDAO has 627 members, $6,059,541.10m in the treasury, 7 total proposals, and the first reward allocation happened.
It’s challenging to keep up within a decentralized community. But, good news friends! I am here to walk you through what happened.. and what is about to happen within the next few weeks.
ELIP #1 — Budgetary Items and Launch Reimbursements
The first proposal was a huge milestone to set the foundations for the DAO. As @Arjun Balaji said on Twitter, “DAOs should spend money.” Our DAO is a company managed by a decentralized community with profits and expenses.
ElasticDAO goes way back to August 2020. With 6 months of development and a fair launch, costs were generated. The proposal to reimburse the team for the expenses incurred achieved a 76.3% participation rate, with 86,80% of the participants approving it.
ELIP #2 — Bounty payment for samczsun.
This set a tone for the next proposal. A few days after the launch, the core team was contacted by samczsun, one of the prolific white hats in the industry, alerting us that there was a possibility of draining the ElasticDAO of its funds due to a code vulnerability. The problem was solved within 49 minutes of initial contact.
The proposal was a bounty payment of 10% of the Sushiswap pool balance (valued when the bug was found), which amounted to 90,000 USDC to samczsun. The proposal got approved with 66.27% participation.
ELIP #4, #5 & #7 — Two proposals for hiring a core team and paying for ongoing expenses
ELIP #4 — 63.24% participation
ELIP #5 — 67.66% participation
ELIP #7 — 63.44% participation
The three proposals referred to ratifying expenses and hiring a core team (including me!), allowing the further development of the DAO under the direction of LSDan.
The team now has four members.
@LSDan - Coordinator & Lead Developer
@Chrissu - Marketing & Community Lead
@Byzg - Lead Designer
@SSDD - Developer & Math Guy
ELIP #8 — Bounty Program for the non-technical people
The program aims to accelerate content creation and build awareness around the ElasticDAO brand by rewarding members who contribute the most inside the DAO each month. Contributors work, FT or PT, and by the end of each month, they are rewarded with EGT.
The ElasticDAO members accepted the proposal with 70.6% participation, allowing the Bounty program to start last week.
ELIP #9 — ElasticRewards
This proposal was created to address the lessons learned during the first disbursement of voting rewards, which proved to be a costly process. Several hours and 9 ETH of gas fees were replaced with rewards that are claimable by the individual members who receive them.
The proposal was approved earlier this week with 71.79% participation. Rewards will begin compounding immediately, be visible within 4 weeks, and be claimable within 8 weeks. When a member claims rewards, a 1% withdrawal fee is sent to a new ElasticDAO Dev Fund to support future development efforts.
ElasticDAO in DAO Rush Week
I am thrilled to announce our participation in DAO Rush Week for the second time this year with two events.
January 2021 was the first time that ElasticDAO opened up to the public. DAO Rush Week v1 was the first massive feedback for the community, and it was so much fun!
Even if you are new or an older member of the ElasticDAO community, come and join our first Community Call on Tuesday, 27th of April at 8 pm UTC. You will have an opportunity to learn more about ElasticDAO, meet the core team, and chat. For the last 20 minutes, we will brainstorm together regarding the project’s future.
But, I have to admit that I am even more excited about the second event during the week. An event to create the craziest and bullish memes and post them on our social media. The event will occur on the 29th of April at 6 pm UTC and is called “ Memes & T-shirts with wine.”
Each meme will be shared on Discord’s meme channel. Participants who want to get a T-shirt with their fav memes have to share it on Twitter by tagging @daorushweek @elasticdao, and #fairgovernance during the event.
Last but not least... it is worth mentioning the many contributors this month. These are non-core team members whose contributions have been essential to ElasticDAO’s forward progress. You will find most of them on the Discord server under the “Staff” tag.
In no particular order, they are:
@ycklsr — Content creator and Sales Outreach
@paws — Content creator
@0xMex — Community Manager
@slumpdeem — Content creator
@Nick — Development
@Ash — Design
@Evandro Saturnino — Development
@Nami — Social Media & Marketing Research
@0xQuacka — Social Media engagement
@Nico — Social Media engagement
@Alleycat — Development
@Simon_DeFi — Analytics
If you like the ElasticDAO concept, have some spare time, and are interested in contributing DM Chrissu on Discord.
That’s all for now. If you have any questions, feel free to join our Discord.
See you around, folks!
