One of the industry’s largest DAOs — necDAO — will launch its Reputation claiming Bootstrap Phase UI on the 18th of December 2019. Reputation is a non-transferable assignment of membership and voting power within the DAO. Read on to learn more and how you can earn your Reputation!
The Nectar DAO
For some background, it was Ethfinex who first developed Nectar — a utility token designed to serve the Nectar ecosystem. They built visionary governance tools and collected a whopping 50% of trading fees which were pledged to market makers of the exchange. In August 2019, Ethfinex closed their doors for good, coinciding with the launch of a brand new entity — DeversiFi.
It is the guiding raison d’etre of DeversiFi to build infrastructure facilitating the emergent transition to a new, open and decentralized world. In that light, it was only right that DeversiFi carried on the Nectar torch for Ethfinex, keeping it alight and assigning the remaining 17,000 ETH (collected by Ethfinex) to Nectar holders. It is this legacy, and these funds that launch one of the largest DAO to date — necDAO.
Anybody, anywhere, at any time, will be free to propose to the necDAO with Reputation holders deciding the success of submissions. The scope of proposals is all-embracing and can cover development work, event organisation, marketing and everything in between with the goal of serving the Nectar and DeversiFi ecosystem!
We will be releasing more educational content over the coming days and weeks but for now, learn more about Nectar DAO by checking out the whitepaper, the landing page and our FAQ site (necDAO section incoming) as well as joining us on Telegram, Twitter and Medium to stay in the loop. Now onto the Bootstrap!
The Bootstrap Phase (One Month)
On the 18th of December 2019, necDAO will officially launch with a month-long Reputation claiming Bootstrap Phase, allowing the community to become members of one of the largest DAO since TheDAO. Claiming will occur through the Bootstrap UI.
How Can You Claim Reputation?
During the Bootstrap Phase, there will be a total of 1 million Reputation available. Reputation can be thought of as non-transferable ‘points’ assigned to your Ethereum wallet, indicating your membership and voting power within necDAO. The more Reputation you have, the stronger your vote and this is a great opportunity to increase your power!
Staking NEC (850k) 🥇
- Nectar holders who stake will enjoy a notably higher portion (85%) of available Reputation.
- Nectar can be staked for up to 12 periods (each lasting one month) with more Reputation being granted to those who stake a larger amount and/or for a longer period
- Once staked, you can extend your staking period (up to 12 months) at any time but not shorten
- Nectar holders will be able to stake in the Bootstrap UI, which will be available here.
There are a number of positive side-effects to staking Nectar above and beyond gaining more Reputation. Not only does it increase the transparency of the Nectar ecosystem but it reduces circulating supply by taking Nectar off the open market.
Don’t own Nectar but want to lock? Nectar is tradable against USDt and ETH on both DeversiFi and Bitfinex.
Hold Nectar for an Airdrop (100k) 🥈
100,000 Reputation will be airdropped to Nectar holders who hold their NEC in an on-chain wallet at the time of snapshot (this snapshot will occur at the time the contracts are deployed on the 18th). This event will only happen once and holders who don’t move their Nectar to an on-chain wallet, will not be able to get this Reputation again!
Don’t risk it, and act now to move your Nectar to an on-chain wallet (MetaMask, Ledger or Trezor). Only takes a second!
Bid GEN in an Auction (50k) 🥉
The final method for claiming Reputation is y bidding GEN tokens in an Auction, thereby purchasing membership in necDAO. This method is one of the most important to necDAO.
GEN will be biddable in any of 10, 3-day auctions awarding a proportional amount of Reputation based on the amount of GEN bid in each interval. Any amount of GEN can be bid with a higher amount securing a greater reward of Reputation!
These collected GEN tokens won’t be kept but used as rewards in necDAO’s prediction markets — if predictors choose the winning outcome, they will earn GEN tokens. If they choose the losing outcome, they will lose the GEN tokens they staked when casting their prediction.
We expect this amount of GEN to be enough to self-sustain the prediction markets, with people winning and losing GEN, thereby maintaining an available balance to fuel the system.
It is these prediction markets that allow proposals to become boosted thereby requiring less attention from the necDAO at large and allowing for relative-majority voting, I.e Holographic Consensus. Learn more.
Don’t own GEN but want to bid? GEN is tradable on these markets.
The DeversiFi/Nectar Team Role
The DeversiFi and Nectar team will take a back seat, allowing the wider talent pool to interact with the necDAO and its stakeholders to collectively make decisions. DeversiFi will still interact with the necDAO as members and/or proposers, whilst also serving as an involved final layer for any proposal affecting the sensitive functioning of the DeversiFi exchange.
Reputation will only be issued in the above 3 ways and there will be no pre-allocation. The goal is to hand over full control of these funds to Nectar holders, whilst providing an additional way to benefit DeversiFi through relevant proposals. We will continue to serve as the directing team of the DeversiFi exchange.