/dao

Web3API DAO

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The Web3API DAO is responsible for stewarding the Web3API ecosystem. W3API governance token holders will have immediate control of the:

  • Treasury
  • W3API token issuance
  • DAO configuration
  • ENS domain (web3api.eth)

In the future, it is anticipated that the DAO will also govern:

  • Web3API repositories
  • Web3Hub platform deployments
  • DAO-verified APIs (hosted at web3api.eth subdomains)

Getting Started

Pre-Seed Funder

To become a Pre-Seed Funder:

  1. Go to the DAO's Token Request App.
  2. Click Connect Wallet in the top right corner and select your wallet of choice (i.e. Metamask).
  3. Click New Request below that
  4. In Offered Amount enter the amount you would like to contribute (DAI, USDC, USDT, or TUSD).
  5. In Requested Amount enter the Offered Amount divided by the current batch price ($325). This is the number of W3API you will receive.
  6. Press Create Request to initiate the proposal and deposit your funds.
  7. Fill out this quick form.

W3API holders will receive this information and vote on your request. If approved, your funds will transfer to the DAO and W3API will be minted to your wallet. If rejected, you will be able to withdraw your funds. You may also withdraw your funds at any time before the request is approved.

Dev Mining

To become a Builder:

  1. Fork web3-api/dao's master branch'.
  2. Duplicate the TEMPLATE.md file in the ./spending-proposals folder.
  3. Name the file, complete all required fields, and feel free to get creative with anything else you'd like to add.
  4. Open a PR against web3-api/dao's master branch.
  5. Create a proposal in the DAO's snapshot space, linking to the open PR.
  6. If the DAO proposal passes, the PR can then be merged into master.

Builders are granted funds and W3API tokens on a per-project basis by the Web3API DAO. Projects are approved ahead of time to help manage the DAO budget, maintain accountability, and schedule developments.

Token Distribution

NOTE: Tokens are initially set to be non-transferable.

Pre-Seed Builders

At launch 4,000 W3API are minted to Pre-Seed Builders in proportion to work contributed before launch on October 1st (viewable here).

Pre-Seed Funders

4,000 W3API will be minted to Pre-Seed Funders, with a goal of raising $1M by December 31st. Tokens will be priced in three batches (viewable here)

Batch Supply Price
A (filled) 1,500 W3API $200
B (filled) 1,500 W3API $250
C 1,000 W3API $325

NOTE: If all 4,000 W3API are not sold by December 31st, the remaining W3API Pre-Seed Funder allocation will be distributed pro-rata to existing Pre-Seed Funders.

Dev Mining

12,000 W3API will be minted to Builders in proportion to value-added contributions over the first 16 months (~750/month). W3API holders will decide on further fundraising and token emission plans after the 16 month pre-seed period.

Use of Funds

In the first 16 months, it is anticipated that the DAO will allocate funds for:

  • Development - $42,000 / month
  • Ops & Adoption - $15,000 / month
  • Legal & SaaS - $5,500 / month

With the goal of delivering the following in 2021:

DAO Configuration

Initial governance parameters are as follows:

Parameter Value Description
Minimum Approval 10% Percentage of the total token supply that is required to vote “Yes” on a proposal before it can be approved.
Support 60% Relative percentage of tokens that are required to vote “Yes” for a proposal to be approved.
Vote Duration 7 days Maximum length of time that the vote will be open for participation.

The DAO uses the following Aragon apps:

App Address Description
Voting 0x5f78d0668ba666b4ed9674b313419d9db6cd48a6 Used to create and participate in votes. Votes can be linked to an action, such as minting W3API or transferring funds, or be purely informative.
Finance 0xc19a9f41df38e0f01f809d257d6c71f892adaaff Manages the organization's financial assets, including ETH and ERC20s.
Tokens 0x8baa4cd6bf2a01e96e421c18b0231ce7791ed869 Manages the supply and distribution of W3API.
Token Request 0x9bb4ea752a3096104c7765ad318b0f9cabaaf95f Mints W3API in exchange for payment.
Agent 0x8fe59d8fb5ffd3509e5cb3d386be8bdb2d363662 Enables the organization to interact directly with any other smart contract on Ethereum. For example, setting an ENS resolver.

See the full configuration here.

Legal

Holders of W3API do not constitute any sort of partnership or joint venture, only the right to participate in the governance of the DAO. Further, becoming a Builder does not constitute any sort of partnership, joint venture, principal-agent relationship, or an employer-employee relationship.

FAQ

What can I do with my W3API tokens?
Once your token request is approved, you instantly have the power to vote on all on-chain decisions, such as spending funds or minting new tokens.

What funder protections are there?

  1. Pre-Seed Funders will approach equal voting power to Pre-Seed Builders as the round reaches conclusion (December 31st). This means that funders can protect their own best interests through voting.
  2. Furthermore, the Support level is set at 60% to ensure that EVERY decision has mutual support from both builders and funders.
  3. Lastly, the initial token holders are long-term committed builders (see Pre-Seed Builders above) who have been contributing since before the project was funded.

What about vesting?
W3API tokens are initially set to be non-transferable. The DAO can decide to change this in the future and mint tokens to contributors via timelock or vesting contracts.