We are greatly inspired by the power of decentralized communities ever since the launch of the ViNo community on Vite. The Web3 future is as much about Distributed Ledger Technologies as about the communities built on top of them. We dipped our toe into the water to bootstrap community enthusiasm, and now we are hooked.
To incentivize more communities to build on the Vite ecosystem, we are rolling out a new program — SBP Sponsorship Program for DAO Builders. In this program, we would like to help aspiring Decentralized Autonomous Organization (DAO) builders kickstart their projects by sponsoring a Snapshot Block Producer (SBP) on the Vite chain. The resulting DAOs will be in a category of its own, we call them SBP DAOs.
Although every SBP DAO is different, they will all share the following features:
- Each SBP DAO will run its own Snapshot Block Producer.
- Each SBP DAO will have its own tokens.
- Each SBP DAO will have its own decentralized community and transparent governance.
For the chosen SBP DAO builders, Vite Labs will be staking a significant portion of the amount of VITE required for setting up the SBP. The annualized block rewards for current top 25 SBPs range from 803k VITE to 2 million VITE. The sponsored community can utilize the block rewards to do their best work and expand their ecosystem.
To apply, please click here.
We will evaluate the application from three aspects:
- The proposal
- The roadmap
- The team
Who we are looking for?
- Culture DAOs. Communities interested in building your unique “sub-culture” on Vite. This could be many different things — a collaborative project, a common mission or a social club to help spread the awareness or strengthen the brand of Vite.
- Developer DAOs. Teams interested in building dApps or new token standards on Vite to bring more functionality to the Vite chain. For example, the ViNo community is a group of $NANO and $VITE enthusiasts whose current mission is to bring $NANO to the ViteX Exchange by running their own ViteX gateway. Learn more about them from their Discord channel.
- Investment DAOs. For example, creating an investment community and crowd sourcing VITE to invest in projects within the Vite ecosystem with good returns.
- Surprise us with your unique DNA. We are open to all innovative ideas from aspiring DAO builders. Pseudonymous teams are welcome as well.
How does it work?
You do you. Build the DAO you have always wanted on Vite. The purpose of the SBP Sponsorship Program is to provide additional funding to kickstart your decentralized community.
Why SBP sponsorship?
Snapshot Block Producers (SBPs) are the super nodes of the Vite network. On a regular basis, only 25 SBPs are selected to be rewarded with block rewards. 23 out of the top 25 ranking SBPs and two out of the ones ranking from 26 to 100. The ranking is determined by how many votes an SBP receives on a daily basis. This creates a natural incentive for SBPs to build a community of VITE holders to vote for them. Keep in mind that the mission is to build a DAO on Vite. Once your SBP is set up, you are encouraged to get your community to vote for you. In other words, it’s DAO building time right out of the gate!
How much does it cost to set up an SBP?
The Vite network requires staking 1 million VITE to start an SBP. Vite Labs Foundation can be expected to stake a significant portion of the required amount. To qualify for the sponsorship, applicants are also encouraged to contribute to the staking requirement.
How should you use the block rewards?
For your DAO development. To incentivize VITE holders to vote for your SBP, your SBP can share a portion of your block rewards with the voters. At the same time, you will need to reserve your block rewards for community building expenses such as hiring devs, contracting services, etc. It is important to have a plan for financial management.
Vite Labs reserves the right to periodically review the performance of all SBP DAOs and decide whether to continue to keep the VITE staked for their SBPs.
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