Anyone can pay “tribute” by calling a payable method. This gets distributed
equally among all shareholders at the time. The mechanism for this is as
- Tribute goes into a global pot. Each outstanding share is entitled to an
equal part of this pot. We track the total amount of tribute that one
single share, issued at the beginning, would be entitled to.
- Shareholders can withdraw this total number, minus any tribute they may
have previously withdrawn.
- This "tribute debt" is tracked along with share balances, and is carried
along on any transfer.
- New shares issued after tribute has been paid are deemed to have already
withdrawn the current per-share total.
- payouts are in USDC (stablecoin, USD Coin)
- Each shareholder votes for one other address to be the operator. Blank votes
are allowed (and are, in fact, the default), but not counted towards the
total number of votes cast. The operator needs a majority of the votes cast.
- Either voting or withdrawing tribute can be done freely at any time, but
in effect “stakes” their balance by blocking transfers for a set period of
time. This prevents abuse of either mechanism by sandwiching the tribute
payout, or some transaction requiring a certain vote total, by a buy and a
This is effectively a simplification of MasterChef-style staking pools, but instead of staking your tokens somewhere, they remain tradable.
There is no per-shareholder fee for disbursing tribute, and you do not get punished for offering liquidity.
MasterChef-style Reward pools: stake one token, get some other token in return; directly proportional to how long and how much you’ve staked
“xSUSHI”-style compounding rewards: stake one token, get more of that same token in return. Rewards are discrete: whoever staked at the time of distribution, shares in the pool
In DAO, terms, “token” = FOLD, “share” = xFOLD/xSUSHI (xSUSHI is for reference)
The "share"s are what give you voting rights;
every address uses its entire staked balance to vote for one operator. The current ‘Operator’ is CommodityStream LLC (i.e., the team).
As of today, November 5th, 2021, we expect testing to resume next week, with an initial release before Thanksgiving.
Interesting. Had never heard of a Dictator DAO before but sounds like an interesting concept on the surface. A few questions:
When would new shares be issued? I thought the total supply was 2M fixed. Are there scenarios where there will be more then 2M tokens? Or do you mean when new circulating supply comes in that counts as a new share issue? IE, when tokens currently in the Foundation enter circulation?
If I understand this correctly, anyone can call the payable method at any time to withdraw tribute. Does this only withdraw tribute for the user that called it or for everyone once called? IE, could I call payable once a week and someone else once a month if they so choose? Is the only drawback from calling more frequently the gas costs to call the payable method?
So if I am understanding correctly, will there even be staking in the current conventional sense? Sounds like that might not even be necessary at all? Sounds like all holders will reap the benefits/income from the protocol without having to worry about staking tokens.
How long do you expect transfers to be blocked when you say “set period?” Are we talking minutes, hours, days or more here? And how is this all tracked since these are fungible tokens? Will the tokens actually leave our wallet and come back or something? I just don’t get the actual mechanics that make this possible.
Regarding the timing of testing to resume next week… is that a reference to the DAO or are you referring to the Sushi integration? Are we really not expecting the Sushi integration to go live until Thanksgiving now?
One more… The references to xFOLD. Can you clarify this a bit. Is there actually going to be another token like xSushi?
Thanks in advance for your answers!
With this style of staking it is my understanding that there is next to no benefit from being unstaked (holding Fold over xFold) other than maybe having extra liquidity to trade . Could the liquidity migrate to xFold and essentially ignore the staking process and just work off a base xFold token that earns rewards as well?
This is an interesting idea, I think this assumption works only because xFOLD==((deposits of USDC) + (FOLD ERC20))
We will create a jupyter notebook simulator comparing the relative potential positions someone could make and provide the results publically. If there are certain positions you would like molded please respond here with your criteria and requirements so that it can be included.