To our valued SNGLS holders and community,
Please read this important message on some key changes that are in process with the SNGLS token. In particular, our goal is to educate and provide details on our current plans for a two-token ecosystem and to outline the roles each token will play in regards to snglsDAO and the SNGLS Media Distribution Protocol (SMDP).
Our team sincerely hopes this will shed light on our strategic roadmap, and provide clarity around what SNGLS holders can look forward to in the coming months.
The SNGLS token will retain the functions of the original ecosystem. However, because of regulations the reward functions will be shelved for when the regulatory landscape is ready. In the meantime, the token will receive new utility through the activation of the snglsDAO. The new utilities will be:
- Membership Fee: By staking a specific amount of SNGLS tokens in the DAO the wallet address will be whitelisted and will not have to pay the transaction fee. This will work protocol wide, so any portal that uses the protocol will have this natively built in. The amount of SNGLS needed to be staked to activate the utility will be decided by the DAO.
- Payment on the Protocol: In the coming upgrade to our Smart Contract System, we will build out the ability for different tokens to be used as payment on the protocol. Any ERC-20 token can be added as payment into the protocol as long as the DAO has approved it. SNGLS, SGT, USDC, DAI, and SAI will be added natively at the launch.
By giving the SNGLS token new utility on the protocol it originally created, we are able to keep much of the branding and names the same. This results in a much more seamless transition for everyone involved, including our SNGLS holders. The SNGLS Media Distribution Protocol will remain and since the DAO will control it and the membership fee is denominated in SNGLS, we can keep the name snglsDAO without causing too much confusion.
snglsDAO Governance Token (SGT)
The snglsDAO Governance Token (SGT) will be the native token of the DAO. The token will be airdropped to SNGLS holders on a date to be determined. 1 SNGLS will equal 1 SGT (1 SNGLS : 1 SGT) at the time of the drop. Voting in the DAO is the base utility of the governance token.The governance utility is delivered by:
- Parameter Control: At the launch of the DAO, SGT will govern the parameters of the Listing Fee and Transaction Fee. Those fees will be set by SGT holders participating in DAO voting. When we launch Content Mining, they will also be able to set the Validation Fee.
- Treasury Control: The treasury will also be controlled by the SGT token.
- Upgrade Proposals: When users of the protocol want to add extra features or services beneficial to the ecosystem (i.e. market making on decentralized liquidity protocols, VR services, ect.), SGT will be the voting token.
There are other two-token ecosystems currently operating in the Web3 space. The two most prominent ones are the MakerDAO and Aragon Court systems. By leveraging what we have learned from these systems, we look forward to providing an ecosystem that will ignite the creative forces the world over. Please note that we are still in development and things are changing. We look forward to talking with everyone on the forum.
snglsDAO co-Technical Architect | snglsDAO Foundation Supervisor