VitaDAO 🤝 PrimeDAO: a Partnership to Advance Human Potential with DAOs
Using next-generation coordination tools for decentralized organizations to build the decentralized science (DeSci) movement
The TL;DR
On March 20th, 2022, VitaDAO and PrimeDAO cemented the next stage of their collaboration as organizations by agreeing to a partnership via a token swap and co-liquidity provision. VitaDAO and PrimeDAO will swap $50,000 worth of VITA and $50,000 worth of D2D by 30-day average as of the end of the vote in both DAOs.
Why are we doing this?
Our two organizations have been working together since 2019, sharing knowledge, best practices, and contributing meaningfully to each others’ missions.
No one knows what lies ahead in the frequently turbulent crypto markets, so it’s always a good idea to build resilience, diversify treasury assets, and give your DAO’s mission some optionality by adding tokens that represent an entire ecosystem of opportunities. That’s what our two organizations are doing today.
We’re inspired by VitaDAO’s vision for an ecosystem of decentralized science, where scientists, innovators and entrepreneurs can work with investors and directly with patient communities to use web3 tools to create and manage IP that can help those whose needs are not met by the current system of centralized science and pharmaceutical companies
What did we agree to?
We’ve both agreed to the following to cement our partnership:
Token Swap
To align governance interests, a Token Swap between us will be initiated as part of this agreement. $50,000 worth of VITA will be swapped for $50,000 of D2D at the 30-day average at the end of the vote on both sides.
Co-liquidity Provision
VitaDAO will match the received D2D tokens with an equal value in BAL tokens from its treasury and add it to the 50% D2D x 50% BAL pool on Balancer. Tokens in this pool currently get 45% APR!
PrimeDAO will match the received VITA with an amount of WETH — equal to 25% of the amount received — and add it to the 80% VITA x 20% WETH pool on Balancer. Tokens in this pool get 23% APR!
Both DAOs will be eligible to earn rewards associated with these two pools.
How we’ll work together
Like most DAO partnerships, ours will be open-ended and does not have an end date. The partnership will be managed by representatives of the organizations (as of yet unnamed). The respective governance processes of both DAOs can override any decision by representatives, so if you want a say in decentralized science or in the future of DAO cooperation, make sure to participate in either or both DAOs.
In the case of this partnership, there will be two representatives for each organization.
Both organizations can at any moment terminate the agreement through their respective governance systems.
Get Primed!
We’ve never been more confident that DAO2DAO interactions will drive the future of crypto networks. We’re hyped to participate in the DeSci revolution with VitaDAO and can’t wait to further seed the ecosystem and reach new frontiers of science together!
It has never been a more exciting point to get involved in Prime and reshape DAO coordination.
If you are committed to enabling DAO 2 DAO innovation and are interested in collaborating with or getting involved in Prime, jump into our Discord now, and let’s get connected!
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