SAFU DAOs
Each SAFU minted Token can decide to have fully decentralised governance
Last updated
Each SAFU minted Token can decide to have fully decentralised governance
Last updated
Each coin can decide to have up to 30% of its total supply being held by within a DAO smart contract. This smart contract can only do one thing, send x amount of tokens to xyz wallet address, if more than 30% of token holders signed to agree.
BASE Token raises a total of $100,000 USD. The price per token is $1 USD, therefore the smart contract mints 100,000 BASE Tokens for the contributors. The project creator can create up to 30,000 additional tokens for the DAO. All DAO tokens are locked for 30 days or longer.
Each token on SAFU can have its own DAO smart contract. The smart contract can accept tokens to its treasury and can send out tokens from the treasury.
withdrawDAO(Address, Amount) = this function tells the DAO to withdraw amount tokens and to send them to Address.
approveVote(Required_Votees) = Approves any withdrawals if the Required Signatures have approve the TX via signature.
The DAOs allow any token launched on SAFU to have a treasury of locked tokens that can be used later on, however only with the approval of at least 30% of the token holders. Most DAOs never achieve more then 30% of participation, therefore these tokens will likely never be used unless the funding team purchased 30% of their own supply. If the team decides to buy 30% of their own supply then they can vote to unlock further tokens after 30 days unless more than 30% of holders vote against the proposal.
Proposals are presented as a concept together with an amount of tokens and a wallet address to send these tokens. For example, the holders might want to setup a staking campaign on a different provider than SAFU in exchange for marketing. To do so, they need write a proposal on the DAO interface and provide the wallet and address.
Then the community comes together and votes on the manner. If 30% of more of the votes sign the vote then the DAO smart contracts sends tokens to that wallet address.
Token creators can define that their tokens should send the tokens that accrued from transaction fees directly to the DAO smart contract. This way the DAO can alway maintain a certain amount of tokens or even grow beyond 30% of token supply owned by users on the opening.
