What is fireDAO?
fireDAO is the next phase of the $FIRE Token Project. From the beginning, the $FIRE Token Project has been “Part Memecoin, Part Community (All FIRE!)” — well, fireDAO is what will allow the “Part Community” to come together laying the groundwork for the community to lead the project as well as the fireDAO itself.
We continue to have two simple missions:
1. Build a Community, while
2. Supporting wildfire prevention and recovery efforts.
Along with the main objective to provide a framework where members of the DAO (holders of a fireDAO NFT) will have governance functions over the token project and the newly formed DAO, it may also function as a member-only community investment group with a simple goal of increasing the DAO treasury which is collectively owned by the members of fireDAO.
How does it work?
Similar to other DAOs on Cardano and other blockchains, there will be a fixed supply of membership NFTs minted that provide holders certain utility and/or privileges. All of these privileges are still yet to be determined, but will immediately include the utility of being able to vote on community proposed items. We will use our Discord community server to facilitate all governance actions. As DAO tools and smart contracts are still a work-in-progress, the formal definition does not necessarily apply in every case. Actually, most DAOs, even on Ethereum where they are most developed, don’t have most rules encoded in a smart contracts at this time. So some trust (in the project team) is still needed, as well as the use of off-chain tools to facilitate governance actions. As such, due to the Community nature of the project, the goals, mission, and systems are all subject to change, pending vote outcomes.
For example, governance actions will take place in Discord where we will use the existing HAZELnet Discord Bot to assign Discord roles to verified NFT holders which will grant permission to #channels not only for discussion, but also for a structured way of proposing project/DAO initiatives and then also voting on those proposals. Details and more information can be found on our Discord server.
There will be an initial supply of 500 fireDAO NFTs available for mint (mint date/time TBA). These will be minted in phases. Each phase will be available until it sells out at which point the next phase will then become available to mint the following day after sell out. This will ensure a minimum of 3 days to mint a fireDAO NFT giving everyone a fair chance at minting one.
- 50 Genesis – Phase 0 NFTs (2 variants)
- 150 Member – Phase 1 NFTs (4 variants)
- 300 Member – Phase 2 NFTs (4 variants)
As mentioned, these NFTs will act as your membership badge to the fireDAO. They will also provide the following:
- Each NFT grants the holder 1 vote in all governance actions
- Each NFT holder is a fractionalized owner of the fireDAO Treasury and has a vote in the actions taken by the fireDAO
*ADA rewards are contingent on the success and growth of the fireDAO Treasury. All that a holder can be guaranteed is the ownership and rights of the NFT they hold.
NFT Mint Info
Date: June 25, 2022
Time: 16:30 UTC
Amount: 38 ₳
HOW TO MINT: A single ADA address will be dropped on our Discord at the above date/time. The address will be posted in the #🚨┃announcements channel ONLY! Once the address has been announced, simply send 38 ₳ to the address and you will receive a fireDAO NFT in return. Send exactly 38 ₳, any other amount will result in a refund minus tx fees.
⚠️Do not send ADA to any addresses posted in other channels. Scammers like to spoof admin user accounts and will post in other general channels. Do not fall for this! The mint address will be posted in the #🚨┃announcements channel only!
The initial minting of the fireDAO NFTs will seed the main DAO Treasury. This treasury wallet will be fully available to the DAO and all spending will require governance proposals and votes. More info can be found in our Discord server.
The mint price will be 38 ₳ and will be immediately divided as follows:
- 2 ₳ – Charity Wallet
- 9 ₳ – Team Wallet
- 25 ₳ – DAO Treasury Wallet (27₳ minus mint fees ~2 ₳)
** NOTE: The fireDAO will inherit the $FIRE Token Project with a treasury balance of 1046 ₳ (as of 6/20/22) plus all ADA/FIRE liquidity already provided to Dex’s such as Sundae Swap, MinSwap, and WingRiders **
DAO Treasury Wallet: $firedao.reserve
This wallet will function as the main treasury wallet which acts as the primary location for all NFTs and FTs that belong to the fireDAO. It will also function as the reserve wallet for all funds held by the fireDAO, with a proposed minimum balance of 2500 ₳.
DAO Spending Wallet: $firedao.spend
This wallet will function as the main spending wallet used to perform DAO activity. All spending will take place from this wallet. This could include the purchase (and sale) of any investments.
DAO Profit Wallet: $firedao.profit
This wallet will function as the main profit holding wallet. Any profits from the sale of DAO investments as well as 75% of all royalties earned on fireDAO NFTs – will be moved and held in this wallet. When any sale is made, the initial funding amount will be returned to the ‘Spending Wallet’ and the NET profit will move to this wallet. Regular distributions to fireDAO members will come from this wallet.
DAO Charity Wallet: $firedao.charity
This wallet will serve as the DAO’s charity wallet which will be seeded by the initial sales of the fireDAO NFTs. We will follow in the path of $FIRE Tokens quarterly donation schedule along with a quarterly vote for the donation recipient. We hope this will allow for more localized community donations.
* Additional wallets may be used throughout the course of performing DAO activity. These wallets will always be posted for full transparency.
Investment Exit Strategy
We will begin with a simple investment exit strategy (that may be changed by proposal/vote). All investments will be sold in 1/3 (one third) increments with the following structure:
- 1/3% at 2x return
- 1/3% at 3x return
- 1/3% at 5x + return
Example: If the DAO proposes and votes to invest in an existing project and sweeps the secondary market floor for a total of 12 NFTs at an average price of 25₳ each, then we will list and sell 4 of them when the floor reaches 50₳, list and sell 4 more if/when the floor reaches 75₳, and list and sell the last 4 when the floor reaches 125₳. *The rarity of each individual NFT will result in a greater return when these exit thresholds are met.
It is possible that an investment may reach an exit threshold but not reach the next exit threshold for some time. Its up to the members of the DAO to use the DAO proposal and voting system to sell the remaining investment at a lower exit threshold or continue to hold.
This is just a starting point and should be reviewed and revised by DAO member governance actions.
Proposal / Voting System
As mentioned earlier, fireDAO will use its Discord server as the platform for all governance actions. You can find all the details of the proposal and voting system in the #❔┃how-this-works channel. You will be required to verify your wallet in the #✅┃verify-wallet channel with the HAZELnet Bot to be assigned the @firedao role required to access the channels.
The basic process will be:
- #１┃submit-proposal: A dedicated channel will exist with instructions and a link to a Google Form where the proposal can be submitted by anyone. The Core Team will vet the proposals for spam and bias and then post them in the next channel.
- #２┃proposal-interest: A dedicated channel accessible by fireDAO members only. Proposals that made it through step 1 will be posted here by the team in a structured format with a reaction based vote attached. This vote will determine if the proposal moves on to the next step, dies for a 21 day hold, or needs updating before being resubmitted.
- #３┃member-vote: A dedicated channel accessible by fireDAO members only. Every Friday the proposals in the previous step will be presented via a voting bot that allows for anonymous voting. The voting period will last till Monday. *Voting may be weighted when it becomes available
Team Allocation & Reserves
We believe the team should be compensated for its continued and on-going work to provide the core functions of the fireDAO project. As such, we have allocated 25% from the mint of each fireDAO NFT to the Team’s wallet. We have also dedicated 25% of all royalties from secondary market sales to the Team. This will be done monthly by moving 25% of the total balance from a designated royalties wallet to the Team’s wallet and the remaining 75% directly to the $firedao.profit wallet for member distribution.
The team has also reserved a small amount of fireDAO NFTs to hold purely as collectibles removed of all utility by pledging to abstain from all voting and claims of distributions. This will include 1 of each variant plus an additional from Phase 0.
- Phase 0 — 3 NFTs
- Phase 1 — 4 NFTs
- Phase 2 — 4 NFTs
Closing Notes from the Team
We are excited for this next phase of the project. We fully understand that the $FIRE Token project is simply a meme coin with no direct utility, but as a community, we hope that we may be able to lay the foundation for the next phase of this community project while also possibly reigniting the token project with the help of the community which will now be guiding the direction of the project. The DAO objective of a member-only investment club also brings us hope that we can all share as a community while also aiming to do good by donating proceeds to charities that support wildfire prevention and recovery efforts.
** Subject to change without notice.
*** This Whitepaper is for informational purposes only and should not be construed as investment advice or a solicitation for investment in any financial instruments. Full terms can be found here: Disclaimer