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Author Topic: Magnet DAO : OlympusDAO (OHM) fork packed with several new innovations  (Read 16 times)

Decentralized_Disciple

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Hello,

Magnet DAO is a crypto incubator that uses its treasury to cultivate, incubate, and invest in early-stage crypto projects.

Please refer to the following Youtube video for more information.

https://youtu.be/VzwvfBQJ7vo


Thanks!

Links:

Discord: https://discord.gg/EjVTWWpr
Website: https://www.magnetdao.finance/
Twitter: https://twitter.com/magnet_dao
Medium: https://magnetdao.medium.com/


What is Magnet DAO?
Magnet DAO isn’t just a fork of Olympus DAO. It is a next-generation DAO, which aims to utilize a small portion of its treasury (10%) to fund the innovative development of new protocols.
Magnet DAO’s 90% treasury will be backed by stablecoins for safety concerns, providing a floor value for Magnet DAO’s token; however, 10% is allocated to cultivate, incubate, and invest in early-stage protocols.
Magnet DAO wants its protocol-controlled value “PCV” to have more depth than simply representing a floor price/treasury for $MAG token. OHM created something incredible with PCV, and Magnet DAO  wants to take it to the next level.
Magnet DAO = What was an incredible invention in DeFi + A DAO with building and incubating early-stage protocols + A community of people interested in participating in the growth and development of new projects

How Magnet DAO is different than other DAOs?
Unlike first-generation reserve currency protocols, the goal of Magnet DAO isn’t just to grow its market cap and treasury from bonding. Instead, Magnet DAO uses 10% of bond profits to invest in high-quality crypto assets, effectively turning the DAO into an on-chain venture fund.
The DAO will also help incubate and build projects from the earliest stages.
Magnet DAO is the next stage of the tried and tested reserve currency model.

Why do we need MagnetDAO in the first place?
If the US dollar falls in value, so will these dollar-pegged stablecoins. MagnetDAO intends to address this by developing $MAG, a free-floating reserve money backed by a portfolio of assets.
For the average investor, it seems next to impossible to invest into projects while they are still in their early stages. These types of investments are generally restricted to VCs, Angel Investors, and the founding team. Magnet DAO fills this gap by developing and nurturing projects in-house using the 10% Innovation Fund. Additionally, MAG will drive an incubation strategy, helping other early-stage projects with growth, marketing, and investment across a variety of protocols.

Magnet DAO fills this gap by developing and nurturing projects in-house. Additionally, MAG will drive an incubation strategy, helping other early-stage projects with growth, marketing, and investment across a variety of protocols.


What is the Innovation Fund and how will it work?
10% of bonded assets will be directed to an Innovation Fund which will be used to incubate and invest in new, disruptive projects. Magnet DAO will be highly involved, helping ideate projects and helping founders build their projects from the earliest stages. The Innovation Fund will also be used to invest projects that are further along but have yet to launch their token, giving token holders early exposure to projects they otherwise wouldn’t be able to invest in.
Our network effect, community engagement, and synergies will allow us to build and scale projects quickly and efficiently; while providing investors with an unparalleled opportunity to invest in early-stage crypto projects.

Why Avax?
 
1. Superior tech — fast, decentralized, L0 subnets;
2. Great marketing — Great UI, Avalanche Rush;
3. It’s EVM compatible so we can go cross chain;
4. Great community: Trader Joe, AVAX club degen; and
5. Incentives programs.
At first, Magnet DAO’s focus will likely be around AVAX projects. They are extremely bullish on AVAX and its ecosystem and have gotten some incredible support/partnerships. Mid/long-term, they have definitely plan on getting involved with other chains.

What is $MAG?
Magnet DAO ($MAG) is Magnet DAO’s native governance token which will be used to govern the DAO.
Symbol : MAG
Total initial supply : 10,000,000
Chain : Avalanche (AVAX)
$MAG, a free-floating reserve money backed by a portfolio of assets. $MAG isn't a stablecoin. Rather, $MAG seeks to be a decentralized algorithmic reserve currency.  $MAG is backed, not pegged.
 


Vetting process of the new projects:
The core team & DAO leadership will actively perform due diligence on the projects.
Magnet DAO’s marketing, product management, design and engineering teams will all go into vetting the projects.
The DAO will be run by a leadership Anyone can submit proposals and, if they make sense, DAO leadership will decide to hold a vote. The DAO will then vote on the proposal and, if it passes, Magnet DAO  will go forward with the proposal. The innovation fund will be held in a multisig wallet where DAO leadership must sign-off on to approve transactions.


Vetting process  - Measures for mitigating risk when choosing projects to use the Innovation Fund:
The projects Magnet DAO invest in will likely be later stage, closer to their launch, so those inherently are less risky and we will be able to see community, traction, and product.
For earlier projects that are less proven, Magnet DAO plans on having a very active relationship with those teams, helping them incubate and grow.
while only allocating 10% of the treasury, so even if some projects are unsuccessful, 90% of the treasury is intact, providing a floor value for our token.

What Magnet DAO is doing to innovate?
Implement vesting schedules for bonds, where the user can receive a higher ROI if they opt to vest their tokens over a longer period of time (rather than 5 day standard)
Implement a diamond hands bonus for staking, to incentivize (,); Add “zapping” liquidity to our protocol for ease of bonding LP pairs
Generate yield on stablecoins. Given the amount of stablecoins we will have in Magnet DAO’s treasury; Develop protocols under the Magnet DAO name. They already have various ideas for projects they want to develop, all of which are synergistic to their primary protocol

Using the Innovation fund for promising NFT projects
Magnet DAO is proud to announce its intention to utilize and work with tokenized images that act as a store of value and provide a unique array of benefits. Seeing the move by PayPal to buy the CryptoPunks Project and the SigilFund’s $384k investment into Aurory on Solana should cement the notion that blue chip NFTs are garnering attention from institutional investors.
One way that the Innovation Treasury plans to maximize its returns for stakeholders is to invest in motivated and ambitious NFTs in the early stages. Our thesis remains simple but effective: NFTs with use-cases on emerging platforms have high upsides as blue chip investments. Therefore, if the DAO votes in favour of its adoption, we can allocate the necessary funds.
Why Magnet DAO project is not a “rugpull?”?
The code will be open source and Magnet DAO has  a number of community members who will be peer auditing it. Magnet DAO will also get multiple, tier 1 third-party audits for their token contract and smart contracts prior to launching the protocol.
All of their contracts and wallets will be multi-sig, with signatories consisting of core team members, third-party advisors (advisors TBD), and DAO leadership. Liquidity providing will also be locked, and team tokens locked and vested - they will post both contracts so the community can view these easily.

Magnet DAO launch process:
A fair launch for everyone; No presale, whitelist or secret VC funding
It will be a public sale on MagnetDAO platform; the sale will go as follows:
1. Phase 1 (48 hours): Everyone can deposit USDC.e for the public sale;
2. Phase 2 (24 hours): This is the grace period. Anyone can withdraw USDC.e  if they feel the price is too high (since the price is determined by capital raised/ tokens for sale);
3. Phase 3: Everyone can claim their tokens.


« Last Edit: November 26, 2021, 06:56:32 AM by Decentralized_Disciple »

 

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