I’ve been a avid crypto person since 2010. I’ve helped build payment processors, ASICs, Mining pools, Validator nodes you name it I have had my hands in it. This last year I’ve seen the DEFI space just pooling with so many people using these reflection tokens but they have no utility and its only basing on volumes. They all eventually die the “developers” pull liquidity and thats a wrap. Not very many winners and the ones losing are the ones leaving crypto behind them.
During my time in the backgrounds of centralized exchanges the one in particular I worked at was selling Bitcoin hashing power on the live trading markets. Making hand over fist on both their hashing farm & the trading fees being associated with it. An then you have exchanges and so called ‘savings accounts’ for crypto where obviously they’re utilizing that crypto paying out pennies in their %APR to make hand over fist on your money. This is honestly no different then what banks are doing now. What I have been working on is already building a community and developing an AMM swap/farm that isn’t lucrative. The plan is setting up various nodes for proof of stake coins and just giving the guys who don’t care or never knew they could delegate tokens and mine them. Following it the incentive is this tax token is required to enter in it. Which will provide the utility needed. The proof of stake coins will also provide the continued liquidity to maintain the farm.
Thats the problems I am seeing currently in this defi/token realm an I’ve yet to see one being utilized to go towards a DAO vault. The idea would be the 4 people I work with and already picked 4 volunteer community members to lock the vault. An we give the entire people inside the DAO the ability to vote on where we will invest the locker etc. Then profits made are split and divided into its token holders. Now of course pugging the effort & time. We want to get paid as well an I figured a % would be agreed upon if successful on each interset payout to be divided between the team. A % to the token holders and a % to go back into vault. Down the road start educating users about proof of work coins build a private mining pool and see if we can get a large enough amount of people to GPU mine some coins.
Everything that is accruing some kind of profit will be in a gnosis safe. Just to help keep the trust within the trustless enviroment.
So far I have completed the AMM swap accumulated roughly 300 active members an have not even started any sort of marketing campaign of the sorts.
The team consists of 4 people 1 is a graphics designer the other is a front end web developer. The next guy is the one who should of wrote this up an does our content writing and marketing. An then myself who handles the development side of things.
Getting a grant of $7500 would be more then enough to open up the DAO platform, pay for a presale launch at dxsale.app a third party audit of this tax token. An potentially the setup of validator node & its initial costs.
This is a just the draft of what i’m really envisioning here as the whole idea. I’m pretty confident that this would take off given my extensive knowledge in various types of cryptocurrency investments and their capabilities…
Looking forward to some replies on the idea and if it is something viable even without a little bit of a grant boost I am already to heavily invested in and will try proceeding regardless of outcome.