With the rise of DeFi, the decentralized autonomous organization DAO has once again entered people's field of vision. After all, decentralized autonomous organizations and decentralized finance are inherently a pair of CPs.
DAO is not a new concept, here we will not introduce too much the concept and history of DAO. What we want to talk about today is DEX+DAO - a social experiment of decentralized finance + decentralized autonomous organization.
At the beginning of DAO's establishment, there were many voices from the outside world who believed that the "distributed organization without a boss" advocated by DAO was too idealistic, and the possibility of realizing it in the future was almost zero.
Later, with the fire of Uniswap, DEX, which was not optimistic at the beginning, was gradually familiarized and used by investors. From a high-end playground for geeks to a gold rush pool for ordinary investors, will DAO also have this day?
Odaily noticed that more and more DEXs are now announcing the launch of DAOs, such as CurveDAO launched by Curve, KyberDAO launched by Kyber Network, and necDAO launched by DeversiFi, etc. Due to the characteristics of decentralized finance, DEX has no threshold for listing coins, and without the strict kyc and aml control of centralized exchanges, it is more prone to chaos. In order to retain the decentralized financial characteristics of DEX, DAO is undoubtedly for DEX is the best choice for governance.
CurveDAO and KyberDAO are relatively familiar to everyone. Therefore, today we mainly introduce necDAO, which has become quite popular in DAOstack recently.
necDAO is a decentralized autonomous organization launched by the decentralized exchange DeversiFi. Nectar (NEC) was the platform token of Bitfinex’s Ethfinex in the early days and was launched in 2018. Because of the unreasonable design of NEC's economic model, on August 15, 2019, the Ethfinex team became independent from Bitfinex, relaunched its own brand - DeversiFi, and redesigned NEC's economic model, launching Nectar2.0. NEC currently exists as the platform token of DeversiFi and the governance token of the DeversiFi ecosystem.
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according toNectar2.0 White Paper, Nectar2.0 has made a major improvement to NEC's economic model. Nectar2.0 has added an official NEC repurchase and destruction mechanism. In addition, the team will use up to 50% of DeversiFi's transaction fee income every week for return Purchase NEC tokens and burn them. Nectar2.0 also changed the previous token inflation model to a deflation model to promote the long-term value of NEC.
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NEC repurchase and burning relationship diagram (daily trading volume exceeds $900 million)
Nectar2.0 White PaperIt shows that the total number of NECs is 570 million. Bitfinex and DeversiFi hold 58% and 18% respectively. They are unlocked in batches within 5 years, and 20% are unlocked every year (there may be a risk of selling pressure in the long run). The community holds There are 28%, and the rest are NECs that have been destroyed.
according to
according toDAOstackData, currently necDAO has a total of 123 members.
According to the white paper, necDAO exists to better promote and govern DeversiFi. As of September 20, 2019, necDAO has raised 17,807 ETH (a total of 700 million U.S. dollars) as governance funds, and is currently the DAO with the largest budget one.
In necDAO, Reputation (referred to as Rep), that is, voting power (voting power), represents the governance rights of community members to the project.
In order to maintain the objectivity of governance, necDAO will operate independently from DeversiFi, but considering the value effect DeversiFi brings to NEC, the team believes that necDAO and DeversiFi should have a close synergistic relationship. For example, NEC holders may wish to provide additional economic incentives for users who trade or provide liquidity on DeversiFi.
According to the white paper, the total amount of Reputation in necDAO is 1 million. There are three ways to get Reputation: lock NEC (a total of 850,000 Reputation can be obtained), airdrop (a total of 100,000 Reputation can be obtained), and auction GEN token (GEN is the governance token of DAOstack)
At present, the launch phase has ended, and users can only obtain Reputation by locking NEC.
A new round of staking will be launched every month, divided into different staking periods according to the staking time, and there are now a total of 100 periods.
In addition, there is a Reputation auction every month. The number of Reputations for each auction is determined according to the current period (n) period. The following formula determines the number of Reputations to be auctioned for each period:
The current period is 9, we can calculate the current number of Reputations that can be auctioned is about 32 according to n=9, but according to the above mathematical formula, we can conclude that as the period increases, the number of Reputations that can be auctioned each time will be growing exponentially.
