Let's Join PoolWORKs

Title: PoolWORKs DAO

A DAO of LP’s to pool and earn rewards together :money_mouth_face:

Description: As the MetaCartel Ecosystem grows, new and more powerful projects will show up and allow for the best ideas to rain supreme. For MetaCartel to continue acting as a center of the ecosystem it must grow its influence in the space. One of the best ways in doing this is helping to lift up the projects that align with our aligned with our values. Aligning the MetaCartel with Opolis, by joining in the Liquidity DAO aka: PoolWORKs, allows MetaCartel to stay in support of the community it has helped develop and reap yields for a more sustainable future.

Manifesto/Vision: By joining in this liquidity experiment we are signaling our support of the DAO and we are also partnering with an existing ecosystem project that many of our members are already utilizing. We stand to earn upwards of 70% APY if the DAO accomplishes its goals. By participating in this DAO we are helping to develop the ecosystem for decentralized employment.

Problem: WORK token has no liquidity :frowning:

Solution: a DAO for WORK LP’s to pool and earn rewards together :fire:. The more liquidity = greater price stability = better future prospects of decentralized work.

Product: The result will be a successful WORK token. As the WORK token is one of the few tokens that can gauge the price of a decentralized economy, it’s price reflects the success.

Validation: Currently many teams and member of MetaCartel have already committed funds to the PoolWORKs DAO to help provide liquidity for the V1 token launch.

Progress: The DAO has launched. At least 7 teams have already committed funds (with 8 others finishing up proposals). LP Pool is set to launch on 9/12.

Differentiation: By building off the PoolHAUS model, we are launching liquidity as a unified DAO. Rather than 1 party launching first, and others following suit after (opening them up to the risk of price fluctuation) this allows us all parties to enter at the same price.

Team: Mystic Whales :whale:
@Yalor, Head of BDSM, Wrangler of Clients, and Slayer of Moloch.
@DamagedGoods, Maths Master, Excel Ninja, Tokenomics Zombie
@MoneyMage, Murder and Executions, Market Making and Analysis.

Grant Request : $30k DAI, matched by 60k WORK provided by @Yalor. All of these funds will be returned to the DAO after 90 days + all rewards earned. This is a temporary stake into the DAO, not an official grant.

Why do this now? The funds earned from staking this DAI into the PoolWORKs DAO could be enough to fund 3-5 teams that come through the grants process, if this goes well we would like to explore other ways of generating sustainable revenue for the grants program moving forward.

Help: We are always looking for motivated governance participants to join the DAO and drive values driven proposals.

Additional Resources:

Thank you for your consideration, we will look to ratify a proposal on this by Sept 7th pass or fail :raised_hands:t3:

5 Likes

I think this would be cool. A nice DAO2DAO experiment, while also having some upside.

Exposure to the $Work token is the only concern… but Opolis solves a huge problem for US people in the space, so any downside risk is like supporting the Opolis community… Feels like worth the risk.

At least these were my thoughts and why I did this myself. I don’t know if the upside will be there, it might go up or down… not sure, but Opolis provides a service that has huge second order effects, so supporting it feels like an impact investment.

5 Likes

This is really neat. Obviously I’m bias in favor of this proposal, but the fact that it’s temporary and MC will have the funds returned makes this all the more interesting.

1 Like

In order to make the proposal window deadline of September 10, 2021 we will need to expedite this proposal :checkered_flag:

To be clear, after the 90 day window all funds can be returned to the DAO in wETH + plus rewards, or we can explore more options for allocating the funds into future LP scenarios that the community agrees upon.

The on-chain proposal can be found here DAOhaus

The LOOT shares for the DAO will be held here for 90 days: 0xD91ec22114897E5E68997F77a6182dE3Cb09ba9B

2 Likes

Providing liquidity through a DAO effort is a true feat of collective will-power. The DAO is a great example of Opolis’s mission and it’s great to see others in the blockchain ecosystem come together and experiment with new forms of financial inclusion and experimentation. I’m down for this.

1 Like

I think this is awesome and other experiments like Poolhaus have worked really well. To second what @griff said I would just be worried about exposure to WORK. I think WORK is great but what is the distribution like and would the large early holders just use our liquidity to exit?

That’s what’s really cool actually, all the early holder’s have about 20% of their tokens unlocked, the rest are streaming via super fluid over 4 years.

And most the people who have 20% unlocked are joining the DAO, more and more each day.

Currently the DAO is sitting @ $300,000 and 600,000 WORK respectfully, looking to top a million this week to make a nice stable base price :money_mouth_face:

That’s what’s really cool actually, all the early holder’s have about 20% of their tokens unlocked, the rest are streaming via super fluid over 4 years.

And most the people who have 20% unlocked are joining the DAO, more and more each day.

Currently the DAO is sitting @ $300,000 and 600,000 WORK respectfully, looking to top a million this week to make a nice stable base price :money_mouth_face:

I’ll let @DamagedGoods chime in on the actual tokenomics, as he’s done most of the modeling and the research on this over the last 3 months.

@Dekan I don’t think the goal for most of the early holders is a short term exit, and if a holder is aiming towards that we would dissuade them from joining in the pool.

Our first v1 pool is a 90 day lock up period is to allow us to test and build a bigger, larger V2 with a longer lock up period down the line.

We’re building the incentives so there’s more reason to stay in the pool DAO hopefully than exit. The expected APY for v1 is around 70%, with 30% being projected from Sushi Farm rewards and around 40% (depending on how much additional USDC is deposited) from our WORK rewards pool that we have set up.

I’d be happy to walk you through more of the details, but it’s pretty similar to the PoolHaus setup, just with a little bit more DeFi tooling.

2 Likes

Very cool and interesting points/considerations throughout the thread.

While I don’t have all of the context, I view V1 as a way to experiment and prove out a concept for V2. I am not overly concerned about exposure to WORK because A) if unsuccessful then it’s a relatively cheap ( :sweat_smile: :sweat_smile:) lesson and B) if successful, the model could be scaled minimizing exposure. A cool diversification strat here.

Maybe this is outside of the scope of what’s being discussed, but if successful, I think this could be a real positive to grantees that come through the DAO. Bootstrapping liquidity can be tough.

I have not given this idea hours of thought, so missing something for sure. Just my 2c. Overall, seems really neat :slight_smile:

Where is the WORK coming from? Are we purchasing with the WETH?

MetaCartel has earned enough WORK through member referrals to match this amount of USDC, no buying of WORK will be required.

1 Like