Category | Submitted by |
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Core | Planetarium Labs Pte. Ltd. |
Authors
JC Kim, Loun Lee, DK Ahn
Abstract
This proposal introduces $BOOZE, the governance token for the BeerGang ecosystem. $BOOZE will serve as the primitive mechanism for decentralized governance, enabling BeerGang NFT holders to participate in decision-making processes within the BeerGang DAO. The token aims to align community interests, incentivize long-term engagement, and support the global adoption of BeerGang IP.
Motivation
The introduction of $BOOZE as a governance token is motivated by the need to:
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Empower BeerGang NFT holders with voting rights in the DAO
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Create a fair and transparent distribution model that rewards community members
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Establish a sustainable economic model for the BeerGang ecosystem
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Foster global adoption of BeerGang IP through a hybrid meme and community token approach
Rationale
$BOOZE will serve as the backbone of the BeerGang DAO, enabling a truly decentralized governance structure. By distributing tokens to NFT holders and allocating a significant portion to the DAO treasury, we ensure that the community has a strong voice in shaping the future of the BeerGang ecosystem.
The hybrid position of $BOOZE as both a meme and community token will help drive engagement and adoption beyond the initial NFT holder base, potentially attracting a broader audience to the BeerGang IP.
Guidelines
Token Details
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Name: $BOOZE
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Standard: KIP-7 on Kaia mainnet
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Total Supply: 1,000,000,000
Distribution
100% Community Token
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15%: Initial airdrop for Beergang NFT Holders
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Includes incentives for long-term vesting
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Allocation based on NFT rarity scores (Human 1 : Mutant 8.8 : Genesis 44.1)
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Find details regarding airdrop at Specifications section below
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15%: Liquidity Pool owned by DAO
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70%: DAO Treasury
Token Utility
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Governance: $BOOZE holders can submit/vote on proposals within the BeerGang DAO
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BOOZE and Beergang NFT will have a hybrid voting power structure after the initial BOOZE airdrop and the Beergang NFTโs Kaia migration using an ERC721-equivalent smart contract. In this hybrid structure, 1 BOOZE will have 1 voting power, and 1 Beergang NFT will have 22,500 Voting Power.
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Before the BOOZE airdrop, each Beergang NFT will be treated as having 1 voting power.
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Until the BeerGang NFTโs Kaia migration is completed, each BeerGang NFT will be treated as having 1 voting power, and BOOZE will not have voting power even if it has been distributed via airdrop.
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Currency: $BOOZE will be backed by liquidity based on its Treasury & SGS Fund revenue
Value Support
$BOOZE tokenโs liquidity and value will be supported by SGS Fundโs revenue (https://sgs.fund/).
SGS Fund, managed by Solarium Investment (the investment arm of Planetarium Labs), is a six-year private investment fund focused on early-stage ventures in gaming and Web3 infrastructure. In collaboration with partners GoodGang Labs and SuperWalk, the fund aims to drive the adoption of Web3 content and entertainment by investing in companies building decentralized platforms and ecosystems.
Key aspects of SGS Fund:
- Investment Focus: Early-stage ventures in gaming and Web3 infrastructure.
- Duration: Six-year investment period.
- Unique Structure: Blends traditional GP-sourced investments with community-driven DAO proposals.
- Empowerment: Enables token holders to participate in investment decision-making.
- Alignment with Web3 Values: Promotes open access to opportunities and shared value creation.
SGS Fund and $BOOZE Integration:
- Kaia Migration Grant Allocation: The majority of the Kaia Migration Grant, excluding initial founding costs of BGIP-1 and BGIP-2, will be allocated to SGS Fund I.
- Revenue Distribution: Profits generated from the allocation will be distributed through the governance process outlined in the SGS Fund White Paper.
- Community Participation: This structure allows $BOOZE holders to indirectly benefit from and influence the fundโs investments, creating a synergistic relationship between the token and the fund.
For detailed information on the fundโs structure, investment strategy, and governance process, please refer to the SGS Fund White Paper: https://solarium-labs.gitbook.io/sgs-fund-i
This innovative model not only provides ongoing support for $BOOZEโs value and liquidity but also aligns with the decentralized ethos of the BeerGang ecosystem, fostering community engagement and shared prosperity.
Specifications
Token Minting
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$BOOZE tokens will be minted on the Kaia mainnet using the KIP-7 standard
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The total supply of 1,000,000,000 tokens will be minted at launch
Airdrop Mechanism
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A snapshot of eligible NFT holders will be taken after the token launch scheduled for the end of October 2024. The snapshot date will be communicated to the community after it is taken to prevent abuse of the airdrop mechanism
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Airdrop allocation amounts will be calculated based on NFT rarity (Human 1 : Mutant 8.8 : Genesis 44.1)
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40% of the airdrop allocation amount will be initially distributed to all eligible addresses
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Eligible addresses can choose a vesting option for the remaining amount
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Airdrop-related operations will be managed by Planetarium Labs.
Vesting
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Initial distribution: 40% of the allocated amount will be distributed on the initial distribution day
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Vesting options for remaining amounts
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1-week cliff vesting: Receives 10% of the allocated amount, 1 week after the initial distribution day (50% in total, 50% penalty)
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2-month cliff vesting: Receives 40% of the allocated amount, 2 months after the initial distribution day (80% in total, 20% penalty)
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4-month cliff vesting: Receives 60% of the allocated amount + 50% of the penalty amount from the addresses that chose 1-week and 2-month cliff vesting options, 4 months after the initial distribution day (100%+@ in total)
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The penalty amount will be distributed based on the allocated amounts of each address
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The remaining 50% of the penalty amount will be returned to the DAO treasury for future community growth
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Airdrop candidates must hold the Beergang NFT until the end of the vesting period to receive the vested tokens. Trading or transferring the NFT may result in losing eligibility for vesting tokens.
Vesting choices example
Three addresses - Alice, Bob & Charlie - are eligible for the airdrop.
Eligible holders | Allocated amount | Vesting choice | Total received amount |
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Alice | 100,000 BOOZE | 1-week | 50,000 BOOZE |
Bob | 50,000 BOOZE | 4-month | 65,625 BOOZE* |
Charlie | 30,000 BOOZE | 4-month | 39,375 BOOZE** |
*50,000 + (50,000 * 0.5 * (5/(5+3)))
**30,000 + (50,000 * 0.5 * (3/(5+3)))
Liquidity Provision
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The DAO-owned liquidity pool will be established on the most frequently used DEX in Kaia ecosystem (e.g., KaiaSwap or DragonSwap)
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Initial liquidity will be provided using a portion of the allocated tokens for liquidity and Kaia from Kaia Migration Grant
DAO Treasury Management
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The DAO treasury will be managed through a multi-signature wallet
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Spending proposals for treasury funds will require community voting
Steps to Implement
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Finalize token economics and vesting schedules
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Develop $BOOZE token smart contract
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Deploy $BOOZE token contract on Kaia mainnet
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Set up DAO treasury multi-signature wallet
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Implement airdrop distribution mechanism
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Establish a DEX liquidity pool
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Integrate $BOOZE with existing BeerGang DAO governance platform
Overall Cost
All expenses related to the implementation of BGIP-3 will be covered by the Kaia Migration Grant.