The Web3API DAO is responsible for stewarding the Web3API ecosystem. W3API governance token holders will have immediate control of the:
- Treasury
W3APItoken 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)
To become a Pre-Seed Funder:
- Go to the DAO's Token Request App.
- Click Connect Wallet in the top right corner and select your wallet of choice (i.e. Metamask).
- Click New Request below that
- In Offered Amount enter the amount you would like to contribute (DAI, USDC, USDT, or TUSD).
- In Requested Amount enter the Offered Amount divided by the current batch price ($250). This is the number of
W3APIyou will receive. - Press Create Request to initiate the proposal and deposit your funds.
- 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.
To become a Builder:
- Fork web3-api/dao's
masterbranch'. - Duplicate the
TEMPLATE.mdfile in the./spending-proposalsfolder. - Name the file, complete all required fields, and feel free to get creative with anything else you'd like to add.
- Open a PR against web3-api/dao's
masterbranch. - Create a proposal in the DAO's snapshot space, linking to the open PR.
- 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.
NOTE: Tokens are initially set to be non-transferable.
At launch 4,000 W3API are minted to Pre-Seed Builders in proportion to work contributed before launch on October 1st (viewable here).
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 |
|---|---|---|
W3API |
||
| B | 1,500 W3API |
$250 |
| C | 1,000 W3API |
$325 |
NOTE: If all 4,000
W3APIare not sold by December 31st, the remainingW3APIPre-Seed Funder allocation will be distributed pro-rata to existing Pre-Seed Funders.
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.
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:
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.
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.
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?
- 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.
- Furthermore, the Support level is set at 60% to ensure that EVERY decision has mutual support from both builders and funders.
- 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.