RomeDAO is taking the phrase ‘experimental’ to new heights, proposing a 100% group token allocation, no VC funding, and a reserve forex held steady by rock-solid governance.
Constructed by a core workforce of builders, researchers, and group builders from the OlympusDAO group, RomeDAO relies on the audited OlympusDAO contracts. The Ethereum-based algorithmic stablecoin answer backs its stablecoin OHM with DAI and different crypto belongings. If the worth of OHM drops under the worth of DAI, the algorithm buys again OHM on the open market and burns it—if the other occurs, it mints new OHM and sells it.
Nevertheless, the workforce maintains that Rome isn’t a fork per sé, because it consists of varied modifications to the contracts to make them appropriate with Moonriver. RomeDAO’s treasury might be backed with three completely different bond varieties—Magic Web Cash (MIM), DAI, and ROME/MOVR Liquidity Place.
The experimental EVM-compatible chain launched on the much more experimental Kusama was chosen to supply the challenge with various freedom. The liberty offered by Moonriver may even ultimately allow the challenge to increase into Moonbeam on Polkadot.
“Our long-term objective is to be seen because the premier steady asset of not solely Moonriver & Kusama but in addition the broader Polkadot ecosystem, an ecosystem we consider is primed for explosive development. To do that requires many considerate steps to create a sturdy treasury and long-lasting reserve forex,” RomeDAO builders stated in a Medium publish.
Gamifying governance
Launching a treasury-backed unpegged reserve forex is a particularly difficult endeavor. And whereas OlympusDAO managed to place itself on the forefront of that motion, RomeDAO believes there’s rather a lot that may be improved.
Particularly, the builders consider that DeFi is presently too centralized—it lacks group participation and has a low ratio of volunteers to output. RomeDAO is an experiment in gamification and an try at making governance enjoyable and interesting. Rome’s success gained’t be measured in its market cap or its TVL—will probably be measured within the share of ROME tokens taking part in governance.
Governing a protocol like RomeDAO gained’t be simple.
In an effort to present as a lot incentive as doable to its customers, your entire provide of ROME tokens might be allotted to the group. The builders stated that they haven’t and won’t obtain any enterprise capital cash, or reserve allocations to the workforce.
We’re a group challenge constructing with/for our group.
VCs can cease DMing us asking for allocation in a enterprise spherical. We aren’t elevating enterprise cash.
In case you are a VC who desires allocation, get in line subsequent to our group members.
For Rome.️ pic.twitter.com/TLYBQUGCrq
— RomeDAO (@romedaofinance) October 19, 2021
This transfer has set a basis for a powerful group to kind round Rome. Earlier this month, the DAO had self-organized into 5 completely different “homes,” each being a sub-DAO inside the higher RomeDAO. The homes self-moderate their very own channels on Rome’s Discord and customers are capable of stake their ROME with a home they really feel most aligned with.
In line with RomeDAO, homes will self-organize and carry out inner governance to their home to find out who performs what duties, what proposals are put ahead to the DAO, and different key choices. After discussing coverage choices and proposals internally, two representatives from every home will deliver the concepts to a public senate voice discussion board twice every week. Any contract modifications voted in on the discussion board are then executed by the community-controlled multi-sig.
The homes are constructed to take part in varied “campaigns.” These campaigns are basically video games impressed by titles like Crusaders Kings and Whole Struggle, all with a objective of capturing new territory on the Rome map.
A preview of the upcoming RomeDAO map (Supply: RomeDAO)
“We consider such a gamified governance setup is maybe one of many first true DAOs — a decentralized setup with no key central events, solely the nice homes collaborating to construct a greater future for RomeDAO.”
These taking part within the campaigns will earn quite a lot of NFTs primarily based on the actions they take. These NFTs will basically be gear for every consumer’s citizen id inside RomeDAO—assume armor, weapons, and spoils of struggle. In line with the builders, these NFTs might be designed to supply their holders with varied protocol advantages.
Financing RomeDAO
Growing and sustaining Rome is an costly endeavor. With none VC cash or massive allocations made to founders, the core builders needed to provide you with an modern strategy to maintain the challenge going.
Within the first two months after launch, the DAO will levy a ten% tax on all bonds. Which means that 10% of the worth created for the treasury might be used to incentivize contributors, pay builders, conduct audits, and make sure the protocol can proceed to develop and innovate. The ten% will come out of the underlying belongings equipped from the bonds. After the two-month interval, the workforce will suggest a tax discount on Rome residents to five%.
The bonds will create way more than a easy treasury. The workforce calls this the “struggle chest,” the mechanisms of which might be way more clear than current treasury-backed reserve currencies. At launch, the treasury might be managed by administrators chosen from the workforce. Nevertheless, quickly after launch, the group will onboard to a governance course of that may enable them to vote on how the treasury is allotted.
“A extra agile treasury permits the group to provide extra yield on its belongings.”
Round 20 persons are presently employed by the DAO. Whereas some had been taken on to work on Rome part-time, the founding workforce stated that they most popular having builders on payroll. It will allow them to stay to their reasonably aggressive roadmap, which intends to ship merchandise at two-week intervals.
“Whereas we’re an experimental challenge launching on an experimental chain, we consider Moonriver, Moonbeam, and the broader Polkadot and Kusama ecosystems are able to explode in precious initiatives. We wish to guarantee our challenge acts as a steady reserve asset for your entire ecosystem to make use of for generations of Romies to come back,” the founders stated in a Medium publish.
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