Description: On 6 January 2022, Andre Cronje detailed his proposals for a new emissions-based token, ve(3,3), which would be distributed to the top 20 projects on Fantom. Since then, Fantom has seen increased interest from protocols looking to launch or migrate onto Fantom. While this has been a net positive for the Fantom Foundation, a new phenomena has begun to emerge, one that seeks to bootstrap purpose-built DAOs with intensive capital for incredibly short periods of time, specifically, the veDAO. While there is nothing wrong with purpose-driven DAO bootstrapping, it does directly and indirectly expose our home of builders and community members to the dangers of short-term cash grabs by unknown teams with unknown backers, exposing users to high-risk systems and potentially malicious actors.
We created 0xDAO to combat the emergence of short-term veDAOs designed to steal liquidity from dedicated Fantom builders. We believe their greedy, short-term value propositions are dangerous to the growth of our network and would like to present a community-centred alternative with a coalition of proven developers and achievable long-term goals. 0xDAO is being launched by founders from some of the most successful projects on Fantom, and which is designed to capture long-term value for the entire Fantom ecosystem. The aim of 0xDAO is to provide a fully decentralised infrastructure, one that maximises profits, capital efficiency and voting power for 0xDAO, creating a free market for established protocols on Fantom looking to increase liquidity.
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