What is Noname DAO?
Noname DAO is an experimental community that aims to build a new method of investors and founders collaboration. Nonamers can share and propose their knowledge of profitable investment options which the whole community can profit from using its large accumulated funds once DAO decides to approve it.
It's the ultimate membership powered by a community of blockchain founders, investors, and experts bound together by shared values and shared incentives.
Mission of Noname DAO is to fund awesome projects that people really need in the crypto area through collective voting using a collective treasury.
Noname DAO is heavily inspired by Nouns and built on top of the customized Nouns Protocol on Polygon network.
- Noname's NFT are generated on-chain, 1 NFT once a day, forever. No NFT is preliminary created, though it can be predicted looking at previous block hash.
- Every NFT is auctioned trustlessly, 100% of the funds received go to the Noname Treasury.
- Every 10th NFT until N=1825 (~5 years) goes to Noname's Founders Vault as a compensation (multisig contract controlled by founders); Founders can't transfer their NFT until Noname #430 is received.
- Every Nonamer can make a proposal to spend some money from the treasury. NFTs are locked until voting ends. A well-written and motivating proposal has more chances to be successfully settled. Voting starts 2 days after proposal submission and lasts for 4 more days.
- The more Nonames you have, the more reward you can claim on the treasury reward distribution.
- Number of NFTs required for creating a proposal and for quorum is set with BPS (%) from the current token supply (BPS is defined in DAO).
- Any participant can vote for or against any proposal during its voting window, locking theirs NFT (1 NFT for 1 vote).
- Noname's Founders Vault can veto any proposal until it's executed.
- Besides text description, proposal contains specific instructions to perform by DAO smart contract: call method, pass arguments, etc, i.e. transfer 20000 MATIC to 0xaBc123…89
- Once settled, proposal is executed if more participants voted for it or just closes otherwise. All locked NFTs by that proposal are unlocked then.
The Noname Auction Contract acting as a self-sufficient generation and distribution mechanism, auctioning one Noname every 24 hours, forever. 100% of auction proceeds (MATIC) are automatically deposited in the Noname DAO treasury, where they are governed by Noname owners.
Each time an auction is settled, the settlement transaction will also because a new Noname to be minted and a new 24-hour auction to begin.
Initial default price is calculated as a weighted average of winning bids (including burnt Nonames) over last 7 days.
While settlement is most heavily incentivized for the winning bidder, it can be triggered by anyone, allowing the system to trustlessly auction Nonames as long as Polygon is operational and there are interested bidders.
Governance ‘Slow Start’
In addition to the precautions taken by Compound Governance, Founders have given themselves a special veto right to ensure that no malicious proposals can be passed while the noname supply is low. This veto right will only be used if an obviously harmful governance proposal has been passed, and is intended as a last resort.
Founders will proveably revoke this veto right when they deem it safe to do so. This decision will be based on a healthy noname distribution and a community that is engaged in the governance process.
Nonames are generated randomly based on block hashes. There are no 'if' statements or other rules governing noname trait scarcity, which makes all nonames equally rare. As of this writing, nonames are made up of:
- background (11)
- body (77)
- accessory (10)
- face (17)
- tail (34)
You can experiment with off-chain noname generation at the nonames playground.