A new model for Rari Capital: autonomous philanthropy machine
Today is Thanksgiving. While the past year in crypto has been full of excitement, we constantly ask ourselves what are we actually delivering? Crypto was meant to change the world for the better, yet here we are just celebrating when food tokens produce 100%+ APY. The world is in shambles from the coronavirus, millions are unemployed and hundreds of millions are suffering chronic malnourishment. I could go on for days talking about the problems that our world faces but instead I will tell you what Rari is going to do to help.
When we first set up the Rari Protocol, 5% of all protocol revenues would go to the Rari Foundation. That’s not enough anymore.
What we’re doing
Beginning today, 50% of all protocol revenues will head to a donor-advised fund (DAF), the Rari Foundation, facilitated by Endaoment. The Rari Foundation will be managed by the RGT holders who will decide where the capital is directed. They can choose which charity (501c3) that they would like to allocate towards. We expect to contribute millions into Endaoment over the next twelve months, allowing us to make a significant impact on the greater world.
The other 50% of the protocol’s revenues will be directed towards our weekly buyback & burn. The treasury will be liquidated and deployed as defined above. However, when governance is live, users may elect to modify the fee parameters.
Over the coming months, we will begin exploring how we can work to make these donations tax-advantaged on an individual depositor’s behalf. Additionally, we will be working on tools to allow users to switch increase their contributions to the DAF.
The Rari Protocol will continue earning our users the highest yield AND now make the world a better place at the same time. We are crafting many new strategies that enable heightened yields in all of the pools; we hope to be shipping them in the next few weeks. This is an exciting time for all of us RGT holders and I am excited for what’s next.
If you haven’t already, check out Rari here today.