⚙️DXDao
TL;DR: DXDao Case Study
DXdao is a decentralized collective that builds and governs decentralized products, aiming for transparent and fair consensus. It launched on Ethereum Mainnet on May 19, 2019.
Reputation (REP): REP holders govern DXdao, with REP being non-transferable and tied to Ethereum addresses. Initial REP distribution involved 399 addresses through actions like ETH deposits and trading.
Bonding Curve and DXD: DXdao introduced DXD tokens to raise funds, implementing a linear bonding curve model to mint DXD in exchange for ETH. The curve aimed to maintain a stable reserve ratio and fund the treasury.
Treasury and Funds: DXdao has accumulated a treasury worth approximately $50 million, including 25,000 ETH, through various fundraising and trading activities.
Challenges and Adjustments: The bonding curve faced issues like price discrepancies and arbitrage, leading to treasury drain. A proposal to pause the curve was eventually approved in December 2020 after extensive debate.
Curve Redesign Considerations: Community discussions proposed halting the bonding curve and exploring new designs, including an exponential bonding curve, to better align with market conditions and system goals.
DXdao is a decentralized collective that builds and governs decentralized products and services for the world. It aims to be an open community that reaches consensus in a transparent and fair way.
DXdao launched on Ethereum Mainnet on May 19, 2019, through a collaborative effort of the teams at Gnosis and DAOStack. Reputation (REP) holders govern DXdao. REP is not a token; it is associated with an Ethereum address and cannot be transferred.A total of 399 Ethereum addresses participated in the initial REP distribution.
There were 3 major ways to receive REP during the launch phase:
380k in lock drops rewarded for depositing ETH (80k) or other ERC20 tokens (300k) for a two week period
500k from trading on the DutchX exchange and registering MGN
100k for purchasing REP with GEN
At the outset, there were 1 million Reputation (REP) tokens available for voting within DXdao. Of these, 98% (980,000 REP) were earned during the Vote Staking Period through several actions:
locking ETH
locking tokens that were whitelisted and
traded on the DutchX,
registering on Magnolia (MGN), and
bidding GEN in auctions.
The remaining 2% (20,000 REP) of the initial Reputation is reserved for allocation by DXdao during the Governance phase. During this phase, DXdao had the authority to award the unallocated 2% of Reputation to "DAO Storytellers," individuals who actively promote and support the DXdao.
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